The Sanctuary 2024 Q1 Real Estate Report

Dear Friends & Neighbors,

We continue to see stability and modest growth in both the national and local real estate markets. The expected shift in monetary policy by the Federal Reserve that I reported in my 2023 Real Estate Report was re-confirmed at their March meeting, but their projected three rate cuts have been delayed until this summer because of an unexpected jump in inflation in January. While this delay has slowed down the traditionally busy “Spring Selling Season” a bit, the housing market continues to pick up. "Existing home sales surprised with a 9.5% gain in February, the biggest in a year, following a healthy January increase, and inventories are up more than 10% over the past year.” Plus, more new homes are on the way as housing starts increased more than 10% in February, with much needed single-family starts now up more than 35% from a year ago.

Finally, more sellers are putting their homes on the market. For the week ending March 16, “a whopping 18% more new listings hit the market compared to last year - the highest year-over-year growth rate in nearly three years.” Sellers are back too. Realtor.com reports that “the number of homes actively for sale is at its highest level since 2020.”

Our local luxury market reflects these national trends. Outside of The Sanctuary there were 8 sales of northshore homes over $1,000,000 in Q1 averaging $320 sf, compared to 10 sales in Q4 of 2023. Here in The Sanctuary, sales were stable with 5 homes selling in Q1, 1 more than in Q4 of 2023:

• 2 new-construction homes by Selah Builders in Phase 4 on Oleander Ct. and Juniper Ct. sold for an average of $350 sf
• 1 re-sale on Oleander Ct. sold for $341 sf
• 1 re-sale on Crystal Lake sold for $ 265 sf
• 1 nicely updated re-sale on Cardinal Lane in Phase 1 sold for an extremely high $308 sf.

So the data suggests that we should expect continued stabilization of our market with a modest increase in sales between now and August.

There are currently 12 re-sale homes for sale and they have been on the market an average of 168 days. Sales of homes over $2,000,000 continue to be scarce with only 3 sales at this price point since January of 2022. Buyers across all price points continue to prefer homes that are either newer or do not need to be updated, as they continue to comment that they “do not want to take on a project.”

There was 1 homesite sale in Q1. Lot 239 in The Preserve sold for $275,000, which is $127,000/acre. There are 8 homesites currently for sale and 2 are pending, which is consistent with inventory levels at the end of 2023.

As always, I appreciate your ongoing trust and confidence as I continue to work to earn your business.

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Vince Liuzza, III

View Q1 Home Sales‍

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View Homes for Sale & Pending at the End of Q1

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View Homesites that Sold & are For Sale & Pending at the End of Q1

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Now more than ever, you need Real Estate experts...

Vince and The Liuzza Realty Group are the EXPERTS you can rely on in these uncertain times of to help you navigate the challenges of high interest rates, fluctuating inventory levels, high insurance premiums and confusing real estate commission scenarios. You can TRUST our combined experience, professionalism and attention to detail to sell your current home and purchase your dream home.