Saint Cloud FL Real Estate Market Report For August 2022 Presented By Jeanine Corcoran
Jeanine is the broker for Corcoran Connect. Her co-host Kristin Macari who owns Studio Nine 13 joins Jeanine as they discuss the real estate market in Saint Cloud Florida. Welcome to the 33rd episode 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 zip codes, so she started with 34769. There was a total of 41 single-family homes sold in August. Thirty-four of those properties sold were one-story homes and 7 were two-story homes.
Video Podcast Review Of August Housing Market Statistics
The one-story homes sold in zip code 34769 had a price per square foot of $242.82 and the two-story homes were $173.75. Kristin added when comparing the properties sold to last month there was only a small difference. She said sales were up less than 1% on one-story homes and down less than 2% when comparing home sales 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 to month. The metrics for those in August were 13 days to contract and 50 days to the closing. Kristin also said there is about 1.4 months’ worth of inventory and Jeanine stated that is still so low.
Homebuyers In Saint Cloud FL Are Taking More Time To Make A Decision
Jeanine said that right now buyers are taking their time and several contracts had fallen through which never happens. Kristin closed out zip code 34769 by stating that the price per square foot average is down 1.3% and up 19.6% year over year through August.
Jeanine reported on what is usually the busiest of all the zip codes in Saint Cloud and that is 34771. She said there were 103 homes sold in August where 68 were single-story homes and 35 were two-story homes. The single-story homes have an average price per 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. When comparing year-to-date numbers in August 2022 versus through August 2021, there is a 10.8% increase when reviewing the average price per square foot.
Kristin added that when she and Jeanine did this report last month for July, there was a 3.9-month supply of inventory in zip code 34771. When reviewing the current inventory through August there is only a 2.8-month supply of inventory.
She also added that in July there were 287 homes available homes on the market and at the end of August there were 289 homes available. In July, there were 73 homes sold and in August there were 103 homes sold.
The Metrics Of Real Estate Market In St Cloud FL Continue To Be Healthy
Kristin stated that out of the 103 homes sold in August only 35 of those were resales the balance was new construction. Zip code 34771 still a hot happening zip code in Saint Cloud FL.
Jeanine then reported on zip code 34772 where there were 56 homes sold in August. Of the 56 homes that were sold, 48 were one-story homes and 8 were two-story homes. The average price per square foot for the one-story homes was $234.25 and for the two-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 in zip code 34772 is up year over year by 36.8%. When you compare August to July 2022, there was a 3.5% decrease. She said the inventory was roughly the same metric as last month coming in at 2.4 months’ supply. The days to contract was 18 whereas in July it was 23. The average days to closing is 54 whereas in comparison in August of 2021 this number was 67 days to closing.
Jeanine then moved onto zip code 34773. She said there were only 30 homes sold in August. Twenty-four of them were single-story homes and six were two-story homes. The average price per square foot 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-story homes, it was $178.16.
Housing Market Statistics In The Harmony Florida Community
Kristin added that the overall average for the price per square foot month over month was up 3.3%. When you compare year-to-date numbers versus the same time last year the price per square foot is up 34.6%. She said the average number of days to contract is 9 whereas in July it was 15. The average days to close was 53 and the current inventory supply is 2.4 months.
Jeanine started talking about the dynamics of the Harmony Community and how a certain segment of the market will be hot and then it will move to another segment. For one month condos will be hot 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 per square 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 4 that sold in August. The average price per square foot was $168.87 which month to month is up 9.7%. There were only 2 resales in August and the average price per square foot was $186.55 which is down 3.9% month to month.
Enclave At Harmony FL Had Five Homes Sold In August 2022
In The Enclave at Harmony, there were 5 properties sold in August. The average price per square foot was $200.53 and month over month there was a decrease of 15.8%. She said there was only one custom home that sold n August and it closed at $178.67. Jeanine stated that is a low price per square foot and Kristin added that custom homes tend to have a lower price per square foot. Looking at Harmony West there were 22 homes sold with an average price per square foot of $228.11.
Jeanine commented that if you want to know what your home is worth, call your realtor. They will do an accurate job of comparing comps 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. Kristin then said she feels like it is a decent broad stroke barometer of the market. It is a safe indicator to have your finger somewhat on the pulse. It is not detailed data.
St Cloud Florida Vacant Land Sales In August
The last segment to report on is vacant land sales. Jeanine said there were 8 parcels of land sold in August. The lowest-priced parcel was on Crazy Court for $25K which consisted of 1.25 acres. The highest-priced parcel was on Narcoossee Rd for about $1M and consisted of 11 acres. The key aspect of this one is a subdivision could be built on it. All of the parcels sold in August were cash sales.
Jeanine and Kristin started talking about the market sentiment. Jeanine mentioned that some people view what is happening in the market now as negative and that they should have sold their home in the Spring. She reminded people that they haven’t lost that equity, it is still there. It may take longer for your home to sell and maybe you won’t have multiple offers, but your home is still going to sell.
Kristin agreed with Jeanine that some people are starting to think that way and as a result, some buyers are sitting on the sidelines. 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 Normal Real Estate Market
Jeanine added that interest rates in 2019 were in the 5’s. Everyone has a short memory. Both Kristin and Jeanine mentioned that builders are buying down rates in certain instances and closing costs are back on the table. Kristin said there are fewer buyers in the market and Jeanine said there is more opportunity.
Kristin said that the biggest difference in the market is home sellers are not receiving those 30-40 offers when their homes hit the market. Jeanine emphasized that this is the reason you need to call a qualified realtor as they can help you compare apples to apples.
We hope you enjoyed Jeanine and Kristin walking you through the Saint Cloud FL real estate market report for August 2022. Our goal is to keep you in the know about the housing market and statistics here in Saint Cloud, FL.