Real Estate Market Report For St. Cloud FL September 2022 Presented By Jeanine Corcoran And Kristin Macari
Jeanine is the broker for Corcoran Connect and Kristin is the owner of Studio Nine 13. They will be walking through what happened in the St. Cloud FL real estate market during the 37th episode of Discover St. Cloud Florida.
Kristin started by asking Jeanine what happened in the different zip codes for Saint Cloud in September. Jeanine replied that they always like to start with zip code 34769. She also reminded all listening in that what they report are single-family home sales only.
Video Podcast Review Of The Real Estate Market In Saint Cloud Florida For September 2022
Jeanine reported that there were 31 homes that sold in zip code 34769 and 30 of them were single-story homes with only one two-story home sold. The price per square foot was $217.71 for single-story homes and $155 for two-story homes.
Kristin added that month over month the price per square foot is down 6.6% in zip code 34769, however, it is still up 13.9% over last year at this time. Kristin added that things are changing in the market and that the indicators like “days on market” “days to contract” and “days to close” are climbing. She said sellers are usually slower to react to the actual market.
Kristin said the days to contract are 34 and days to close are 76. When comparing these numbers to August the days to contract was 13 and now that has more than doubled in the last month. The current inventory is a 1.4-month supply which is the same as last month.
Real Estate Transactions In Saint Cloud Zip code 34771
Jeanine then moved the conversation to real estate transactions in zip code 34771 which usually has the most home sales. There were 64 sales in September and of those 39 were single-story homes while 25 were two-story homes sold. The price per square foot for single-story homes was $235 and for two-story homes, it was $196.
Kristin shared that the average overall price per square foot for zip code 34771 was $219.84 which is down 1.3% versus last month but versus this time last year is up 17.8%. The average days to contract was 32 days and the average days to close is 65. She said the current inventory is a 4.2-month supply. Kristin said to keep in mind that there is a lot of new construction which is influencing this number as you can’t close if the month isn’t finished.
Jeanine then reported home sales for St. Cloud zip code 34772. She said there were 40 homes sold in September. There were 28 single-story homes that sold with an average price per square foot of $212 and there were 12 two-story homes that sold at $188 price per square foot.
Kristin added that the overall price per square foot was $204.57 which is down 9.5% versus last month but that it is still up 8.3% versus this time last year. She said the average days to contract is 33 and the average days to close is 64. The average month’s supply of inventory is 2.4 months.
St. Cloud FL Homes Sold In Zip Code 34773
The next zip code is 34773 which Jeanine said had 18 homes sold in September where 10 of the 18 were single-story homes sold at a price per square foot of $242.85. The remaining 8 sold were two-story homes at an average price per square foot of $177.57.
Kristin reported the month-over-month numbers where the overall price per square foot was $213.83 which is down 2.1% but is still up 29.7% year over year through September. The average days to contract is 25 and the average days to close is 60. She said there is a 1.3 months’ supply of inventory.
Jeanine then gave the Harmony Florida housing market statistics for September. There were 10 homes that sold this past month and 2 of those were single-story homes and the balance of 8 were two-story homes. The single-story homes came in at $221 price per square foot and the two-story homes were at $180 price per square foot.
She reported on Ashley Park as well for the condos and townhomes. The average price per square foot was $174.16. The resales had a price per square foot of $204.90 and The Enclaves was $193.25, and The Lakes came in at $237.45.
Harmony Florida Housing Market Statistics For September 2022
Kristin then reported on the overall average. She said it is not totally accurate because when you are talking about Harmony Florida specifically you have custom homes, resales, townhouses, and new construction. The overall average price per square foot is $185.75 which is about the same as last month but up slightly. Year over year we are up 12.4% versus the same time last year.
Harmony West had 12 homes sold in September Jeanine stated that 8 were single-stories and 4 were two-story homes. The single-story homes' price per square foot was $238 and the single-story homes were at $178.83. Kristin said the numbers are about the same as last month.
Kristin added that they just had Robert Bass, who is a real estate appraiser in Saint Cloud, on the Discover St. Cloud Florida podcast as a guest where he discussed the topic of price per square feet. Robert talked about why there is a difference between one- and two-story homes on that metric.
Real Estate Appraiser In Saint Cloud FL Robert Bass Answers The Price Per Square Foot Question
Robert explained that the market prefers one-story homes. He added that historically the cost of a single story is greater than the cost of a two-story. The reason for this comes down to the total “linear feet” between the two. The one-story homes hold more linear feet than two-story homes.
Robert gave another example of why one-story homes cost more than two-story homes. For example, a 2,000 sq. ft. single-story homes need a 2,000-foot roof whereas a two-story home has 1,000 sq. ft. downstairs and 1,000 sq. ft. upstairs requires only a 1,000 sq. ft. roof. He said the same applies to bathrooms. In two-story homes, the upstairs bathroom is usually directly above the downstairs bathroom minimizing the costs of additional plumbing, wiring, etc. whereas the downstairs bathrooms are in different locations and require additional costs for plumbing and wiring, etc.
Jeanine and Kristin appreciated Robert’s answer on why one-story homes always have a higher price per square foot than a two-story homes.
Kristin then asked Jeanine’s thoughts on what she is seeing in the real estate market with her current listing and what a good strategy might be for someone putting their home on the market. Jeanine replied that setting expectations upfront is important as well as educating the sellers on the kind of market we are currently in.
Interest Rates Are Rising What Are Options For Homebuyers?
She continued that there are a couple of things going against us. Number one, interest rates keep going rising, and secondly, the time of the year we are in. People don’t like to move during the holidays. There are not as many buyers, so sellers need to be realistic with their price. Jeanine stated that there are buyers out there actively looking but there are fewer of them.
Kristin added a third thing going against the local real estate market, Hurricane Ian which just devastated Fort Myers and other areas as well as the ongoing flooding still affecting many areas in Florida including Saint Cloud.
Kristin asked Jeanine about interest rates and what she is hearing there. Jeanine said they are going to continue climbing and will hit 7% soon. She is talking to her buyers about adjustable rates, the ARM which means an adjustable-rate mortgage. She believes people are afraid of the word ARM because of the real estate crash in 2008-2009.
Adjust Rate Mortgage Can Be A Good Option for Buyers
Jeanine doesn’t believe people are aware that with the ARM there are 5- or 7-year fixed-rate mortgages which means it is at the rate for the entire 5 or 7 years. She stated most people don’t even stay in their house past 5 years. People need to compare those rates as an option. Over the next 5 to 7 years if the rates drop, people can always refinance their mortgage.
We hope you enjoyed Jeanine and Kristin walking you through the real estate market report for St. Cloud FL September 2022. Our goal is to keep you in the know about the housing market and statistics here in Saint Cloud, FL.