Saint Cloud FL Real Estate Market Report For August 2022
Saint Cloud FL Real Estate Market Report For August2022 Presented By Jeanine Corcoran
Jeanine is the broker of Corcoran Connect. Her co-host KristinMacari who owns Studio Nine 13 joins Jeanine as they discuss thereal estate market in Saint Cloud Florida. Welcome to the 33rdepisode of Discover St. Cloud Florida.
Kristin opened by asking Jeanine what happened in the Saint Cloud real estate market in August 2000.Jeanine replied that they always like to report with separate zipcodes, so she started with 34769. There was a total of 41single-family homes sold in August. Thirty-four of those propertiessold were one-story homes and 7 were two-story homes.
Video Podcast Review OfAugust Housing Market Statistics
The one-story homes sold in zip code 34769 had a price persquare foot of $242.82 and the two-story homes were $173.75.Kristin added when comparing the properties sold to last monththere was only a small difference. She said sales were up less than1% on one-story homes and down less than 2% when comparing homesales from July to August.
Kristin added that the new metric, average days to contract,that she and Jeanine started tracking is about the same month tomonth. The metrics for those in August were 13 days to contract and50 days to the closing. Kristin also said there is about 1.4months’ worth of inventory and Jeanine stated that is stillso low.
Homebuyers In Saint Cloud FL Are Taking More Time ToMake A Decision
Jeanine said that right now buyers are taking their time andseveral contracts had fallen through which never happens. Kristinclosed out zip code 34769 by stating that the price per square footaverage is down 1.3% and up 19.6% year over year throughAugust.
Jeanine reported on what is usually the busiest of all thezip codes in Saint Cloud and that is 34771. She said there were 103homes sold in August where 68 were single-story homes and 35 weretwo-story homes. The single-story homes have an average priceper square foot of $238.91 and the two-story homes at $191.
Kristin added that the total average price per square foot was$222.74 which is down 4.2% this month versus last month. Whencomparing year-to-date numbers in August 2022 versus through August2021, there is a 10.8% increase when reviewing the average priceper square foot.
Kristin added that when she and Jeanine did this report last month for July, there was a3.9-month supply of inventory in zip code 34771. When reviewing thecurrent inventory through August there is only a 2.8-month supplyof inventory.
She also added that in July there were 287 homes available homeson the market and at the end of August there were 289 homesavailable. In July, there were 73 homes sold and in August therewere 103 homes sold.
The Metrics Of Real Estate Market In St Cloud FLContinue To Be Healthy
Kristin stated that out of the 103 homes sold in August only 35of those were resales the balance was new construction. Zipcode 34771 still a hot happening zip code in Saint Cloud FL.
Jeanine then reported on zip code 34772 where there were 56homes sold in August. Of the 56 homes that were sold, 48 wereone-story homes and 8 were two-story homes. The average price persquare foot for the one-story homes was $234.25 and for thetwo-story homes, the average price per square foot was $177.55.This gives an overall average price per square foot of $226.
Kristin stated that the $226 average price per square foot inzip code 34772 is up year over year by 36.8%. When you compareAugust to July 2022, there was a 3.5% decrease. She said theinventory was roughly the same metric as last month coming in at2.4 months’ supply. The days to contract was 18 whereas inJuly it was 23. The average days to closing is 54 whereas incomparison in August of 2021 this number was 67 days toclosing.
Jeanine then moved onto zip code 34773. She said there were only30 homes sold in August. Twenty-four of them were single-storyhomes and six were two-story homes. The average price per squarefoot for all of them was $218.47. Regarding the one-story homes,the average price per square foot was $228.55 and for the two-storyhomes, it was $178.16.
Housing Market Statistics In The Harmony FloridaCommunity
Kristin added that the overall average for the price per squarefoot month over month was up 3.3%. When you compareyear-to-date numbers versus the same time last year the price persquare foot is up 34.6%. She said the average number of days tocontract is 9 whereas in July it was 15. The average days to closewas 53 and the current inventory supply is 2.4 months.
Jeanine started talking about the dynamics of the HarmonyCommunity and how a certain segment of the market will be hot andthen it will move to another segment. For one month condos will behot and then they cool off and custom homes are hot, etc.
Kristin then reported on home sales specific to Harmony Florida.There were 12 homes sold in Harmony main and the average price persquare foot was $184.26 which includes the townhouses, condos,single-family homes, and customer homes.
Regarding the townhomes and condos in Ashley Park, there were 4that sold in August. The average price per square foot was $168.87which month to month is up 9.7%. There were only 2 resales inAugust and the average price per square foot was $186.55 which isdown 3.9% month to month.
Enclave At Harmony FL Had Five Homes Sold In August2022
In The Enclave at Harmony, there were 5 propertiessold in August. The average price per square foot was $200.53 andmonth over month there was a decrease of 15.8%. She said there wasonly one custom home that sold n August and it closed at $178.67.Jeanine stated that is a low price per square foot and Kristinadded that custom homes tend to have a lower price per square foot.Looking at Harmony West there were 22 homes sold with an averageprice per square foot of $228.11.
Jeanine commented that if you want to know what your home isworth, call your realtor. They will do an accurate job of comparingcomps and arriving at an accurate value for your home.
Kristin said we only use price per square foot for comparison.Jeanine said she only uses it because the public wants it. Kristinthen said she feels like it is a decent broad stroke barometer ofthe market. It is a safe indicator to have your finger somewhat onthe pulse. It is not detailed data.
St Cloud Florida Vacant Land Sales InAugust
The last segment to report on is vacant land sales. Jeanine saidthere were 8 parcels of land sold in August. The lowest-pricedparcel was on Crazy Court for $25K which consisted of 1.25 acres.The highest-priced parcel was on Narcoossee Rd for about $1M andconsisted of 11 acres. The key aspect of this one is a subdivisioncould be built on it. All of the parcels sold in August were cashsales.
Jeanine and Kristin started talking about the market sentiment.Jeanine mentioned that some people view what is happening in themarket now as negative and that they should have sold their home inthe Spring. She reminded people that they haven’t lost thatequity, it is still there. It may take longer for your home to selland maybe you won’t have multiple offers, but your home isstill going to sell.
Kristin agreed with Jeanine that some people are starting tothink that way and as a result, some buyers are sitting on thesidelines. Jeanine added that some people are waiting for a crash,and she emphatically stated that isn’t going to happen.
Interest Rates Today Represent A Healthy And NormalReal Estate Market
Jeanine added that interest rates in 2019 were in the 5’s.Everyone has a short memory. Both Kristin and Jeaninementioned that builders are buying down rates in certain instancesand closing costs are back on the table. Kristin said there arefewer buyers in the market and Jeanine said there is moreopportunity.
Kristin said that the biggest difference in the market is homesellers are not receiving those 30-40 offers when their homes hitthe market. Jeanine emphasized that this is the reason you need tocall a qualified realtor as they can help you compare apples toapples.
We hope you enjoyed Jeanine and Kristin walking you through theSaint Cloud FL real estate market report for August 2022. Our goalis to keep you in the know about the housing market and statisticshere in Saint Cloud, FL.