Snell Isle Market Health Report – February 2025

Current Market Overview
The Snell Isle real estate market remains dynamic, with a mix of luxury waterfront estates and single-family homes shaping its competitive landscape. The data from StellarMLS provides valuable insights into current trends affecting homeowners who are considering selling their property. Here’s what you need to know:

Active Listings

• Number of Active Listings: 40
• Median List Price: $2,197,500
• Median Price per SqFt: $676.34
• Average Days on Market (ADOM): 68

There is a solid inventory of homes available, with prices spanning from $440,000 to $10 million. The median list price indicates that higher-end properties are still in demand, but time on the market varies significantly based on pricing and desirability.

Pending Sales

• Number of Pending Sales: 6
• Median Pending Price: $1,050,000
• Median Price per SqFt: $585.74
• Median Days to Contract: 91

Homes that are currently under contract suggest that well-priced properties are finding buyers, but it is taking around three months for homes to secure offers.

Closed Sales (Last 6 Months)

• Number of Sold Homes: 29
• Median Sold Price: $1,185,000
• Median Price per SqFt: $571.32
• Median Days to Contract: 75
• Median Days to Close: 102
• Sold-to-List Price Ratio: 93%

Recent sales show that homes are selling at slightly below their list price, with the median sold price coming in at $1.185M. Sellers should anticipate some negotiation, as the average sold-to-list price ratio sits at 93%, meaning most homes sell slightly below asking.

What This Means for Homeowners

1. Your Home’s Value:

   • With a median sold price of $1.185M, your home’s value will largely depend on location, condition, and unique features.
   • Luxury homes are still commanding premium prices, though pricing competitively remains key in today’s market.

2. Time to Sell:

   • The median time to secure a contract is 75 days, with a closing process extending to approximately 102 days.
   • Sellers should anticipate a total of about 5-6 months from listing to closing.

3. Market Conditions:

   • Buyers are selective but active. High-end buyers are still in the market, but they are negotiating more aggressively.
   • Luxury properties take longer to sell. Homes in the upper price brackets have longer days on market.

Key Takeaways for Sellers

• Price strategically – Homes are closing at about 93% of the list price, so realistic pricing is essential.
• Be prepared for a longer sales cycle – While demand remains steady, expect around 3 months to receive an offer and a total of 5-6 months to close.
• Make your home stand out – High-value homes that showcase modern updates, waterfront views, or unique luxury features attract quicker offers.

If you are considering selling your home in Snell Isle, let’s discuss the best strategy to maximize your sale price while ensuring a smooth process.