Real Estate Market Report For St Cloud FL July 2022 Presented By Jeanine Corcoran
Jeanine is the broker for Corcoran Connect. Kristin Macari, her co-host is the owner of Studio Nine 13. This is the 29th episode of Discover St. Cloud Florida.
Kristin started off by saying they have the real estate market update for July of 2022 to share with everyone. Jeanine reminded the audience that they break down the Saint Cloud market reports by zip code.
Jeanine started with zip code 34769. She said there were a total of 29 single-family homes sold in July. The average price per square foot was $234. There was a slight decrease of 1.20% when comparing July sales to June’s. Kristin added that it was a slight decrease and not an indicator of anything and for the year-over-year comparison the market is still up almost 27%.
Twenty-six of the twenty-nine homes sold in zip code 34769 were single-story homes Jeanine stated. She added that single stories sell at a higher price per square foot. This month was no different as the price per square foot for the single-story homes was $241.
There were 3 two-story homes that sold which was almost an 18% decrease versus June. However, Kristin noted that that data only involves three houses which are not enough to create a full picture of the market.
Saint Cloud Zip Code 34769 Covers The Historic Downtown Area
She also noted that zip code 34769 is the downtown historic area where most of the homes are single-story so there will never be a lot of two-story homes sold in any given month. Kristin then called out the fact that there are 49 active properties at the time the podcast was aired and that is 1.1 months' supply.
Jeanine then moved onto zip code 34771 which is the most popular of the zip codes and the one in which their office is located. She said there were 73 homes sold in July versus 93 homes sold in June. Forty-two of the seventy-three homes sold were single-story homes with an average price per square foot of $241. The 31 two-story homes that sold had a price per square foot of $222. Jeanine believes the high price per square foot for the two-story homes was due to new builds.
Kristin and Jeanine both said there is a lot of new construction going on in zip code 34771. Kristin added that there are 287 active properties, and two-thirds of those properties are active construction. She said this means that they have a 3.9 months supply of inventory.
Zip Code 34772 In St Cloud Had A 33% Increase Year Over Year
Kristin presented the stats for zip code 34772. There were 57 homes sold in this zip code. The average price per square foot was $234.32. This represented a year-over-year increase of 33.2% and a month-over-month increase of 7%. She continued that there were 45 single-story homes that sold and the average price per square foot was $238 and it showed a 2% month-over-month increase.
There were 12 two-story homes that sold at an average price per square foot of $220.13 which represented a 31% increase month over month. Kristin continued that there are 12 active properties in zip code 34772 which is a 2.3 month’s supply.
Jeanine then reported on Saint Cloud zip code 34773 which includes Harmony. There were 30 sales in July. There were 22 single-story homes that sold with an average price per square foot of $222.75 which showed a 5.02% increase month over month. This left 8 two-story homes that sold with an average price per square foot of $180.85 which represented a decrease of 4.08% month over month. The year-over-year statistics showed a whopping 44.68% increase. There are currently 33 active properties in the 34773 zip code which is a 1.1 months’ supply.
Harmony FL Home Sales For July
Jeanine then singled out just Harmony property sales. There were just 10 homes sold in Harmony in July. Jeanine asked Kristin if there were any decreases. She replied there were some decreases starting with the Ashley Park townhouses that saw a month-over-month decrease of 4.84%. Kristin then reported on custom home sales where there was only one sale in July. She reiterated that one house does not equal a market.
Jeanine added that there are two markets, the old market, and the new market and we are in the new market. Kristin said she likes to call it the regular market.
Jeanine said that we had such an increase in home values that when people hear that the market is changing that the increase in value is gone and it’s not. She said we are just not increasing at that unbelievable rate anymore. Kristin and Jeanine said that they are both excited for home buyers as they will have more opportunities.
Kristin said that seller concessions are back, closing costs are back on the table and buyers can finance with loans. Also, there are no more appraisal gaps to contend with. They both stated that this is a healthy market. Jeanine added a message to the sellers out there, she said by no means is this a bad market for you.
What Represents A Healthy Real Estate Market?
Kristin asked Jeanine what is considered a “healthy market”? Jeanine said a 6 months supply of inventory represents a healthy real estate market. Barbara Corcoran, Jeanine’s sister considers that a healthy market as well. Both Jeanine and Kristin stated that we are still in a low inventory position in the local market.
They both commented that the days on the market indicator are roughly the same as the last 2 months give or take a few days. Jeanine said the days on the market this past spring were 3 days or less with 15-20 offers. Now what they are seeing is 1-2 offers and more days on the market. They said the local real estate market is different but not bad or unhealthy by any means. It has simply returned to normal.
Kristin asked Jeanine how she feels about people who are anxious about the shirt back to a normal healthy real estate market. Jeanine replied that she thinks it comes down to who people listen to and who you get your advice from. She continued that the media likes to put out all these headlines that create fear in people and it simply isn’t true. She said in reality we are just going back to a normal market.
Follow A Local Real Estate Expert Versus Listening To National News For Your Market
Kristin also cautioned people not to listen to the national news when it comes to their own local market. She added that what may be happening outside of Florida is not necessarily happening here. Jeanine called out the point that there is disparity even in the zip codes in the Saint Cloud real estate market so why would you listen to the national news when it comes to your local market? Follow a local real estate expert in your market for sound advice.
Jeanine added that there are a couple of things that buyers can do with a new build or resale. Besides getting closing costs, you could have them buy down the rate. This is where you talk to your mortgage broker about which option is better for you. Builders are giving incentives now i.e., use our lender and we will give you $20K towards your closing costs.
Kristin then reported on vacant land. She said there was nothing crazy to report. She said the biggest sale for vacant land was a Harmony parcel for $6M for 8.65 acres. Most of the vacant land sales were done in cash. There was one private sale, but the prices are all over the board.
Local Real Estate Appraiser Robert Bass Will Be Our Guest On A Future Podcast
Jeanine closed by announcing that Robert Bass, a local real estate appraiser will be joining us in one of our upcoming Discover St. Cloud Florida podcasts. She added that real estate agents don’t pick appraisers, they are selected by the lender. If you have any questions in advance of his future podcast, send those to us at firstname.lastname@example.org and we will have Robert answer them for you.
We hope you enjoyed Jeanine and Kristin walking you through the real estate market report for St Cloud FL July 2022. Our goal is to keep you in the know with the housing market and statistics here in Saint Cloud, FL.