Anaheim, CA Metro Area Housing Market: November 2024 Analysis
The Anaheim, CA metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has increased by 1.8% year-over-year, reaching $1,180,000. This indicates a modest appreciation in home values, despite a decline in the Median List Price, which has decreased by 4.2% to $1,150,000. This divergence suggests a potential shift in seller expectations or market dynamics.
Price Per Square Foot metrics reveal a more robust growth, with the median Price Per Square Foot rising by 6.5% to $668.14, and the Median List Price per square foot increasing by 6.2% to $673.93. These figures highlight a strong demand for space, possibly driven by buyers prioritizing square footage over overall price.
The volume of Homes Sold has surged by 11.9% year-over-year, totaling 1,621 units. Similarly, Pending Sales have increased by 12.1%, reaching 1,709 units. This uptick in sales activity suggests a healthy demand in the market, despite a 5.0% decline in New Listings, which totaled 1,454. The increase in inventory by 19.9% to 3,810 units, alongside a 20.0% rise in Months of Supply to 2.4 months, indicates a more balanced market, potentially easing pressure on buyers.
The Median Days on Market have increased by 9.0% to 42 days, reflecting a slight slowdown in the pace at which homes are selling. This could be attributed to the increased inventory or changing buyer preferences. The average sale to list ratio has slightly decreased by 0.5% to 99.6%, suggesting that homes are selling closer to their asking prices, but with less frequency than before.
The percentage of Homes Sold above list price has decreased by 2.9% to 37.6%, indicating a cooling in competitive bidding. Meanwhile, Price Drops have increased by 3.1% to 21.3%, suggesting that sellers may be adjusting their expectations in response to market conditions. The percentage of homes going off market in two weeks has declined by 9.6% to 33.6%, further indicating a shift towards a more balanced market.
Overall, the Anaheim housing market in November 2024 is characterized by a mix of rising sales activity and price adjustments, with increased inventory and a longer time on market suggesting a transition towards more equilibrium between buyers and sellers.
