2021-2022 Market Report
You’ve been thinking about a move. You want more space and extra amenities to live the lifestyle that you truly desire. First, you must sell your current home and you want to make sure this process isn’t too stressful and that you capture as much equity as you can.
For most of us, our homes are the largest asset we’ll ever own—so you are right to want to understand this asset and the market you are in. As you prepare to transition, you deserve the help of an expert who understands your market. Here are the top things you need to know about the Clermont real estate market right now:
The median sale price is dropping, and homes are taking longer to sell.
For the year median home prices have increased 7.3% from $410K at the end of 2021 to $440K at the end of 2022, but the Clermont housing market has changed, with higher interest rates being the main culprit. Ever since mortgage rates started rising this summer, we’ve seen the housing market cool down. We’re seeing more homes on the market and fewer homes selling. Median home prices have been going down since we hit our all-time peak of $485K in June, ending the year at $440K. The average selling price per square foot is currently at $221 up 9.5% from $200/sq. ft. in December of 2021. However, the sold price per square foot in December 2022 dropped to $219 from November’s $229/sq. ft – a drop of 4.4%. As prices adjust, it’s taking longer to get a home under contract, from an average of 8 days in December 2021 to 26 days in December 2022.
Inventory has increased
There were 230 active homes listed for sale at the end of 2022, a 95% rise from the 118 homes that were still on the market at the end of 2021. As this number continues to grow, we are seeing many homes sitting on the market that are priced based on peak market activity and are incorrectly priced for the current market. Sellers who overpriced their homes are now facing the reality that the property is not going to sell without significant price reductions. Having the guidance of a real estate professional that understands how to price and market in your area is key to maximizing your returns. When you price correctly from day one, you can maximize offers and ultimately sell for the highest possible price as quickly as possible.
Buyer demand is down
Only 77 homes closed in December 2022, down 38% from the 124 homes sold in December 2021. Closed sales in December were mostly for contracts signed in October and November when mortgage rates hovered around 7%. As the number of properties listed on the market outpaces demand from buyers, the market is further slowing, further highlighting the importance of correctly pricing and positioning your home from the beginning so you can get top dollar as “best in class” rather than languishing on the market.
These stats really add up when you are selling your largest financial asset. That’s why having the guidance of a real estate professional that understands how to price and market in your area is key to maximizing your returns.
As a Clermont homeowner, what does this mean for you?
If you’re thinking about selling in the next 12 months, now is the time to start preparing for market.
You’ve worked hard for what you’ve earned, and you’re right to want the best experience. Prioritizing your return on investment with highly targeted marketing, and a systematized approach, you can rest easy knowing you are in good hands.
If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation à352 874-5764
We will cover your goals and my unique approach to getting you the highest possible price in the fewest days on market.
Call Today → 352 874-5764
To your success!
Joe Cooper
License # 3317388
Re/Max Titanium
www.TeamCooperHomes.com
Joe@TeamCooperHomes.com
Clermont Market Highlights
| Single-Family Home Stats | December 2021 vs. 2022 | Analysis |
| Median Sale Price | Up 7.3% | For the year home prices have increased 7.3% from $410K at the end of 2021 to $440K at the end of 2022. However, median home prices have been going down since we hit our all-time peak of $485K in June, ending the year at $440K. |
| Price Per Square Foot | Up 9.5% | The price per square foot is currently at $221/sq. ft., up 9.5% from $200 in December of 2021. |
| Median Days on Market | Up 225% | As prices adjust, it’s taking longer to get a home under contract, up 225% from 8 days in December 2021 to 26 days in December 2022. |
| Months of Inventory | Up 300% | At the end of 2021 we had 1 month of available inventory. At the end of 2022 we had over 4 months of available inventory. There were 230 active homes listed for sale at the end of 2022, a 95% rise from the 118 homes that were still on the market at the end of 2021. |
Fun Facts
Ever wonder what the highest priced US homes sold for in 2022? Well, guess what… four out of ten top deals for the year were here in sunny Florida.
#1 2000 S. Ocean Blvd. $173 million Palm Beach, Florida
#2 944 Airole Way $126 million Los Angeles, California
#3 3031 Brickell Ave. $106.88 million Miami, Florida
#4 4 E. 66th St. $101 million New York, New York
#5 27628 Pacific Coast Highway $100 million Malibu, California
#6 Great Island $100 million Darien, Connecticut
#7 291 Ocean Blvd. and two neighboring properties $93 million Golden Beach, Florida
#8 28060 Sea Lane Dr. $91 million Malibu, California
#9 901 N. Ocean Blvd. $85.98 million Palm Beach, Florida
#10 Lily Pond Oceanfront Estate $84 million East Hampton, New York
Given the privacy with which many transactions are conducted at this level of the market, it’s unlikely that this list is completely comprehensive. But it offers a good snapshot of what the biggest deals in 2022 looked like.