March Real Estate Review by Lynn Slaten, Long Realty
CONTRIBUTED LYNN SLATEN, LONG REALTY| April 19th, 2024
The stats below highlight current key market indicators for SaddleBrooke. This data is based on homes that sold and were for sale during the month of March, 2024.
For March, 2024, there were 31 homes sold, compared to 21 that were sold in February, 2024 (+48%) In March, 2023, there were 40 homes sold.
-The median sales price for March, 2024 was $495,00, compared to $440,000 in February, 2024 (+13%). In March, 2023, the median sales price was $455,262.
-The median list price in March, 2024 was $498,500, compared to $459,000 in February, 2024 (+0%.) In March, 2023, the median list price was $475,000.
-The list price to sales price in March, 2024 and February, 2024 was 95%. In March, 2023, the list price to sales price was 94%.
-The numbers of homes sold year-to-date at the end of March, 2024 was 71, compared to 79 that sold at the end of March, 2023.
-There are currently 98 homes on the market. The median list price is $525,000. Average days on market decreased to 51.
-There are currently 47 homes under contract. None of those sold over the original asking price.
–There is currently 3.2 months of inventory, which represents Sellers’ market. During March, 2024, this inventory almost consistently represented that fact in each of the following sales price markets, except for one.
Sales From $200K to $300K = Seller’s Market
Sales From $300K to $400K = Seller’s Market
Sales From $400K to $500K = Seller’s Market
Sales From $500K to $600K = Balanced Market
Sales From $700K to $800K = Seller’s Market
Sales From $900K to $1M = Seller’s Market
Sales in The $1M+ market = Seller’s Market
Note: A Sellers Market represents less than 6 months of inventory.
Following are Interesting Key Points Regarding SaddleBrooke Housing:
- Many of our Seniors live on a fixed or limited income. Traditional retirement income streams include Social Security, pensions, and self-funded accounts, such as annuities, IRAs and 401Ks.
- At least 85% of retired seniors aged 65 and older, nationwide, receive Social Security benefits, which are intended to supplement other income. A person’s retirement benefit is based on Social Security taxes on earnings over a lifetime.
- Older adults can use their real property to help them financially, via HELOCs, home equity loans, refinances and reverse mortgages.
- With a home equity line of credit (HELOC,) homeowners can borrow money against their home on an as needed basis. A home equity loan, on the other hand, is a lump sum payment.
- Reverse mortgages, which are available to homeowners 62 years and older, let homeowners convert equity into monetary funds and eliminate mortgage payments. Typically, a reverse mortgage loan doesn’t have to be repaid until the last surviving owner moves out of the property or dies.
- Our senior housing market segment has real estate needs that other market segments don’t usually have.
There will be more information on this topic included in our report next month.
Happy Spring to You All!
