Santa Maria, CA Housing Market: November 2024 Analysis
The Santa Maria, CA metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price remains stable at $1,000,000, showing no change year-over-year. However, the Median List Price has decreased significantly by 19.1% to $886,000, indicating potential adjustments in seller expectations or market conditions.
Interestingly, the median Price Per Square Foot has surged by 22.9% to $591.01, suggesting a strong demand for smaller, more affordable properties or possibly a shift in buyer preferences towards higher-quality homes. Conversely, the Median List Price per square foot has seen a modest increase of 4.8%, reaching $587.06, which may reflect a more cautious approach by sellers in pricing their properties.
Sales activity has been robust, with the number of Homes Sold rising by 25.0% to 195 units, and Pending Sales increasing by 23.4% to 237 units. This uptick in sales activity is occurring despite a 17.5% decline in New Listings, which totaled 188. The inventory has grown by 15.5% to 550 homes, yet the Months of Supply has decreased by 30.0% to 2.8 months, indicating a faster turnover of available properties.
The Median Days on Market remains unchanged at 36 days, suggesting a steady pace in the time it takes for homes to sell. The average sale to list ratio has slightly decreased by 1.1% to 98.2%, while the percentage of Homes Sold above list price has dropped by 5.9% to 31.3%. These figures may point to a more balanced negotiation environment between buyers and sellers.
Price Drops have seen a marginal increase of 0.9%, now at 22.5%, which could be indicative of sellers adjusting their expectations in response to market conditions. Additionally, the percentage of homes going off the market within two weeks has decreased by 9.0% to 33.8%, suggesting a potential cooling in the urgency of buyer activity.
Overall, the Santa Maria housing market in November 2024 reflects a dynamic environment with strong sales activity and rising Price Per Square Foot, contrasted by declining list prices and a stable Median Sales Price. These trends highlight the evolving nature of the market and the need for both buyers and sellers to stay informed and adaptable.
