Real Estate Market Report For St Cloud FL July 2022
Real Estate Market Report For St Cloud FL July 2022Presented By Jeanine Corcoran
Jeanine is the broker of Corcoran Connect. Kristin Macari,her co-host is the owner of Studio Nine 13. This is the 29thepisode of Discover St. Cloud Florida.
Kristin started off by saying they have the real estate marketupdate for July of 2022 to share with everyone. Jeanine remindedthe audience that they break down the Saint Cloud market reports by zip code.
Jeanine started with zip code 34769. She said there were a totalof 29 single-family homes sold in July. The average price persquare foot was $234. There was a slight decrease of 1.20% whencomparing July sales to June’s. Kristin added that itwas a slight decrease and not an indicator of anything and for theyear-over-year comparison the market is still up almost 27%.
Twenty-six of the twenty-nine homes sold in zip code 34769 weresingle-story homes Jeanine stated. She added that single storiessell at a higher price per square foot. This month was no differentas the price per square foot for the single-story homes was$241.
There were 3 two-story homes that sold which was almost an 18%decrease versus June. However, Kristin noted that that data onlyinvolves three houses which are not enough to create a full pictureof the market.
Saint Cloud Zip Code 34769 Covers The Historic DowntownArea
She also noted that zip code 34769 is the downtown historic areawhere most of the homes are single-story so there will never be alot of two-story homes sold in any given month. Kristin then calledout the fact that there are 49 active properties at the time thepodcast was aired and that is 1.1 months' supply.
Jeanine then moved onto zip code 34771 which is the most popularof the zip codes and the one in which their office is located. Shesaid there were 73 homes sold in July versus 93 homes sold in June.Forty-two of the seventy-three homes sold were single-story homeswith an average price per square foot of $241. The 31 two-storyhomes that sold had a price per square foot of $222. Jeaninebelieves the high price per square foot for the two-story homes wasdue to new builds.
Kristin and Jeanine both said there is a lot of new constructiongoing on in zip code 34771. Kristin added that there are 287 activeproperties, and two-thirds of those properties are activeconstruction. She said this means that they have a 3.9 monthssupply of inventory.
Zip Code 34772 In St Cloud Had A 33% Increase Year OverYear
Kristin presented the stats for zip code 34772. There were 57homes sold in this zip code. The average price per square foot was$234.32. This represented a year-over-year increase of 33.2% and amonth-over-month increase of 7%. She continued that there were 45single-story homes that sold and the average price per square footwas $238 and it showed a 2% month-over-month increase.
There were 12 two-story homes that sold at an average price persquare foot of $220.13 which represented a 31% increase month overmonth. Kristin continued that there are 12 active properties in zipcode 34772 which is a 2.3 month’s supply.
Jeanine then reported on Saint Cloud zip code 34773 whichincludes Harmony. There were 30 sales in July. There were 22single-story homes that sold with an average price per square footof $222.75 which showed a 5.02% increase month over month. Thisleft 8 two-story homes that sold with an average price per squarefoot of $180.85 which represented a decrease of 4.08% month overmonth. The year-over-year statistics showed a whopping 44.68%increase. There are currently 33 active properties in the 34773 zipcode which is a 1.1 months’ supply.
Harmony FL Home Sales For July
Jeanine then singled out just Harmony property sales. There werejust 10 homes sold in Harmony in July. Jeanine asked Kristin ifthere were any decreases. She replied there were some decreasesstarting with the Ashley Park townhouses that saw amonth-over-month decrease of 4.84%. Kristin then reported on customhome sales where there was only one sale in July. She reiteratedthat one house does not equal a market.
Jeanine added that there are two markets, the old market, andthe new market and we are in the new market. Kristin said she likesto call it the regular market.
Jeanine said that we had such an increase in home values thatwhen people hear that the market is changing that the increase invalue is gone and it’s not. She said we are just notincreasing at that unbelievable rate anymore. Kristin and Jeaninesaid that they are both excited for home buyers as they will havemore opportunities.
Kristin said that seller concessions are back, closing costs areback on the table and buyers can finance with loans. Also, thereare no more appraisal gaps to contend with. They both stated thatthis is a healthy market. Jeanine added a message to the sellersout there, she said by no means is this a bad market for you.
What Represents A Healthy Real EstateMarket?
Kristin asked Jeanine what is considered a “healthymarket”? Jeanine said a 6 months supply of inventoryrepresents a healthy real estate market. Barbara Corcoran,Jeanine’s sister considers that a healthy market as well.Both Jeanine and Kristin stated that we are still in a lowinventory position in the local market.
They both commented that the days on the market indicator areroughly the same as the last 2 months give or take a few days.Jeanine said the days on the market this past spring were 3 days orless with 15-20 offers. Now what they are seeing is 1-2 offers andmore days on the market. They said the local real estate market isdifferent but not bad or unhealthy by any means. It has simplyreturned to normal.
Kristin asked Jeanine how she feels about people who are anxiousabout the shirt back to a normal healthy real estate market.Jeanine replied that she thinks it comes down to who people listento and who you get your advice from. She continued that the medialikes to put out all these headlines that create fear in people andit simply isn’t true. She said in reality we are just goingback to a normal market.
Follow A Local Real Estate Expert Versus Listening ToNational News For Your Market
Kristin also cautioned people not to listen to the national newswhen it comes to their own local market. She added that what may behappening outside of Florida is not necessarily happening here.Jeanine called out the point that there is disparity even in thezip codes in the Saint Cloud real estate market so why would youlisten to the national news when it comes to your local market?Follow a local real estate expert in your market forsound advice.
Jeanine added that there are a couple of things that buyers cando with a new build or resale. Besides getting closing costs, youcould have them buy down the rate. This is where you talk to yourmortgage broker about which option is better for you. Builders aregiving incentives now i.e., use our lender and we will give you$20K towards your closing costs.
Kristin then reported on vacant land. She said there was nothingcrazy to report. She said the biggest sale for vacant land was aHarmony parcel for $6M for 8.65 acres. Most of the vacant landsales were done in cash. There was one private sale, but the pricesare all over the board.
Local Real Estate Appraiser Robert Bass Will Be OurGuest On A Future Podcast
Jeanine closed by announcing that Robert Bass, a local realestate appraiser will be joining us in one of our upcoming DiscoverSt. Cloud Florida podcasts. She added that real estate agentsdon’t pick appraisers, they are selected by the lender. Ifyou have any questions in advance of his future podcast, send thoseto us at discoverstcloud@gmail.comand we will have Robert answer them for you.
We hope you enjoyed Jeanine and Kristin walking you through thereal estate market report for St Cloud FL July 2022. Our goal is tokeep you in the know with the housing market and statistics here inSaint Cloud, FL.