St. Cloud FL real estate market report for October 2021 presented by Jeanine Corcoran broker for The Corcoran Connection. Kristin Macari owner of Studio Nine 13 joins Jeanine as her co-host. Welcome to the 5th episode of Discover St. Cloud Florida.
Today we are going to be sharing statistics for the local real estate market report for Saint Cloud, FL for the month of October 2021. Jeanine started by sharing that there were 167 single-family homes sold in October.
Of the 167 homes sold, 85 of them were conventional loans. Forty-one of the homes sold in St. Cloud were bought in cash. FHA and VA loans represented 30 of the 167 homes sold. Owner financing represented 11 of the 167 homes sold.
For Osceola County Florida there were 652 single-family homes sold in October 2021 versus 621 last year. However, the median home price in October 2021 is $379,330 versus $285,000 last year, a 33% increase. The inventory supply last year in October 2020 was 2.5 months and this year it is 1.1 months.
What does “month’s supply” mean? It means that if there were no more houses left to put on the market and we only had left to sell what was listed already, it would only take 1.1 months to sell all of them. And, to put it in perspective, a healthy real estate market would have about a 6-month supply of homes.
Kristin asked Jeanine what other statistics she had to share on the housing market in St. Cloud, FL. Let’s look at “land”. Jeanine thinks land is a scarcity. There is only so much land that you have and sooner or later it is all built upon. She thinks land is a good investment. There were 16 parcels of land sold in October.
The highest parcel of land sold in St. Cloud was for $1.6M covering just over 24 acres and the lowest was for $5K for land that is unbuildable. The lowest-priced single-family home sold for $150K on Missouri Ave. Conversely, the highest-priced single-family home sold for $800K.
Kristin made the point that realtors still play a key role in helping people buy and sell homes in today’s market. If you are interested in finding out what your house is worth, feel free to give us a call at The Corcoran Connection. We would be happy to help you out.
Jeanine often plays the role of an advisor with people at various places who want to run a certain situation by her and get her take on it. She is happy to do so.
There was one woman who Jeanine was speaking with, and she was thinking of paying for a home in cash. She had $300K to invest. Now, Jeanine is not a financial advisor, and she told the woman this, however, she asked Jeanine if she should pay cash for this home?
Jeanine said if it were my money, this is what I would consider. The money to borrow is so low right now. If she took $60K of the $300K and put that down on the home and financed the rest at less than 3%, how much money could the $240K make for you in another investment vehicle? That’s the big question.
If you are looking for an honest opinion on what your house is worth or if you are looking to potentially do some upgrades in your home, it’s worth a phone call to Jeanine. She warns people to be careful what upgrades they put money into.
Putting money into worn and stained carpet is one thing if you want to sell your home now but doing a complete kitchen renovation thinking you are going to get that money back when you sell is not smart. Jeanine can help you make the best decision based on your situation.
We hope you enjoyed Jeanine and Kristin walking you through the St. Cloud FL real estate market report for October 2021. Our goal is to keep you in the know with the housing market here in Saint Cloud.
