Discover Saint Cloud, Florida: Episode 80, July 2024 Real Estate Market Insights & Analysis
The Saint Cloud real estate market has shown resilience amid national slowdowns. With varied price points and a mixture of new and resale homes, the market remains dynamic, offering opportunities for both buyers and sellers. As we delve into the specific zip codes, it becomes evident that each area has its unique characteristics and trends.
Video Podcast Showing July 2024 Real Estate Market Update For St. Cloud
34769 Zip Code Analysis
Single-Story Homes
In July 2024, the 34769 zip code, which includes the downtown area near the lakefront, saw the sale of 31 homes. Of these, 26 were single-story homes with an average price of $247.39 per square foot.
Two-Story Homes
Five two-story homes were sold in the same area, with an average price of $188.53 per square foot. This pricing disparity highlights the continuing preference for single-story homes in this market.
Market Trends
The overall market in 34769 experienced a modest increase in home prices, with a month-over-month rise of 1.46% and a year-over-year increase of 5.4%. Homes in this zip code typically stayed on the market for about 23 days before going under contract, with an average of 69 days to close.
34771 Zip Code Analysis
Single-Story Homes
The 34771 zip code, encompassing areas with significant new development, recorded the sale of 70 homes. Single-story homes here were priced at an average of $270.21 per square foot.
Two-Story Homes
For two-story homes, the average price was $213.45 per square foot, with 33 such homes sold in July 2024.
New Builds and Market Impact
This area saw a significant month-over-month price increase of 9.3% and a year-over-year increase of 10%. The large supply of new builds contributes to these rising prices, but it also extends the time homes spend on the market, with a median of 63 days to contract and 100 days to close.
34772 Zip Code Analysis
Single-Story Homes
In the 34772 zip code, 52 homes were sold, with single-story homes priced at $239.72 per square foot.
Two-Story Homes
Two-story homes in this area had an average price of $197.21 per square foot, with 21 homes sold.
Market Stability
The market in 34772 remained relatively stable, with minimal month-over-month changes and a slight year-over-year increase of 2.89%. Homes in this area took about 48 days to go under contract, with an 88-day period to close.
34773 Zip Code Analysis
Single-Story Homes
The 34773 zip code, located further east, saw 31 homes sold in July 2024. Single-story homes were priced at $221.96 per square foot.
Two-Story Homes
Nine two-story homes sold in this area had an average price of $183.70 per square foot.
Year-over-Year Growth
This area experienced the most significant year-over-year growth, with a 12.69% increase. Homes typically stayed on the market for 66 days before going under contract, with a closing period of 109 days.
Vacant Land Sales
Overview of Sales
In July 2024, ten parcels of vacant land were sold in the Saint Cloud area, with most transactions being cash deals.
Potential Development
The largest parcel, a 9.64-acre lot on La Salle, sold for $725,000. The potential for development on these parcels remains high, especially given the ongoing growth in the area.
Harmony Community Real Estate
Harmony Main
Harmony Main recorded 12 property sales, including townhouses and single-family homes. Prices ranged from $188.20 to $226.44 per square foot, depending on the property type.
Harmony West
Harmony West saw a combination of new and resale home sales, with single-family homes priced at $224.78 per square foot for one-story homes and $171.50 for two-story homes.
Harmony Central
Harmony Central reported five sales, with one-story homes averaging $257.17 per square foot and two-story homes at $185.46 per square foot.
Conclusion
In conclusion, the Saint Cloud real estate market in July 2024 is characterized by steady growth, a mix of new and resale homes, and challenges posed by rising interest rates and insurance costs. Buyers and sellers must stay informed of these developments to make the best decisions in this evolving market.