The Sanctuary - 2024 2nd Quarter Real Estate Report

Dear Friends & Neighbors,

The stabilization of the local and national real estate market continues as there has been both a very slight reduction in interest rates and a slight increase in inventory during Q2. However, we have another mixed-bag of results for The Sanctuary as sales ground to a halt with only 1 home closing in Q2, an 80% decrease from the 5 home sales in Q2 of 2023 and a 90% decrease from the 8 home sales in Q2 of 2022. The positive news is that at the end of the quarter there were 7 homes pending and 7 for sale. Of the 5 home sales YTD, 2 were new construction, 1 was less than 5 years old on Oleander Ct, and 2 were homes more than 20 years old that had been updated.

Vacant homesite sales mirrored Q1 with only 1 sale, a 1 acre parcel on the corner of Sanctuary Blvd. and Pintail Trace that sold for $385,000.

The three major factors affecting home sales in The Sanctuary throughout the first half of the year are the continuation of high interest rates, the "lock-in" effect which refers to the reluctance of homeowners to sell their home when they have a very low mortgage rate, and the propensity of recent buyers focusing on newer or updated homes, rather than older homes that require time and money to bring up to today’s preferred design trends.

Recent economic data suggests that “the central bank will start bringing short-term interest rates down as soon as September” which of course is welcomed news, but we had similar projections at the end of 2023 and we have yet to see a reduction in rates. Additionally, economists remain united in their prediction that mortgage rates in the low to mid 6% range will neutralize the “lock-in” effect and entice buyers back into the market. It is at this point that we should see a noticeable increase in inventory, and one train of thought is to beat this upcoming cycle by listing your house prior to this expected bump in inventory.

As always, call or write to further discuss the market in general and your home specifically. I appreciate your ongoing trust and confidence as I continue to work tirelessly to earn your business.

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View Q2 Home Sales

View YTD Home Sales

View Homes that are For Sale & Pending at the End of Q2‍

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‍Learn More About Our Sanctuary Collection

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Need to update or repair your home prior to listing it? LRG Concierge is the hassle-free way to sell your home faster and for a higher price. Let us harness our experience and resources to tailor and manage a plan of home improvement services that include repairs, painting, updating and staging. Once you approve the plan, LRG Concierge will implement it quickly and effectively, which gets your home to the market faster and saves your valuable time.

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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.

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Learn More About The Group

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