The Legacy real estate market in January 2025 started the year with a decline in sales activity but continued price growth. The benchmark price for total residential properties stood at $968,000, reflecting a 5.8% year-over-year (Y/Y) increase.
Key Market Statistics:
Sales: 15 transactions (-38% Y/Y).
New Listings: 53 listings (+56% Y/Y).
Inventory: 61 active listings (+65% Y/Y).
Months of Supply: 4.07 months, indicating a balanced to buyer’s market.
Sales-to-New Listings Ratio (S/NL): 0.28, suggesting an increase in supply over demand.
Median Price: $535,000 (-11.6% Y/Y).
Average Price: $529,208 (-7.9% Y/Y).
Property Type Breakdown:
Detached Homes: $1,021,100 benchmark price (+5% Y/Y).
Row/Townhouses: $426,000 benchmark price (+5.8% Y/Y).
Apartments: $338,100 benchmark price (+5.5% Y/Y).
Semi-Detached: No sales recorded this month.
Market Trends
1. Slower Sales Activity & Increased Inventory
Sales declined by 38% Y/Y, marking a slower start to the year.
New listings surged by 56% Y/Y, leading to a 65% increase in inventory.
The Sales-to-New Listings Ratio (0.28) suggests more homes are available than buyers, shifting the market towards balance.
2. Rising Home Prices Despite Softening Demand
The benchmark price increased by 5.8% Y/Y, showing continued long-term value growth.
However, median and average prices declined, indicating some downward pressure due to higher inventory.
3. Market Shift Towards Balance
Months of Supply increased to 4.07 months, which is moving towards a buyer’s market.
Buyers have more negotiating power, while sellers may need to adjust pricing strategies.
2025 Market Outlook
What to Expect in the Coming Months
Potential Price Stabilization: With increased inventory, price growth may slow, leading to more stable housing costs.
Higher Sales Volume in Spring: Historically, sales increase in Q2 (April – June), leading to tighter market conditions.
Interest Rate Sensitivity: If rates stabilize or decrease, buyer activity may pick up in mid-to-late 2025.
Long-Term Demand Remains Strong: Legacy continues to be a desirable community, ensuring steady long-term appreciation.
Key Takeaways for Buyers & Sellers
Buyers: More inventory means greater selection and potential price negotiations.
Sellers: Pricing competitively and staging effectively will be key to attracting buyers in a softening market.
The Legacy real estate market began 2025 with lower sales, higher inventory, and continued price appreciation. While the market is shifting towards balance, it remains resilient, and seasonal trends are expected to drive stronger activity in the coming months.
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