St. Cloud FL real estate market report for March 2022 given by Jeanine Corcoran broker for The Corcoran Connection. Kristin Macari owner of Studio Nine 13 joins Jeanine as her co-host. Welcome to the 17th episode of Discover St. Cloud Florida.
Kristin said today we are going to talk about what happened in the real estate market in St. Cloud Florida for March 2022. She asked Jeanine what is going on in Saint Cloud?
Jeanine said that we like to break up the report by zip code because Saint Cloud has many zip codes. Starting with zip code 34769 there were 18 actives and 78 pending. In zip code 34769 which includes the city of St. Cloud, there were 25 homes sold in March.
Jeanine continued that she likes to break out one-story homes versus two-story homes. There were 22 one-story homes that sold in zip code 34769 and the average price per square foot was $213.17. There were 3 two-story homes that sold and the average price per square foot was $109.95. Kristin gave the numbers for zip code 34771 which is the busiest of all the zip codes in St. Cloud and where all the growth is coming from. There were 75 properties sold. There were 37 one-story homes that sold and 38 two-story homes.
The one-story homes had an average price point of $236.46 whereas the two-story homes had an average price per square foot of $185.54. Jeanine added that there are 56 actives and 258 pending home sales in zip code 34771. That is a large number of pending home sales.
Jeanine then gave numbers on homes sold in zip code 34772. There are 41 actives and 108 pending. There were 69 single-family homes sold in March and 52 of them were one-stories. The price per square foot for the one-story homes was $228.45. The 17 two-story homes that sold had an average price per square foot of $176.27.
Jeanine mentioned for people who may not know that one-story homes will have a higher price per square foot. She also said that homes that are smaller in square footage will also have a higher price per square foot. Kristin said that the price per square foot is a good general baseline metric to have and know but it is not “the indicator” as they have gone over several times on the podcast. She stated they are still seeing incredible growth in the numbers with the price per square foot and the price of houses. Jeanine said these numbers are continuing even with the interest rates in the 5.0s.
Kristin was referencing how we have become accustomed to incredibly low-interest rates. Having interest rates over 5.0% it is now the highest we have seen in over 10 years. In the 1980s and 1990s interest rates were 18% and 19%. So, relatively speaking, they are still low.
Jeanine then started talking about how having higher interest rates can impact the market although we haven’t seen that as of yet. Higher interest rates can affect the debt-to-income ratio. Lenders use how much debt a person has versus their income. She said if your payment rises because of the interest rate, it could prevent you from getting a loan, you might have to bring more money or get a lesser house.
Kristin said that if a person was buying towards the top of their price range, the higher interest rates could put them in a tough spot. She said it will be interesting to see, especially with the new builds that are coming close to completion how it effects the people getting their loans. Right now, things are still selling, and sellers are still getting multiple offers. Jeanine added that if you are working with a realtor, they can help you with the following. She said when she is working with her buyers, she will call the builders and you never know it could be the day where a deal fell through and there is an opening.
We hope you enjoyed Jeanine and Kristin walking you through the St. Cloud FL real estate market report for March 2022. Our goal is to keep you in the know with the housing market here in Saint Cloud.
