Real Estate Update for May 2024 by Lynn Slaten

CONTRIBUTED BY LYNN SLATEN, LONG REALTY| June 21st, 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 May, 2024.

• For May, 2024, there were 36 homes sold, compared to 33 that were sold in April, 2024 (+3%) In May, 2023, there were only 25 homes sold.
• The median sales price for May, 2024 was $517,125, compared to $525,000 in April, 2024 (-1%). In May, 2023, the median sales price was $515,000.
• The median list price in May, 2024 was $522,500, compared to $540,000 in April, 2024 (-3%.)  In May, 2023, the median list price was $515,000.
• The list price to sales price in May, 2024 was 98%, compared to April, 2024 at 97%. In May, 2023, the list price to sales price was also 98%.
• The numbers of homes sold year-to-date at the end of May, 2024 was 140, compared to 125 that sold at the end of May, 2023.
• There are currently 89 homes on the market. The median list price is $519,000. Average days on market increased to 55.
• There are currently 33 homes under contract. 8% of those sold over the original asking price.

-There is currently 2.5 months of inventory, which represents Sellers’ market. During May, 2024, all price levels revealed a Seller’s market. 

Note: A Sellers Market represents less than 6 months of inventory.

From Realtor’s Magazine:

With a mindset that they are healthier than their parents were, have adequate nest eggs to maintain their homes, and are emotionally attached to their neighborhoods and belongings, many Boomers are revising the anticipated script of where they’ll live as they enter the last chapter of their lives.

Baby Boomers, a huge cohort of 68.6 million Americans born between 1946 and 1964, aren’t rushing to relocate to senior and assisted-care facilities in the Sunbelt. Rather, the vast majority of 92% say they want to age in place, even if they haven’t yet planned how to do so safely, according to the American Advisors Group. Home sales statistics reflect that trend.

So, what might spur Boomers to move and add housing inventory for eager millennials?  Retirement is a potential trigger for Boomers, pushing them to move places they want to live, including closer to friends and family. If they move, it may be to a different type of home, but not necessarily downsizing. The lack of downsizing may be due to the lack of inventory of smaller homes, but also their desire for a bigger home to accommodate children and grandchildren. It appears unlikely that housing inventory will increase as was anticipated when the Boomers purchased 20 years or more ago.