As the summer heats up, so does the real estate market for 55+ active adult communities. Our latest report delves into key market indicators, providing valuable insights into prices, sales, inventory, days on the market, and price discounts or premiums. We would like to extend a special thank you to Walter Neil at Franklin Loan Center for allowing us to use this comprehensive report. Walter is always available to assist with loan needs, ensuring your real estate transactions are smooth and successful.
Prices
The FLC Active Adult Price Index, which tracks the average price of a 1,900 square foot home across eight active adult communities, ended June at $596,324. This marks a 3.8% increase year over year. Individual community performance varied, with Del Webb Rancho Mirage seeing the highest gain of 9.6%, while Four Seasons at Terra Lago experienced a decrease of 5.4%.
Sales
June saw an average of 65 units sold per month across all eight communities, which is an increase of three units compared to last year. However, the dollar sales averaged $49 million per month over the past three months, which is $2 million less than the same period last year.
Inventory
The inventory of active adult community listings increased significantly, with 185 units available at the end of June compared to 131 units last year, reflecting a 41.2% rise. The "months of sales" ratio also saw an increase, standing at 2.8 months in June compared to 2.1 months last year. This higher ratio suggests a balanced market, which should help maintain price stability.
Days on the Market
Homes in these communities spent an average of 63 days on the market in June, down from 67 days a year ago. Selling times varied, with Trilogy Polo Club homes selling the fastest at 48 days, and Four Seasons at Terra Lago taking the longest at 84 days.
Price Discount/Premium
In June, homes in the eight active adult communities sold at an average discount of 2.0%, which is a slight improvement from last year's 2.2%. Discounts ranged from 0.9% in Four Seasons at Terra Lago to 3.1% in Trilogy.
If you're interested in exploring more about these communities or are considering buying or selling a home, visit our website to view available listings and stay updated on market conditions. We are here to support you in all your real estate needs.