SaddleBrooke Home Inventory builds as Seller’s market barely hangs on: February Sales Update
VIA LYNN SLAYTEN, TOP PRODUCER AT LONG REALTY| March 16th, 2025
For February, 2024, there were 21 homes sold, compared to 19 that were sold in January, 2024 (+11%)
In February, 2023, there were 21 homes sold.
The median sales price for February, 2024 was $440,00, compared to $487,500 in January, 2024 (-10%). In February, 2023, the median sales price was $482,500 (-9%.)
The median list price to sales price in February, 2024 was $459,000, compared to $500,000 in January, 2024 (-8%.) In February, 2023, the median list price was $490,000 (-6%.)
The list price to sales price in January, 2024 and February, 2024 was 95%. In February, 2023, the list price to sales price was also 95%.
The numbers of homes sold year-to-date at the end of February, 2024 was 40, compared to 39 that sold at the end of February, 2023.
There are currently 105 homes on the market. The median list price is $525,000. Average days on market increased to 64.
There are currently 47 homes under contract. Only 10% of those sold over the original asking price.
There is currently 5.0 months of inventory, which overall represents a Sellers’ market. Once again during February, 2024, this inventory is considerably more diverse than reported in previous months.
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 = Buyer’s Market
Sales From $700K to $800K = Seller’s Market
Sales From $900K to $1M = Seller’s Market
Sales in The $1M+ market = Buyer’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
Following are Interesting Key Points Regarding Our SaddleBrooke Market Place.
Three generational groups comprise the senior market as it currently exists: Baby Boomers, the Silent Generation and the G.I. Generation.
-The Baby Boomer Generation now accounts for nearly half of all consumer spending. They were born 1946-1964, total around 23% of the U.S. population (72 million.) Nationwide, 76% of them own their own homes.
-Note: Younger Boomers are considered mid-life, not really seniors. However, many are thinking forward and planning for their retirement.
-The Silent Generation, aka the Traditionalists or Mature Generation, was born from 1927 (give or take) through 1945. At around 7.5% of the American population, Silents number just over 24 million. Only about 10% of homebuyers are Silents, and most are downsizing, preferring multi-family living (condos, villas, townhouses, etc.) or senior designated housing as opposed to single family residences.
The G.I. Generation was born between 1901 and 1926 and now comprise less than 1% of the country’s population, approximately 2 million people. Again, many of the G.I. Generation are aging out of home ownership, relocating instead to independent or assisted living communities or moving in with family.
All these Senior Adults are as varied as any other age groups. It’s wrong to assume they all have the same needs, wants, purchasing pendants and definitely communication preferences!!
More information on this topic will follow in our report for next month.
Lynn Slaten – Associate Broker
Vice President Member of the Executive Council
Long Realty Circle of Excellence Gold
Long Realty Company
A Berkshire Hathaway Affiliate
15250 N Oracle Rd. Suite 110
Tucson, AZ 85739
Cell: 520-240-2866
Fax: 1-866-569-4099
Email: ly***@lo********.com
