2022 3rd Quarter Real Estate Update

As usual, the busy spring and summer real estate seasons concluded in August when kids returned to school for the fall semester. Nationally, the housing market continues to transition toward a more traditional inventory balance with slightly higher inventory levels in most markets. Existing homes sales were down for the 7th consecutive month, but demand remained strong with 81% of homes selling in less than a month. Prices, while increasing in some areas, are not moving as dramatically as they did last year, and that has helped offset stock market, interest rate, and inflation pressures.  

Locally, the average sale price of homes in Mandeville actually increased by 15% ($47,500) over this time last year while inventory increased by 34%. The Sanctuary followed this trend with the 3rd quarter average sale price increasing from $221 sf in 2021 to $262 sf now, and with three more homes for sale than at the end of the 2nd quarter. This data supports what I stated in my 2nd Quarter Report:

‍“Mandeville and The Sanctuary specifically, remain in a strong position. Even with the economic uncertainty of this transitioning market, many potential homebuyers are still interested in purchasing a home, which will keep the market competitive while simultaneously leveling off the last two years of red-hot activity. When there is a national recession, the energy sector, i.e. south Louisiana, usually fares better than other parts of the country, as energy prices are high. This “protective bubble,” combined with the high demand for the quality of life that Mandeville and The Sanctuary offer, will further protect our community and The Sanctuary.”

‍Expect to see the usual October sales spike, then the normal slow-down between November and February. Look for my new listing at 200 Oleander Ct. that will be introduced to the market on Friday, October 7, and 10 Serenity Dr. which will be offered with a new roof in the coming weeks.

Finally, in this shifting market, communication, guidance, and experience are essential, which makes partnering with a real estate broker who has over 16 years of experience living and selling in The Sanctuary more important than ever. As always, reach out to me any time with any questions about your home and the neighborhood, and I look forward to earning your business.

View YTD Home Sales

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View Homes For Sale & Pending at the End of Q3

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View Homesites For Sale & Pending at the End of Q3

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