The Blue Mountains Real Estate Market Report – December 2024

December 2024 brought significant shifts to the real estate market in The Blue Mountains, marking it as a month of notable activity and growth. With year-over-year improvements in key metrics such as median sale price, sales volume, and new listings, the market continues to display resilience and opportunities for buyers and sellers alike. Whether you’re an investor, a homebuyer, or simply curious about market trends, this report provides an in-depth overview of December’s performance.

Main Content

A Year of Growth: Key Metrics at a Glance

• Median Sale Price: $1,147,000 (+36.22%)
• Average Sale Price: $1,054,909 (+9.26%)
• Sales Volume: $23,208,000 (+50.23%)
• Unit Sales: 22 units (+37.5%)
• New Listings: 53 (+51.43%)
• Expired Listings: 44 (+76%)
• Unit Sales/Listings Ratio: 41.51% (-9.20%)

This December saw substantial increases in sales activity compared to 2023. The rise in the median sale price by over 36% underscores the growing demand for properties in The Blue Mountains, making it a prime location for real estate investment.

Market Dynamics: Balanced Yet Evolving

The market exhibited a balanced nature, with a notable increase in inventory due to a 51.43% rise in new listings. However, the sales-to-listing ratio dropped by 9.2%, reflecting the evolving competition among sellers. Additionally, the average days on market rose to 64.7 days, an increase of 13.6 days year-over-year, suggesting buyers are taking more time to finalize decisions.

Year-to-Date Overview

• Average Sale Price: $1,162,188 (+2.64% from 2023)
• Median Sale Price: $1,016,750 (+4.42% from 2023)
• Sales Volume: $304,140,023 (+1.08%)
• Unit Sales: 261 (-2.61%)
• New Listings: 1,109 (+17.85%)
• Sales/Listings Ratio: 23.53% (-17.37%)

While the year-to-date sales volume grew slightly, unit sales experienced a modest decline. This could indicate a shift in buyer preferences toward higher-priced properties, as reflected in the increase in median and average sale prices.

Property Types: A Breakdown

• Freehold Properties:
  • Sales Volume: $19,743,000 (+80.9%)
  • Unit Sales: 16 (+77.78%)
  • Average Sale Price: $1,404,163 (-6.26%)
• Condominiums:
  • Sales Volume: $3,465,000 (+20.67%)
  • Unit Sales: 6 (+20%)
  • Average Sale Price: $653,380 (+2.03%)
• Vacant Land:
  • No sales recorded in December 2024.

Freehold properties remain the driving force in the market, with significant increases in both volume and unit sales. Condominium sales also showed healthy growth, reflecting the diverse range of opportunities available to buyers.

Trends to Watch

• Rising Expired Listings: The 76% increase in expired listings signals that while demand is high, pricing and market expectations may need realignment in some cases.
• Luxury Market Surge: Properties priced over $1M saw a 16.67% increase in sales year-over-year, highlighting continued interest in high-end homes.
• Vacant Land Opportunities: Despite a lack of December sales, year-to-date figures show a 129.67% increase in sales volume for vacant land, a promising sign for future developments.

The Blue Mountains real estate market closed 2024 on a high note, with remarkable growth in key areas and promising opportunities on the horizon. Whether you’re considering buying, selling, or investing, understanding these market dynamics is crucial for making informed decisions.

Looking Ahead: As we move into 2025, keep an eye on market trends and emerging opportunities. If you’re ready to explore what The Blue Mountains has to offer, contact your local real estate experts today.

 

 

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