Discover Saint Cloud, Florida: Episode 78, May 2024 Market Insights & Analysis

Welcome to the 78th episode of the Discover Saint Cloud Podcast! Hosted by Kristin Macari, this episode features Jeanine Corcoran, the broker for Corcoran Connect, a leading real estate company in Saint Cloud, Florida. This installment dives into the latest market trends and insights for May 2024, covering a missed month and providing an in-depth look at the local real estate scene.

Video Podcast Showing May 2024 Real Estate Market Update For St. Cloud

A Look Back at May 2024

As the calendar advances, it's hard to believe we're already halfway to Christmas. With the summer heat setting in, the longing for warmer weather during the winter months seems like a distant memory. The recent rainfall may offer some respite from the heat as the community navigates the swift passage of spring into summer.

Market Overview by Zip Code

34769

Houses Sold: 27 (24 single stories, 3 two stories)
Average Price per Square Foot: $245.04
Median Days to Contract: 56 days
Median Days to Close: 95 days
Current Active Homes: 77
Market Supply: 3 months

The 34769 market experienced a slight decrease of about 3% month-over-month and 1.76% year-over-year. The median days to contract indicate a fairly quick turnaround, reflecting a healthy and balanced market.

34771

Houses Sold: 83 (52 single stories, 31 two stories)
Average Price per Square Foot: $234.35
Median Days to Contract: 39 days
Median Days to Close: 68 days
Current Active Homes: 279
Market Supply: 3.4 months

Zip code 34771 saw a 4.5% increase in the average price per square foot month-over-month and a 5.2% increase year-over-year. This area, known for its bustling market, especially near Narcoossee Road, continues to thrive with a balanced supply and demand dynamic.

34772

Houses Sold: 52 (36 single stories, 16 two stories)
Average Price per Square Foot: $212.39
Median Days to Contract: 28 days
Median Days to Close: 73 days
Current Active Homes: 229
Market Supply: 4.4 months

In 34772, the market remained stable with minimal changes month-over-month and year-over-year. The median days to contract are notably low, indicating a quick-moving market, but the longer days to close suggest some challenges in the final stages of transactions.

34773

Houses Sold: 21 (12 single stories, 9 two stories)
Average Price per Square Foot: $202.99
Median Days to Contract: 24 days
Median Days to Close: 68 days
Current Active Homes: 86
Market Supply: 4.1 months

The 34773 zip code saw a 7.9% decrease month-over-month but a 7.95% increase year-over-year. The relatively quick median days to contract and close suggest a competitive market, especially in areas like Harmony Central and Harmony West.

Vacant Land Report

Across Saint Cloud, there were 11 vacant land sales in May. Noteworthy transactions include a 7.36-acre property on Sky Wind Court that sold for $300,000, highlighting the potential for good deals in the land market.

Harmony Market Report

In Harmony Main, 10 properties were sold, including:

1 Condo: $161.73 per square foot
3 Resales: $177.93 per square foot
2 Custom Homes: $203.54 per square foot
4 Lakes Properties: $211.65 per square foot

Harmony West reported:

2 Single Stories: $233.05 per square foot
5 Two Stories: $202.14 per square foot
5 Townhouses: $218.99 per square foot

Harmony Central saw:

4 Single Stories: $236.73 per square foot
5 Two Stories: $179.86 per square foot

The average days to contract in Harmony Main were 68 days, with 111 days to close, reflecting a more extended process in this unique community.

Market Reflections and Predictions

Observing these trends, it is clear that the Saint Cloud real estate market is stabilizing into a new normal. While the usual spring surge was missed, there is noticeable movement now. Sellers and buyers are adjusting to current market conditions with more realistic expectations and strategies.

Final Thoughts

Various factors impact the market, including interest rates, inventory levels, and buyer behavior. With interest rates hovering around 7%, affordability remains a significant concern. However, positive signs such as potential insurance rate decreases and favorable mortgage news for VA buyers are emerging.

Ultimately, the market is resilient, and life events will continue to drive real estate transactions. Whether it's a growing family needing more space, a job relocation, or simply the desire for a change, the Saint Cloud real estate market is poised to meet these needs with a balanced supply and demand.

Thank you for following this detailed market update. Stay tuned for more insights and updates on the Discover Saint Cloud Podcast. For any real estate assistance, Corcoran Connect is ready to help. Stay cool and enjoy the summer!

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