2024 Year-End Report
Commercial Sales Finishing Strong
The relatively limited commercial sales volume that characterized 2023 continued in 2024, although there was a significant ramping up of transactions in the fourth quarter. Activity remained heavily weighted toward relatively low-price properties, as elevated interest rates impeded buyers in higher price ranges. The non-hotel volume of $245 million was a slight increase over 2023, but otherwise was the lowest total since 2009. The pronounced upswing in Q4 resulted in 28 transactions valued at $109 million, which was a striking year-over-year rebound from 13 sales totaling $68 million in Q4 of 2023. In fact, it was the highest Q4 result by either measure since 2021. This increased activity may indicate an infl ection point in the sales market, potentially marking the first step toward recovery from the stagnancy of the past two years. On the other hand, the fourth quarter of most years features a seasonal bump in sales, which must be taken into consideration. And with interest rate cuts in 2025 expected to be limited, any growth in sales volume is likely to be gradual.
Read the full 9-page report linked here: 2024-Q4-HayesCommercial.pdf
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