Housing Market Statistics For St. Cloud Florida May 2022

Jeanine Corcoran Reports On The Housing MarketStatistics For St. Cloud Florida May 2022

Jeanine is joined by Kristin Macari her co-host. Welcome to the23rd episode of Discover St. Cloud Florida. They will be discussingwhat happened in the St. Cloud Florida real estate market lastmonth.

Kristin opened by saying they were going to cover what happenedin the St. Cloud real estate market in May 2022. Jeanine startedwith zip code 34769. There were 43 homes sold in May versus 41sold in April.

Of the 43 homes sold, 33 of them were single-story homes and theprice per square foot was $233 versus April’s $222. The 10two-story homes that sold in zip code 34769 had a price per squarefoot of $190 in May versus $174.55 in April. This zip code includesall downtown St. Cloud.

Jeanine then moved on to the busiest zip code of 34771. Therewere 102 homes sold in the month of May compared to 71 sales inApril. There were 61 single-story homes sold and the price persquare foot was $237 versus $249 in April. 41 two-story homes weresold in May and the price per square foot was $189 versus $188.67in April.

Kristin reported on zip code 34772. In May there were 62 homessold compared to 43 homes sold in April. There were 38 one-storyhomes that sold at $218 a sq. ft. versus a price per square foot of$236 in April.

One-Story Homes Generally Have A Higher Price PerSquare Foot Then Two-Story Homes

The two-story homes saw 24 homes being sold in May at $182.52 asquare foot versus 15 two-story homes sold in April at $192 asquare foot. So, a little bit of a dip in zip code 34772. Kristinsaid this zip code was hot early and sustained months of solidnumbers so it’s not a surprise theirs is a bit of a dip.

Jeanine and Kristin said that the price per square foot metricis good to know but you really need to compare apples to apples.You want to look at houses that are similar to yours. Jeanine isalways available to take a phone call and help you with an accurateprice for your house.

They then moved on to zip code 34773 which includes Harmony.There were 19 homes that sold in May. Of the 19 homes sold, 16 ofthem were one-story homes and had a price per square foot of$198.42 whereas two-story homes were at $168 price per square foot.In comparison, April had one-story homes with a price per squarefoot of $198 and two-story homes at $176.

What Is The Price Range Of Homes That Are StillReceiving Multiple Offers?

Kristin then transitioned and asked Jeanine what she is seeingin the real estate market currently with her listings and sellingprices and her opinion on what the new sweet spot is? Jeaninereplied that the new sweet spot is between $400 - $450K. That haschanged since last year when the sweet spot was in the upper300K’s. She said she is still seeing multiple offers on thehomes in the sweet spot range.

Jeanine continued and said for the homes priced at $475K and upare not seeing multiple offers. She said the time on the market islonger now as the buyer is waiting for that one offer. The moreexpensive homes do take longer to sell and that is what ishappening. She said it is nothing to be afraid of and it is more inline with a traditional real estate market.

Jeanine does feel the market is flattening right now just comingoff Memorial Day weekend. It certainly is not a down market, andshe feels there is no impending crash coming.

Jeanine said she is seeing a change in the builder’sbehavior. She was saying that whatever the builders are seeing, shesees it about 3-4 weeks later. She said builders were in thedriver’s seat and took the position of “send your buyerin and put in your best offer” and now that is changed.

Home Builders In St. Cloud Are ShiftingGears

Today Jeanine is getting emails from the builders, and they aresaying we have these inventory homes, and they are ready to move inand we’ll pay closing costs and will even throw in a bonus.The builders have been busy trying to keep up with the market crazeover the last two years and now things are shifting.

Jeanine mentioned that some buyers have pulled away from buyinga house because the interest rates have gone up. Kristin added thatthe market has slowed but, in her opinion, does not see anythingkind of crash on the horizon.

Jeanine’s opinion is that if a buyer is going to get adeal it is going to be somewhere between Thanksgiving and the endof the year. She added that this does not apply to the 55 and oldercrowd. People who have to move during that window of time arepressed to get out and there are deals to be had.

Kristin agreed with Jeanine on the best time to buy a house ifit works out is between Thanksgiving and the end of the year. Thatis exactly what she did. She and her husband got lucky and met witha builder where one of their deals fell through and a home wasavailable. It ended up being perfect for Kristin and herfamily.

Have You Had Your Private Mortgage Insurance (PMI)Removed From Your Mortgage?

Jeanine then moved on to PMI insurance. Homeowners who had put down lessthan 20% are required to add PMI insurance. The real estate marketcraze over the last 18-24 months has afforded many homeowners a lotof equity in their homes. Jeanine stated, that with that increasedequity, you can have your PMI insurance removed and enjoy thosesavings each month.

Jeanine said if anyone needs help with having PMI insuranceremoved from your mortgage, reach out to us, we’d be happy tohelp you. If you bought your home through another realtor, now isthe time to get in touch with them and have them help you removethe PMI.

The conversation between Jeanine and Kristin then moved tovacant land sales in St. Cloud Florida. There were 22 vacant landsales in May versus 21 in April of 2022. Jeanine said itdidn’t look like there were any large parcels sold. She saidthe largest one was 9.6 acres.

There was one huge vacant land sale in May for 397 acres whichsold for $16M and it was a cash deal. Out of the 22 parcels sold inMay, only 3 of them were conventional loans. All of the others werecash deals.

Kissimmee FL Home For Sale At 1439 Simmons Road ThatYou Don’t Want To Miss

Speaking of acreage, Jeanine mentioned that there is a fantastic property for sale at 1439 SimmonsRoad Kissimmee FL 34744. This property has over 5.5 acres of land.It is a beautiful custom home. This is a peaceful piece of paradisetucked away from the hustle and bustle but conveniently located toshopping and major highways. If this sounds interesting to you, youcan view the property walkthrough video here.

If there are other topics regarding the St. Cloud real estatemarket that you would like us to cover, reach out to us. We wouldlove to hear from you. And if you have any subjects to do withSaint Cloud in general that you would like us to cover on ourpodcast, feel free to share them with us.