November Real Estate report with Lynn Slaten, Long Realty

CONTRIBUTED TO SBINSIDER BY LYNN SLATEN

The statistics following highlight key market indicators for SaddleBrooke. This data is based on homes that sold and were for sale during the month of November, 2022.

-For November, 2022, there were 15 homes sold, compared to 18 in October (-17%.) 26 sold during November, 2021.
-The median sales price for November, 2022 was $580,000, compared to $551,500 in October (+5%.) $472,500 was median sales in November, 2021.
-The sales price to list price was 99% in November, 2022, exactly the same as in October, 2022.
-The numbers of homes sold year-to-date at the end of November, 2022 was 276, which represents a 20% drop from the 346 homes sold last November.
-There are currently 64 homes for sale. The median list price is $534,900. Average days on market is 23.
-There are currently 19 homes under contract. Only 7% of those sold over the original asking price.

-There is currently 4.3 months of inventory, which represents a Buyer’s market in the $350K to $450K price ranges, and a Seller’s market for all homes listed above those price points.

On a National level in November, Fannie Mae reported that “Consumers continue to expect mortgage rates to rise, but home prices to decline.” In actuality, mortgage rates have been falling, and in the last 4 weeks, have seen the largest decline since 2008. Real estate data firm Core Logic reports home price gains are moderating and price growth continues to approach single digits. Additionally, they forecast home prices on a national level to increase only 4.1% annually by October 2023.

On a Local level, and as reflected in the November, 2022 statistics above, the market continues to be sluggish and will be through the end of December. On a positive note, inventory is increasing, as Sellers list their homes in preparation for “high season.” During the first weekend in December, our open houses were well attended, with a mix of existing SaddleBrooke residents, looking to relocate within the community, plus a few early “winter visitors.” We eagerly await the 2023 market, and hope to have better news to report then!