Housing Market Statistics For Harmony Florida May 2022
Housing Market Statistics For Harmony FL In May 2022Reported By Jeanine Corcoran
Welcome to the 23rd episode of Discover Harmony Florida. Jeaninewill be joined by her co-host Kristin Macari. Today they will bediscussing the housing market statistics for Harmony Florida fromMay 2022.
Kristin asked Jeanine what happened in the Harmony Floridahousing market in May 2022? Jeanine said there were 24 totalsales last month in May. Kristin stated thatwas quite a jump because in April there were only 13 homes sold inHarmony.
She continued that the inventory crisis is starting to even outwhich is nice for all the buyers looking to purchase homes. Jeaninesaid that it seems like things are flattening out a bit and Kristinagreed.
Ashley Park which represents the townhomes and condominiums had3 properties sold in May Jeanine reported. The price per squarefoot was $156.60 which is down from last month. Kristin pointed outthat there was only one property sold in April and one propertydoesn’t make a market hence the reason for the variance.
Jeanine called out that there were only 5 cash sales in May leftis down from prior months. She said there were more VA and FHAloans which are good and of course some conventional as well. Shestated that having fewer cash sales means fewer investors and morehomebuyers in the market which is a positive. Jeanine said theinvestors have been out and to see only 5 cash sales, there isdefinitely a shift happening.
Custom Homes Sold In Harmony Florida
As far as resales, there were 4 properties sold in May versusthe 2 in April. The price per square foot was $190.37 whereas lastmonth it was $193.17. Kristin said this indicator is yet anothersign that as Jeanine said, things are leveling out in the market.Jeanine added that just because the market is leveling offdoesn’t mean the market is crashing. It is still veryhealthy, and people have a lot of equity in their homes.
There were two custom homes solid in Harmony in the month of MayJeanine said and both were one-story homes. The price per squarefoot was $202.91. There were no custom homes sold in April so thereis nothing to compare month over month.
Kristin reported on the sales in The Lakes for May. There were 5properties sold in April and only 2 in the month of May. The priceper square foot was $242.13 for May.
Jeanine said one property was sold in The Enclave at Harmony inMay. Kristin quickly replied that is simply not true. Home sales inThe Enclave at Harmony are taking forever to update by the countywhich makes it hard to report accurate numbers. For the one homethat was reported as sold, the price per square foot was $247.00which was up quite a bit from the April numbers.
The Highest Average Price Per Square Foot Goes To TheEnclave At Harmony
Jeanine said if you are looking at the price per square footoverall of everything that has sold including Harmony West whichwill be covered below, The Enclave at Harmony has the highest priceper square foot followed by The Lakes.
Jeanine said there were 12 homes sold in Harmony West in May andjust one of them was a two-story home. The price per square footfor Harmony West was $208.21. As a comparison, the two-story homethat sold had a price per square foot of $160.51 which is wellbelow the average.
We had 17 single-story homes that sold in May, not includingtownhomes or condominiums, and the average price per square footwas $219 compared to 4 two-story homes that sold where theiraverage price per square foot was $168.
Kristin said that is a big difference in the price per squarefoot category. She did add that one-story homes tend to be smallerbecause you can only get so much house on a lot. Also, smallerhomes tend to have a higher price per square foot. Jeanine addedthat one-story homes have more value.
Kristin asked Jeanine what she is seeing in terms of the overallreal estate market and the uptick in the number of listingsincreasing lately? Jeanine stated that the higher-priced homes aretaking longer. They are staying on the market longer, nothistorically longer, just not selling immediately as they havebeen.
What Is The Sweet Spot Where Homes In Harmony Are StillSelling Immediately?
Jeanine continued that if a house is priced in that sweet spot,it is still selling quickly. Kristin asked Jeanine what sheconsiders the sweet spot to be? Jeanine answered that the sweetspot used to be $350 - $375K and now it is up to $450K. That is thenew norm.
Kristin then followed up and asked Jeanine about the offers thatare coming in or going out, are there appraisal gaps, etc.? Jeanineanswered that she personally hasn’t seen anything change andall of her real estate agents are still writing strong offers.
If you had a seller that is looking to sell now, what is yourbest piece of advice for them especially if they are just on theedge or higher than the current sweet spot Kristin asked? Jeaninereplied that we always look at what has sold recently and pricethem accordingly to market conditions. As the market is levelingout, we are not adding appreciation to the offers as we hadbefore.
Home Sellers Are Starting To List Their Homes LesseningThe Inventory Crisis
Kristin added there are now more sellers putting their homes upfor sale which is helping with the inventory crisis that we havebeen going through. Jeanine said she also sees a change with thebuilders.
She said the weekly emails she receives from the builderslisting what they have and now suddenly there is no wait on homes,and they are paying bonuses.
We hope you enjoyed Jeanine and Kristin walking you through thehousing market statistics for Harmony Florida May 2022. Our goal isto keep you updated on the real estate market in Harmony so you canuse this information to make an informed decision regarding yourreal estate needs. Video the video source here.