Real Estate Market Report For St. Cloud FL September 2022
Real Estate Market Report For St. Cloud FL September2022 Presented By Jeanine Corcoran And Kristin Macari
Jeanine is the broker of Corcoran Connect and Kristin is theowner of Studio Nine 13. They will be walking through what happenedin the St. Cloud FL real estate market during the 37th episode ofDiscover St. Cloud Florida.
Kristin started by asking Jeanine what happened in the different zip codes for Saint Cloud inSeptember. Jeanine replied that they always like to start with zipcode 34769. She also reminded all listening in that what theyreport are single-family home sales only.
Video Podcast Review OfThe Real Estate Market In Saint Cloud Florida For September2022
Jeanine reported that there were 31 homes that sold in zip code34769 and 30 of them were single-story homes with only onetwo-story home sold. The price per square foot was $217.71 forsingle-story homes and $155 for two-story homes.
Kristin added that month over month the price per square foot isdown 6.6% in zip code 34769, however, it is still up 13.9% overlast year at this time. Kristin added that things are changing inthe market and that the indicators like “days onmarket” “days to contract” and “days toclose” are climbing. She said sellers are usually slower toreact to the actual market.
Kristin said the days to contract are 34 and days to close are76. When comparing these numbers to August the days to contract was13 and now that has more than doubled in the last month. Thecurrent inventory is a 1.4-month supply which is the same as lastmonth.
Real Estate Transactions In Saint Cloud Zip code34771
Jeanine then moved the conversation to real estate transactionsin zip code 34771 which usually has the most home sales. There were64 sales in September and of those 39 were single-story homes while25 were two-story homes sold. The price per square foot forsingle-story homes was $235 and for two-story homes, it was$196.
Kristin shared that the average overall price per square footfor zip code 34771 was $219.84 which is down 1.3% versus last monthbut versus this time last year is up 17.8%. The average days tocontract was 32 days and the average days to close is 65. She saidthe current inventory is a 4.2-month supply. Kristin said to keepin mind that there is a lot of new construction which isinfluencing this number as you can’t close if the monthisn’t finished.
Jeanine then reported home sales for St. Cloud zip code 34772.She said there were 40 homes sold in September. There were 28single-story homes that sold with an average price per square footof $212 and there were 12 two-story homes that sold at $188 priceper square foot.
Kristin added that the overall price per square foot was $204.57which is down 9.5% versus last month but that it is still up 8.3%versus this time last year. She said the average days to contractis 33 and the average days to close is 64. The averagemonth’s supply of inventory is 2.4 months.
St. Cloud FL Homes Sold In Zip Code 34773
The next zip code is 34773 which Jeanine said had 18 homes soldin September where 10 of the 18 were single-story homes sold at aprice per square foot of $242.85. The remaining 8 sold weretwo-story homes at an average price per square foot of $177.57.
Kristin reported the month-over-month numbers where the overallprice per square foot was $213.83 which is down 2.1% but is stillup 29.7% year over year through September. The average days tocontract is 25 and the average days to close is 60. She said thereis a 1.3 months’ supply of inventory.
Jeanine then gave the Harmony Florida housing market statisticsfor September. There were 10 homes that sold this past month and 2of those were single-story homes and the balance of 8 weretwo-story homes. The single-story homes came in at $221 price persquare foot and the two-story homes were at $180 price per squarefoot.
She reported on Ashley Park as well for the condos andtownhomes. The average price per square foot was $174.16. Theresales had a price per square foot of $204.90 and The Enclaves was$193.25, and The Lakes came in at $237.45.
Harmony Florida Housing Market Statistics For September2022
Kristin then reported on the overall average. She said it is nottotally accurate because when you are talking about Harmony Floridaspecifically you have custom homes, resales, townhouses, and newconstruction. The overall average price per square foot is $185.75which is about the same as last month but up slightly. Year overyear we are up 12.4% versus the same time last year.
Harmony West had 12 homes sold in September Jeanine stated that8 were single-stories and 4 were two-story homes. The single-storyhomes' price per square foot was $238 and the single-storyhomes were at $178.83. Kristin said the numbers are about the sameas last month.
Kristin added that they just had Robert Bass, who is a realestate appraiser in Saint Cloud, on the Discover St. Cloud Floridapodcast as a guest where he discussed the topic of price per squarefeet. Robert talked about why there is a difference between one-and two-story homes on that metric.
Real Estate Appraiser In Saint Cloud FL RobertBass Answers The Price Per Square Foot Question
Robert explained that the market prefers one-story homes. Headded that historically the cost of a single story is greater thanthe cost of a two-story. The reason for this comes down to thetotal “linear feet” between the two. The one-storyhomes hold more linear feet than two-story homes.
Robert gave another example of why one-story homes cost morethan two-story homes. For example, a 2,000 sq. ft. single-storyhomes need a 2,000-foot roof whereas a two-story home has 1,000 sq.ft. downstairs and 1,000 sq. ft. upstairs requires only a 1,000 sq.ft. roof. He said the same applies to bathrooms. In two-storyhomes, the upstairs bathroom is usually directly above thedownstairs bathroom minimizing the costs of additional plumbing,wiring, etc. whereas the downstairs bathrooms are in differentlocations and require additional costs for plumbing and wiring,etc.
Jeanine and Kristin appreciated Robert’s answer on whyone-story homes always have a higher price per square foot than atwo-story homes.
Kristin then asked Jeanine’s thoughts on what she isseeing in the real estate market with her current listing and whata good strategy might be for someone putting their home on themarket. Jeanine replied that setting expectations upfront isimportant as well as educating the sellers on the kind of market weare currently in.
Interest Rates Are Rising What Are Options ForHomebuyers?
She continued that there are a couple of things going againstus. Number one, interest rates keep going rising, and secondly, thetime of the year we are in. People don’t like to move duringthe holidays. There are not as many buyers, so sellers need to berealistic with their price. Jeanine stated that there are buyersout there actively looking but there are fewer of them.
Kristin added a third thing going against the local real estatemarket, Hurricane Ian which just devastated Fort Myers and otherareas as well as the ongoing flooding still affecting many areas inFlorida including Saint Cloud.
Kristin asked Jeanine about interest rates and what she ishearing there. Jeanine said they are going to continue climbing andwill hit 7% soon. She is talking to her buyers about adjustablerates, the ARM which means an adjustable-rate mortgage. Shebelieves people are afraid of the word ARM because of the realestate crash in 2008-2009.
Adjust Rate Mortgage Can Be A Good Option forBuyers
Jeanine doesn’t believe people are aware that with the ARMthere are 5- or 7-year fixed-rate mortgages which means it is atthe rate for the entire 5 or 7 years. She stated most peopledon’t even stay in their house past 5 years. People need tocompare those rates as an option. Over the next 5 to 7 years if therates drop, people can always refinance their mortgage.
We hope you enjoyed Jeanine and Kristin walking you through thereal estate market report for St. Cloud FL September 2022. Our goalis to keep you in the know about the housing market and statisticshere in Saint Cloud, FL.