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Housing Market Statistics For Harmony Florida May 2022

Housing Market Statistics For Harmony Florida May 2022

Housing Market Statistics For Harmony FL In May 2022 Reported By Jeanine Corcoran

Welcome to the 23rd episode of Discover Harmony Florida. Jeanine will be joined by her co-host Kristin Macari. Today they will be discussing the housing market statistics for Harmony Florida from May 2022.

Kristin asked Jeanine what happened in the Harmony Florida housing market in May 2022? Jeanine said there were 24 total sales last month in May. Kristin stated that was quite a jump because in April there were only 13 homes sold in Harmony.

She continued that the inventory crisis is starting to even out which is nice for all the buyers looking to purchase homes. Jeanine said that it seems like things are flattening out a bit and Kristin agreed.

Ashley Park which represents the townhomes and condominiums had 3 properties sold in May Jeanine reported. The price per square foot was $156.60 which is down from last month. Kristin pointed out that there was only one property sold in April and one property doesn’t make a market hence the reason for the variance.

Jeanine called out that there were only 5 cash sales in May left is down from prior months. She said there were more VA and FHA loans which are good and of course some conventional as well. She stated that having fewer cash sales means fewer investors and more homebuyers in the market which is a positive. Jeanine said the investors have been out and to see only 5 cash sales, there is definitely a shift happening.

Custom Homes Sold In Harmony Florida

As far as resales, there were 4 properties sold in May versus the 2 in April. The price per square foot was $190.37 whereas last month it was $193.17. Kristin said this indicator is yet another sign that as Jeanine said, things are leveling out in the market. Jeanine added that just because the market is leveling off doesn’t mean the market is crashing. It is still very healthy, and people have a lot of equity in their homes.

There were two custom homes solid in Harmony in the month of May Jeanine said and both were one-story homes. The price per square foot was $202.91. There were no custom homes sold in April so there is nothing to compare month over month.

Kristin reported on the sales in The Lakes for May. There were 5 properties sold in April and only 2 in the month of May. The price per square foot was $242.13 for May.

Jeanine said one property was sold in The Enclave at Harmony in May. Kristin quickly replied that is simply not true. Home sales in The Enclave at Harmony are taking forever to update by the county which makes it hard to report accurate numbers. For the one home that was reported as sold, the price per square foot was $247.00 which was up quite a bit from the April numbers.

The Highest Average Price Per Square Foot Goes To The Enclave At Harmony

Jeanine said if you are looking at the price per square foot overall of everything that has sold including Harmony West which will be covered below, The Enclave at Harmony has the highest price per square foot followed by The Lakes.

Jeanine said there were 12 homes sold in Harmony West in May and just one of them was a two-story home. The price per square foot for Harmony West was $208.21. As a comparison, the two-story home that sold had a price per square foot of $160.51 which is well below the average.

We had 17 single-story homes that sold in May, not including townhomes or condominiums, and the average price per square foot was $219 compared to 4 two-story homes that sold where their average price per square foot was $168.

Kristin said that is a big difference in the price per square foot category. She did add that one-story homes tend to be smaller because you can only get so much house on a lot. Also, smaller homes tend to have a higher price per square foot. Jeanine added that one-story homes have more value.

Kristin asked Jeanine what she is seeing in terms of the overall real estate market and the uptick in the number of listings increasing lately? Jeanine stated that the higher-priced homes are taking longer. They are staying on the market longer, not historically longer, just not selling immediately as they have been.

What Is The Sweet Spot Where Homes In Harmony Are Still Selling Immediately?

Jeanine continued that if a house is priced in that sweet spot, it is still selling quickly. Kristin asked Jeanine what she considers the sweet spot to be? Jeanine answered that the sweet spot used to be $350 - $375K and now it is up to $450K. That is the new norm.

Kristin then followed up and asked Jeanine about the offers that are coming in or going out, are there appraisal gaps, etc.? Jeanine answered that she personally hasn’t seen anything change and all of her real estate agents are still writing strong offers.

If you had a seller that is looking to sell now, what is your best piece of advice for them especially if they are just on the edge or higher than the current sweet spot Kristin asked? Jeanine replied that we always look at what has sold recently and price them accordingly to market conditions. As the market is leveling out, we are not adding appreciation to the offers as we had before.

Home Sellers Are Starting To List Their Homes Lessening The Inventory Crisis

Kristin added there are now more sellers putting their homes up for sale which is helping with the inventory crisis that we have been going through. Jeanine said she also sees a change with the builders.

She said the weekly emails she receives from the builders listing what they have and now suddenly there is no wait on homes, and they are paying bonuses.

We hope you enjoyed Jeanine and Kristin walking you through the housing market statistics for Harmony Florida May 2022. Our goal is to keep you updated on the real estate market in Harmony so you can use this information to make an informed decision regarding your real estate needs. Video the video source here.

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