Lynn Slaten Update on SaddleBrooke Real Estate for June

CONTRIBUTED BY SBINSIDER BY LYNN SLATEN, LONG REALTY

For June, 2023, there were 17 homes sold, compared to the 25 that were sold in May, 2023 (-32%.) In June, 2022, there were 27 homes sold (-37%.) 

• The median sales price for June, 2023 was $499,950, compared to $515,000 in May, 2023 (-3%.) In June, 2022, the median sales price was $500,000 (0% change.)
• The list price to sales price in June, 2023 was 98%, same as May, 2023. In June, 2022, the list price to sales price was 100% (-2%.)  
• The numbers of homes sold year-to-date at the end of June, 2023 was 141.
• There are currently 41 homes on the market. The median list price is $519,900. Average days on market has increased to 53.
• There are currently 26 homes under contract. Only 6% of those sold over the original asking price.
• There is currently 2.4 months of inventory, which represents Seller’s market in all price ranges from $300K to over $1M.
•  Overall, sales were down from May to June, 2023. Inventory is down and the market is still normalizing to this time last year. Mortgage rates in June, 2022, were in the low to mid 5’s. Current mortgage rates are higher, making it more difficult for some Buyers. The scarcity of listings right now is keeping prices stronger. All in all, the lower pace of buying was offset by the lower listing count, keeping SaddleBrooke prices up. 
• Attendance at open houses continues to be weak, which is the seasonal norm for this time of year.