Monthly Report for February! | Smith Smith Realty

Monthly Report!

Closed sales of single-family residential homes in Sumter County in the first portion of February are looking much better than January (Data for February only included the first 2.5 weeks). January seems to be following last year’s trends of prices being up, volume being down, homes staying on the market for longer (46 days in Jan 2023 versus 10 days in Jan 2022). In January 2023, there was 3.5 months of inventory, which indicates we are still in a sellers’ market. It seems that buyers do not have to rush to place a contract on a home as much as we saw last year. The action the Fed took of raising interest rates is doing just what they wanted it to do, which is slow down the economy. I think we will start seeing people that do not have to sell stop renewing their listing contracts and it will become a more realistic market.

Let’s talk about some new things coming to Wildwood. Huey Magoo’s on Sundance Trail is now open. There will be a Tropical Smoothie Café built at Penrose Place and Sundance Trail. The Home Depot will be built at the corner of CR 466A and Powell Road. The apartments at Beaumont are going up quickly, as well as the apartments on 44-A (NW of Brownwood). There will be new apartments breaking ground soon on US 301, north of the new Preston Place Plaza. This will bring lots of housing opportunities to the area and will help with supply and demand. It seems like apartments will be built until they saturate the market and then wait 10 years to build again.

We are selling tickets for the Wildwood FFA Alumni’s 7^th Annual “Cow Chip” Bingo. The prize is up to $5,000, with a 1 in 400 chance to win. Tickets are $25. The event is March 25, 2023, at 12 noon, held at Wildwood Middle High School. Call or come by our office to purchase your tickets!

The City of Wildwood has the following upcoming events: