St. Cloud FL Real Estate Market Report For March 2022
St. Cloud FL Real Estate Market Report For March 2022Given By Jeanine Corcoran
Jeanine is the broker of Corcoran Connect. Kristin Macari ownerof Studio Nine 13 joins Jeanine as her co-host. This is the 17thepisode of Discover St. Cloud Florida and today we are going totalk about what happened in the real estate market in St. CloudFlorida for March 2022.
Kristin asked Jeanine what is going on in Saint Cloud? Jeanine saidthat we like to break up the report by zip code because Saint Cloudhas many zip codes. Starting with zip code 34769 there were 18actives and 78 pending. In zip code 34769 which includes the cityof St. Cloud, there were 25 homes sold in March.
Video Podcast For St CloudFL Real Estate Market Report For March
Jeanine continued that she likes to separate one-story homesversus two-story homes. There were 22 one-story homes that sold inzip code 34769. The average price per square foot was$213.17. There were 3 two-story homes that sold and theaverage price per square foot was $109.95.
Kristin gave the numbers for zip code 34771 which is the busiestof all the zip codes in St. Cloud and where all the growth iscoming from. There were 75 properties sold. There were 37 one-storyhomes that sold and 38 two-story homes.
The one-story homes had an average price point of $236.46. Thetwo-story homes had an average price per square foot of $185.54.Jeanine added that there are 56 actives and 258 pending home salesin zip code 34771. That is a large number of pending homesales.
St. Cloud FL Homes Sold In 34772 Zip Code For March2002
Jeanine then gave numbers on homes sold in zip code 34772. Thereare 41 actives and 108 pending. There were 69 single-family homessold in March and 52 of them were one-stories. The price per squarefoot for the one-story homes was $228.45. The 17 two-story homesthat sold had an average price per square foot of $176.27.
Jeanine mentioned for people who may not know that one-storyhomes will have a higher price per square foot. She also said thathomes that are smaller in square footage will also have a higherprice per square foot.
Kristin said that the price per square foot is a good generalbaseline metric to have and know but it is not “theindicator” as they have gone over several times on thepodcast. She stated they are still seeing incredible growth in thenumbers with the price per square foot and the price of houses.Jeanine said these numbers are continuing even with the interestrates in the 5.0s.
Kristin was referencing how we have become accustomed toincredibly low-interest rates. Having interest rates over 5.0% is now the highest wehave seen in over 10 years. In the 1980s and 1990s interest rateswere 18% and 19%. So, relatively speaking, they are still low.
How Will Higher Interest Rates Impact The Hot RealEstate Market
Jeanine then started talking about how having higher interestrates can impact the market although we haven’t seen thatyet. Higher interest rates can affect the debt-to-income ratio.Lenders use how much debt a person has versus their income. Shesaid if your payment rises because of the interest rate, it couldprevent you from getting a loan, you might have to bring more moneyor get a lesser house.
Kristin said that if a person was buying towards the top oftheir price range, the higher interest rates could put them in atough spot. She said it will be interesting to see, especially withthe new builds that are coming close to completion how it affectsthe people getting their loans. Right now, things are stillselling, and sellers are still getting multiple offers.
Jeanine added that if you are working with a realtor, they canhelp you with the following. She said when she is working with herbuyers, she will call the builders and you never know it could bethe day where a deal fell through and there is an opening.
Jeanine asked Kristin if that is what happened when she was ableto find her home? Kristin replied that they didn’t get theirnew home because the buyer bowed out because of higher interestrates.
Will Higher Interest Rates Affect Home BuildersNegatively With Homes That Are Close To Completion?
The reason they landed their home in mid-build was that when theslab was laid the buyers thought their backyard so going to be muchbigger, so they opted out and Kristin and her husband filled thatslot.
Kristin said that compared to her current home they are renting;the backyard is huge to them so it’s all good. She thinks hernew backyard is beautiful. Kristin is very grateful because theoriginal buyers did tons of upgrades that she wouldn’t havepaid for herself because she is cheap, so she is thankful!
Kristin said she got lucky as she called the builder and theysaid someone just backed out, so they took advantage of thesituation. The home was the perfect floor plan for them at theright price and it worked out. Kristin and her husband had beenlooking for over a year. She said it was hard during thischallenging market and as Jeanine said, Kristin is in the marketherself.
Kristin stated that this avenue is a less competitive avenuebecause not everyone is calling builders asking if any deals havefallen through. Also, it is a chance to buy it right then and therewithout a “multiple-offers” scenario.
Homes Sold In Saint Cloud FL 34773 ForMarch
Jeanine then asked Kristin to go over the numbers for zip code34773 which includes homes sold in Harmony Florida. Kristin saidthere were 15 houses sold in March. There were 7 one-story homessold and 7 two-story homes, one was left out. The one-story homeswere $203.66 a square foot and the two-story homes were $218.90.Jeanine added that there are 12 actives and 71 pending in zip code34773.
Jeanine warned people to not rely on the auto-generated onlinehome estimates as every home is different and unique. You reallyneed a qualified realtor to help you properly access yourhome’s value. This is why you can’t reply on the“price per square foot” metric alone. Give your realtora call, they can help!
Jeanine also said, if you are thinking of selling don’twait. Have that conversation with your realtor now, it costsnothing and can help you put things into perspective. Having aconversation with your realtor can help you confirm which way youwant to go, either selling or staying put.
Vacant Land Sold In St. Cloud
They then moved onto vacant land for sale where Jeanine saidthere are 102 active and 32 pending. There were 20 parcels ofvacant land sold in the month of March. There were some biggerpieces of property that sold including 10 acres off Hickory TreeRoad that sold for $2.2M.
Kristin said land is a hot commodity. Jeanine stated that shegets a lot of calls for land. She recently had a phone call with aninvestor who asked her what is it that we can’t make more of?Land. You can’t make more of it.
We hope you enjoyed Jeanine and Kristin walking you through theSt. Cloud FL real estate market report for March 2022. Our goal is tokeep you in the know about the housing market here in Saint Cloud.You can visit the video source here.