November SaddleBrooke Real Estate Update, Lynn Slaten Long Realty

SUBMITTED BY LYNN SLATEN, LONG REALTY| December 10th, 2023

For November, 2023, there were 21 homes sold, compared to 13 that were sold in October, 2023 (+62%.) In November, 2022, there were 16 homes sold (+31%.) -The median sales price for November, 2023 was $587,500, compared to $509,000 in October, 2023 (+15%). In November, 2022, the median sales price was $564,500 (+4%.)

The list price to sales price in November, 2023 was 98%, the same as October, 2023. In November, 2022, the list price to sales price was 99%.
The numbers of homes sold year-to-date at the end of November, 2023 was 237, compared to 216 at the end of October, 2023 (+10%). At the end of November, 2022, 214 homes had been sold +11%.)
There are currently 82 homes on the market. The median list price is $599,000. Average days on market decreased to 42.
There are currently 25 homes under contract. Only 5% of those sold over the original asking price.
There is currently 3.9 months of inventory, which overall represents Sellers’ market. Once again during November, 2023, this inventory is considerably more diverse than previously reported during prior months in 2023 as follows:

Sales From $300K to $400K = Balanced Market

Sales From $400K to $500K = Buyer’s Market

Sales From $500K to $600K = Seller’s Market

Sales From $600K to $800K = Seller’s Market

Sales in The $1M+ market = Seller’s Market

Note: A Sellers Market represents less than 6 months of inventory. A Balanced Market represents 6 to 7 months of inventory. A Buyers Market represents more than 7 months of inventory.

Buyers Market = More people selling homes than buying. Sellers Market = More people buying homes than selling

Currently, our market here in SaddleBrooke appears to be “moderating.” Typically, that means the market is transitioning from a period of extreme or volatile activity to a more stable, average, or normalized state. This can be applied to various types of markets, such as real estate, stock or commodity markets.

Here’s what it might indicate in the “Real Estate Market.” If the real estate market is moderating, it might mean that after a period of rapidly increasing price and/or high demand, the growth in prices is slowing down, demand is normalizing, and the market conditions are becoming more balanced between buyers and sellers.