Savin Hill Condo Market Analysis

The Savin Hill condo sales market in 2024 reflected shifts in pricing, sales activity, and market competitiveness. Key trends include:

• Sales Volume:
  • The busiest months for condo closings were April and September (7 condos closed each), showing strong spring and early fall activity.
  • The slowest months were October and December (1 condo each), indicating a typical winter slowdown.

 

 

 

 

 

 

 

Market Speed:

• The longest time on the market was in February (98 days) and December (96 days), suggesting slower buyer activity in the winter months.
• The shortest market times were in October (14 days) and July (20 days), signaling high demand in the summer.

 

 

 

 

 

 

 

 

Median Sale Prices:

• The highest median sale price was recorded in July ($947,500), reflecting peak summer demand.
• The lowest median sale price was in November ($487,667), likely indicating seasonality and slower winter sales.

 

 

 

 

 

 

 

Competitive Market:

• The highest number of homes selling above asking occurred in September (4 homes) and April (3 homes), suggesting multiple-offer scenarios during these months.
• In contrast, July, November, and December saw no homes sell above asking, indicating a more favorable market for buyers.

 

 

 

 

 

 

How Inflation Affected the 2024 Sales Market for Condo Buyers

Inflation played a significant role in the 2024 Savin Hill condo market, particularly for prospective buyers:

1. Increased Mortgage Rates Slowed Buyer Demand
   • Rising inflation led to higher mortgage interest rates, making borrowing more expensive for condo buyers.
   • As a result, some buyers delayed purchases, causing slower sales in late 2024.
   • Higher rates forced buyers to adjust their budgets, increasing demand for lower-priced condos.
2. Affordability Challenges & Market Adjustments
   • With mortgage costs rising, affordability became a significant hurdle, reducing buyer competition in higher-priced units.
   • When demand softened, sellers had to be more flexible on pricing, particularly in the fall and winter months.
3. Cash Buyers & Investors Took Advantage
   • Investors and cash buyers, unaffected by mortgage rates, could secure deals on properties that have been on the market longer.
   • This created pricing disparities, where well-financed buyers had an edge over those relying on loans.

Outlook for 2025: Impact of Inflation on Condo Buyers

• If Inflation Eases & Rates Drop → More Buyer Competition
  • Lower interest rates would boost purchasing power, bringing more buyers into the market.
  • Expect faster sales and stronger competition, especially in spring and summer.
• If Inflation Remains High → Favorable for Buyers
  • Higher rates will keep some buyers cautious, leading to longer market times and price adjustments.
  • Buyers shopping in fall and winter will likely find better negotiating opportunities.

Final Verdict: 2025 Market Outlook

• Expect a stronger seller’s market with more competitive bidding if rates decline.
• Condo buyers will have more negotiating power and price flexibility if rates stay high.
• Spring and early fall remain best for sellers, while winter months offer the best deals for buyers.

Outlook for 2025

• For Sellers:
  • The best time to list will likely be spring (April – June) and early fall (September), as these months historically see higher sales volume and competitive pricing.
  • Proper pricing and marketing will be critical in slower months like winter when buyers have more leverage.
• For Buyers:
  • The best opportunities to negotiate favorable pricing will be in late fall and winter (October – December), as homes stay on the market longer and bidding competition is lower.
  • Spring and summer buyers should be prepared for faster-moving inventory and competitive offers, particularly in high-demand price ranges.

 

Based on 2024 sales trends, 2025 will likely remain competitive but may shift in favor of buyers or sellers depending on market conditions. Key factors influencing the Savin Hill market include interest rates, inventory levels, and seasonality.

For Sellers:

• Peak Selling Seasons: Spring (April – June) and early fall (September) will likely remain intense selling periods, with more condos closing and competitive pricing.
• Pricing Strategy: Median prices fluctuated in 2024, with some months seeing strong appreciation. Sellers who price competitively and market well can capitalize on buyer demand in peak months.
• Competition: Expect fewer bidding wars compared to prior years. Pricing realistically is key to securing offers.

For Buyers:

• Best Time to Buy: Late fall and winter (October – December) should continue to be buyer-friendly, with longer days on the market and more room for negotiation.
• More Leverage: Homes selling above asking were inconsistent in 2024, suggesting buyers will have better negotiating power in off-peak months.

Final Verdict for 2025

• Savin Hill could remain a balanced market with opportunities for buyers and sellers if interest rates remain stable or decline.
• If inventory increases, 2025 may favor buyers with more options and less competition.
• Sellers should target spring and early fall, while buyers should focus on winter months for the best deals.

If you are curious about how the Single-Family market performed and key insights for buyers or sellers, click here.  Let’s set a private meeting to address your questions and concerns, and maybe we can figure out the best plan for you that meets your goals if you are a Seller or Buyer.