December Real Estate update, Lynn Slaten of Long Realty

Contributed by Lynn Slaten, Long Realty

The statistics below highlight current key market indicators for SaddleBrooke. This data is based on homes that sold and were for sale during the month of December, 2022.
For December, 2022, there were 15 homes sold, which is the same number that sold in November, 2022. In December, 2021, there were 39 homes sold, so 62% fewer than last year.

The median sales price for December, 2022 was $525,000, compared to $599,000 in November, 2022 (minus 12%.) $465,000 was the median sales price in December, 2021.
The sales price to list price was 98% in December, 2022, down 1% from November, 2022.
The numbers of homes sold year-to-date at the end of December, 2022 was 291, which represents a 24% drop from the 385 homes sold at year end December, 2021.
There are currently 68 homes for sale. The median list price is $499,500. Average days on market is 20.
There are currently 17 homes under contract. Only 13% of those sold over the original asking price.
There is currently 4.5 months of inventory, which represents Buyer’s market in the $350K to $450K price range, a Balanced market in the $400K to $450K price range, a Seller’s market in the $450 to $550K range, and another Balanced market for all homes listed above $550K.

It appears that 2023 will be a transition year for real estate. A continued settling down from the torrid pace of the last few years, while the overall economy adjusts to a place of more sustainable inflation. It does mean that the overall transaction count will probably flat to the last 2 quarters, with perhaps some pick up in later 2023, if interest rates come down.
There will be Buyers and Sellers…….life still happens, but Buyers and Sellers in the market may be more serious and nervous.

Many of us agents, whose careers are focused here in SaddleBrooke, have previously weathered downward market cycles (e.g., 2002, 2008.) So, our new normal for 2023 is to once
again be confident that the market will rally, as it has always done! Here’s to the opportunities that 2023 will bring for all!