Welcome to the 2nd episode of Discover St. Cloud Florida. Your host will be Jeanine Corcoran, broker for The Corcoran Connection. Jeanine will be joined by Kristin Macari owner of Studio Nine 13, a video production company and a realtor with The Corcoran Connection. They are both residents of Saint Cloud, Florida.
In episode two, we wanted to talk about the housing market. Kristin stated the past two years, 2020 and 2021, it has been absolutely insane but feels the market this year has been crazy. So, she asked Jeanine to talk about what's going on in the housing market in St. Cloud, Florida?
Jeanine pulled stats for September real estate transactions and before getting into those stats, she asked Kristin this question. How many houses do you think sold for under $200K? The answer if out of the 168 single-family homes sold in St. Cloud, FL in September, only 7 homes were under $200K.
The lowest square foot home, 608 sq. ft. was listed at $109K and sold for $85K. It was a 2-bedroom, one-bathroom home. The highest square footage home, 3,100 sq. ft. sold for $750K and was a 4-bedroom, 3-bathroom home.
Jeanine then moved on to parcels of land for sale. She feels that this segment in the Saint Cloud real estate market will be the next hot commodity. There were 19 parcels of land that sold in September. The lowest parcel of land sold was for $25K and it was 1 acre. That parcel is east of St. Cloud past Harmony.
The largest parcel of land sold in September was for 268 acres of land with a cost of $22.5M and the deal was in cash. This parcel of land was off Hickory Tree Road in Saint Cloud. Out of the 19 parcels of land sold, 16 of them were in cash, 2 were conventional and one was seller financing. Land will continue to pique the interest of investors in St. Cloud as there is only so much left to purchase.
Jeanine went on to talk about the hot real estate market and how much longer the low inventory of homes for sale will continue. She mentioned she had talked to her sister, Barbara Corcoran who is a renowned real estate mogul and star of Shark Tank about the hot market. Barbara feels it will stay hot for another year 12-18 months.
Jeanine continued, and asked if the real estate market will flatten out? Of course, it will at some point but not anytime soon. She explained that in a healthy real estate market, there will be 5-6 months’ worth of inventory. Right now, in this hot market, there are only 2 months of inventory and that represents a seller’s market.
Jeanine gave a tip she learned from attending a recent Tom Ferry event. For those buyers that keep looking and putting in offers, think about going above your price range and finding the home that has been on the market for 60 days. Because if it's been on for 60 days, you know they're going to get ready to lower their price.
And when they lower the price and get in that right range, and everyone looks. So, look above your price range, and look for the ones that have been sitting there for a while. Also, don’t be fooled by pictures. Some real estate companies still let their agents take cell phone pictures which doesn’t do the property for sale any justice. And, sometimes, they miss the best attributes of the home and property that the potential buyer is looking for.
Another tip from Jeanine was to get on a foreclosure list. Reach out to The Corcoran Connection if you have an interest here, they’d be happy to add you. Opportunities pop up on this list where homes can be flipped, and good money can be made.
A final stat Jeanine shared was for single-family homes sold in Osceola County, Florida for the month of August 2021 as September numbers are not out yet. 693 homes were sold in August 2021 compared to 640 last year. Active inventory last year was 1381 which was low and this year it is 687 which is really low. The average median days on the market is between 7-21 days and the average months’ supply this year is one month where last year was 2.7 months.
To view these St. Cloud real estate market reports, simply to go The Corcoran Connection website where you can access them for free.
We hope you enjoyed the St. Cloud real estate market recap on our 2nd episode of Discover St. Cloud Florida podcast. We’re going to be doing this on a weekly basis, covering different things throughout the month. We’ll be your resource for keeping you in the loop on different events, stories and real estate happenings in Saint Cloud, Florida!
