Happy New Year! It is hard to believe that Christmas has passed, and the new year is just around the corner. We hope you all have a wonderful new year.
In November 2022, we saw a decline in the single-family residential market of Sumter County. The Median Time to Contract increased to 32 days, compared to 12 days in November 2021. The Median Time to Sale was up to 66 days, a 29.4% increase from last year (51 days). The Median Sale Price was $353,000 ($349,950 in 2021). The Average Sale Price was $414,703 ($414,476 in 2021). We now have 3.5 months’ worth of inventory compared to only 1.1 months’ supply last year. This is showing us that the market is still strong, but that it is taking longer for deals to be put together and make it to the closing table. This also shows that homes are sitting on the market longer because we have more inventory and less closed sales.
The City of Wildwood Development Services department actually saw a decline in the number of residential site plan reviews, which they attribute to The Villages construction concentration being shifted into Lake County. The City of Wildwood Development Services projects of the fourth quarter of Fiscal Year 2022 (July to September 2022) are listed below.
Land Use Applications
- Annexations: 6
- Comprehensive Plan Amendments: 4
- PD Amendments: 1
- Rezoning: 4
- Site Plans: 28
- Plats: 10
- The Villages of Southern Oaks: 694
- Beaumont: 11
- Simple Life: 3
- Densan Park: 3
- Triumph South: 2
- New SFD: 5
- Accessories and Miscellaneous: 189
We are very curious to see what 2023 will bring!
Just a reminder, we will be closed December 30th and January 2nd.
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We appreciate your business. We value your real estate needs and are honored to serve you.
Danny Smith, ALC, CCIM
Billie Faye Smith, Broker