September 2024 Real Estate Market Report for Saint Cloud, Florida

Welcome to Corcoran Connect’s monthly real estate market report for Saint Cloud, Florida! In this report, we will dive into the real estate trends for September 2024, focusing on the key zip codes 34769, 34771, 34772, and 34773. Whether you’re a homeowner, buyer, or investor, understanding these trends can help you make informed decisions. Let's take a closer look at how the market performed in these areas last month.\

34769: A Steady Market with Slight Price Decrease

In 34769, a total of 22 properties sold in September, with an average price of $224.94 per square foot. Out of these, 20 were single-story homes that averaged a slightly higher $230.37 per square foot, while the remaining 2 two-story homes came in at $170.58 per square foot.

While the month-over-month average shows a 6.8% decrease in prices, the year-over-year comparison reflects a modest 3.57% drop, from $233.27 to the current average of $224.94.

The median days to contract in 34769 was 22 days, meaning most homes were under contract in just over three weeks, and they took an average of 60 days to close. With a 4.2-month supply of homes on the market, this area is nearing a balanced market, which typically has a 5-7 month supply of homes.

34771: Consistent Sales with a Slight Decline

The market in 34771 was active, with 84 properties sold in September. 51 of these were single-story homes that sold for an average of $255.15 per square foot, while the 33 two-story homes sold for $200.64 per square foot.

Prices in 34771 showed a slight 2.46% decrease month-over-month and a 3.35% decrease year-over-year. The median days to contract in this zip code was 68 days, and properties took an average of 109 days to close, meaning it took just over three months from listing to closing.

The area continues to maintain a 4-month supply of homes, indicating that the market is healthy and steadily moving towards equilibrium.

34772: Rising Prices and a Quick Market

34772 showed strong performance in September, with 50 homes sold. 29 single-story homes averaged $228.39 per square foot, while 21 two-story homes came in at $201.24 per square foot.

Unlike other areas, 34772 experienced a 2.7% increase month-over-month and a 1.24% increase year-over-year, making it one of the more robust markets in the region.

The median days to contract was 32 days, and homes typically took 68 days to close, demonstrating a quicker market with shorter timeframes from listing to closing. The 3.4-month supply of homes suggests that inventory is slightly lower, which may continue to drive competition among buyers.

34773: Gains Despite Low Inventory

The market in 34773 showed some of the most significant gains. 28 homes sold, with 21 single-story homes averaging $229.19 per square foot, and 7 two-story homes averaging $201.40 per square foot.

Prices in this area increased by 4.5% month-over-month and an impressive 6.58% year-over-year. However, it’s important to note that 34773 typically has a smaller data set, making it difficult to predict long-term trends.

The median days to contract in 34773 was 89 days, and homes took an average of 116 days to close, reflecting a longer selling cycle in this zip code. With a 4-month supply of homes, inventory is on the lower end, potentially contributing to the price increases.

Spotlight on Harmony (34773)

The Harmony community within 34773 had an interesting month. 3 properties sold in Harmony Main, including a townhouse in Ashley Park that sold for $160.67 per square foot, a two-story home in Habitat at $227.18 per square foot, and a property in The Lakes at $219.13 per square foot.

In Harmony West, new construction continues to dominate, with 17 homes sold. Single-story homes sold for an average of $226.57 per square foot, while two-story homes came in at $174.54 per square foot. The difference in pricing between single-story and two-story homes may be due to the ongoing sales incentives and lower interest rates offered by builders, making it tough for resale properties to compete.

Vacant Land Sales:

Vacant land sales were also notable in September. A total of 10 properties sold, with most being cash purchases. The largest parcel was 5.84 acres on Absher Road, selling for $680,000. Another nearby property on Absher included a 20-acre lot with a house, selling for $1.95 million.

What’s Next for the Saint Cloud Market?

While Saint Cloud’s real estate market saw some fluctuations in September, overall, it remains strong. Many areas experienced slight price decreases, particularly in zip codes with higher volumes of single-story homes. However, areas like 34772 and 34773 have seen price increases, signaling that demand remains strong in certain parts of the city.

With new construction continuing to play a significant role, particularly in communities like Harmony West, and the election year approaching, it will be interesting to see how these factors influence the market as we move toward the end of the year and into 2025.

For more insights or if you’re thinking about buying or selling in Saint Cloud, contact Corcoran Connect today! We’re here to help you navigate the evolving real estate landscape in Central Florida.