The 2024 real estate market in Leisure World Seal Beach demonstrated resilience and opportunity, driven by continued high demand and limited supply in this unique 55+ active community. Below is a comprehensive review of the key market trends that shaped the year and influenced buying and selling decisions.
Home Values
Leisure World home values saw consistent growth throughout 2024, reflecting the community’s enduring appeal and increasing demand:
• Median Sale Price Growth: Home values appreciated by approximately 4.9% year-over-year, with certain Mutuals experiencing even higher gains due to proximity to amenities or recent renovations.
• Top-Tier Homes Commanded Premiums: Fully remodeled units and properties with modern updates often sold above the median price, highlighting buyer willingness to pay for convenience and quality.
• Price Per Square Foot: The average price per square foot increased from $367 to $385 SQ FT compared to 2023, solidifying Leisure World as a strong investment for buyers seeking affordability in Orange County.
Sales Activity
The market remained active in 2024, with strong buyer interest throughout the year:
• Monthly Sales Volumes: The busiest months were spring and early summer, with March through June accounting for a significant portion of annual sales. Slower activity in December still attracted motivated buyers, creating opportunities for sellers willing to list during the off-season.
• Quick Turnarounds: Well-priced homes often went under contract within days, with average Days on Market (DOM) hovering around 30 days—down from 34 days in 2023.
Supply and Demand Dynamics
Inventory challenges persisted in 2024, maintaining a seller’s market for much of the year:
• Limited Inventory: The number of active listings remained low, with many sellers holding onto their homes due to the community’s desirable lifestyle and affordability.
• Strong Buyer Demand: Buyers, particularly from out of state or local downsizers, continued to view Leisure World as a top choice for retirement living. This kept demand high and competition strong.
• Cash Buyers Leading the Market: A significant portion of transactions involved cash buyers, creating faster closing timelines and less negotiation for contingencies.
Seasonal Trends
Seasonality played a key role in shaping market activity:
• Spring Surge: March through June saw heightened activity as buyers looked to secure homes and settle in during the warmer months. Sellers who listed during this period enjoyed higher offers and faster sales.
• Winter Opportunities: While winter months were quieter overall, motivated buyers often struck deals quickly, creating opportunities for sellers who chose to list during the off-season.
Neighborhood-Specific Trends
Leisure World’s 16 Mutuals displayed varied performance based on buyer preferences and market activity:
• High-Demand Mutuals: Mutuals 5, 9, and 2 continued to attract the most attention due to their prime locations and proximity to community amenities like clubhouses and green spaces.
• Emerging Mutuals: Mutuals 12 and 14 gained traction among buyers looking for updated properties and quieter streets, reflecting shifting buyer preferences.
• Affordable Options: Mutuals 1 and 3 offered entry-level pricing, making them attractive to budget-conscious buyers while maintaining access to Leisure World’s amenities.
Buyer Behavior
Buyers in 2024 exhibited clear preferences, influencing the types of properties that sold quickly:
• Turnkey Homes: Move-in-ready properties with modern updates and low-maintenance features were highly sought after.
• Accessibility Features: Buyers prioritized homes with step-free entries, walk-in showers, and proximity to transportation or amenities.
• Outdoor Spaces: Patios and expanded outdoor living areas were major draws, especially for buyers seeking to enjoy Southern California’s pleasant weather year-round.
Seller Insights
Sellers benefitted from the strong market but had to meet buyer expectations to achieve top dollar:
• Staging and Presentation: Professionally staged and well-maintained homes sold faster and at higher prices, emphasizing the importance of presentation.
• Accurate Pricing: Homes priced strategically generated the most interest, while overpricing often resulted in extended DOM and price reductions.
• Seasonal Timing: Sellers who listed in spring or early summer capitalized on peak buyer activity, while those listing in winter saw less competition but faced a smaller pool of buyers.
Economic and External Factors
The 2024 market was also influenced by broader economic conditions:
• Interest Rates: While rates remained higher than pre-pandemic levels, many buyers in Leisure World paid cash, minimizing the impact of financing costs on the overall market.
• Inflation and Costs: Rising costs of goods and services increased buyer interest in low-maintenance, energy-efficient homes, aligning with preferences for turnkey and updated properties.
The 2024 Leisure World real estate market underscored the community’s appeal as a top destination for retirees. It offers a unique combination of affordability, amenities, and active living. Buyers and sellers who understood and adapted to these trends thrived in this dynamic market.
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