The Lakes Market Update

As a homeowner in the Lakes Area, it’s important to stay up-to-date on the real estate market. The market has cooled off recently with the hike in interest rates and seasonal shift, but it’s still a seller’s market. There are many reasons people are selling and buying homes, including moving into preferred environments, tax reasons, working from home, and job relocation.

The good news is properties are still moving, and getting close to list price (see report below). The days of the “multiple offer frenzy” has cooled, and the number of closed sales is lower compared to last year. The data shows we are still in a seller’s market.

An in-depth analysis in top 20 U.S.shows that luxury single-family homes with smaller footprints (2,500-3,500 square feet ) were were selling faster 18.6% faster than larger footprints (4,500-5,000). Now that employers are requiring workers to return back to the office, many are downsizing to live in or closer to the city with less square footage.

As you know, we have a lot to offer living in this area. I enjoy cross country skiing, exploring the side streets and the diverse architectural styles, running the lakes, walking my French Bulldogs, admiring sunrises and sunsets, and hopping on the Greenway to bike everywhere!

When selling your home it’s a great idea to have realistic expectations about time on the market, identify who you see purchasing your property, and create the experience of living in your home, as well as, lifestyle to attract the buyer for it.

LAKES AREA MARKET REPORT AREA

SEPTEMBER MARKET REPORT | ALL PRICE RANGES | SINGLE FAMILY

Lakes Area Median Sale Price : $945,000 | +3.8% from 12 months ago

Median Percent of Original List Price to Sale Price: 98.6% | +0.9% from 12 months ago

Closed Sales: 116 | -25.6% down from 12 months ago

Active Listings (as of 10/23): 149 total | -22.4% down from 12 months ago

Brandyn

PS- See ya next month!