The Sanctuary - 2024 3rd Quarter Real Estate Report
Dear Friends & Neighbors,
The stabilization of the local and national real estate markets got a boost on September 18 when the Federal Reserve announced a half point cut in interest rates. This long-awaited decision marked the end of the 30 month period in which rates hit a two-decade high.
Prior to the rate cut, both sales and the inventory of available homes in The Sanctuary increased in Q3. There were 4 sales compared to 1 in Q2 and the neighborhood average sale price per square foot remained steady at $291 compared to $290 in Q2. The available inventory increased from 7 in Q2 to 11 at the end of Q3 with 3 homes pending. A concern is that homes are staying on the market 27% (45 days) longer than they did in 2023. This trend has increased throughout 2024 and reflects the continued challenges of high mortgage interest rates, high homeowner insurance, and the continuing propensity of recent buyers to focus on newer or updated homes, rather than older homes that require time and money to bring up to today’s preferred design trends.
Vacant homesite sales increased from 1 in Q2 to 3 in Q3. Two of these sales were 1+ acre adjacent homesites at the end of Preserve Lane that sold for $275,000 each ($216,500 per acre). The third sale was a smaller .4 acre homesite on Juniper Ct. that was purchased by the adjacent homeowners on Oleander Ct. for $306,000 ($784,600 per acre).The conventional wisdom is that the recent interest rate cut will be followed by at least one or two more cuts, and this should lead to an increase in Q4 home sales. While I hope this pans out to be true, I believe it is more likely that these rate cuts are setting us up for a very busy late winter and early spring season, as the cuts are coming too late in the year to buck historically low holiday (November/December) sales trends.
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.
View Homes that are For Sale & Pending at the End of Q3
30 Year Conforming = 6.138 %, down .8% from Q2
30 Year Jumbo = 6.416 %, down .7% from Q2
rECENT pOSTS
Work With Us
Are you ready to take the exciting step towards owning your dream home? Let us guide you through the process and make your home-buying journey a smooth and stress-free experience.
Contact Us