In February of 2023, there were 104 closed single family homes. The median sale price was $341,990. In February 2022, it was $375,000. We are seeing a decrease in sale prices. The average sale price in February 2023 was $369,890, while in February 2022 it was $397,545. This is confirming a drop in sale prices over the last year. The median time to contract in February 2023 was 52 days, compared to 13 days in February of 2022. The median time to sale in February 2023 was 96 days compared to 54 days in February 2022. This is showing that homes are sitting on the market longer than they have in the past. In February 2023, Sumter County Single Family homes had 3.4 months of inventory, whereas last February we only had one month of inventory. Even though the market seems to be slowing, it is still a strong sellers’ market. The benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 months of inventory. The market seems to be slowing up a bit, possibly due to a number of economic factors and people are becoming more cautious about purchasing homes.
We saw a significant gain in homes sales in February 2023 compared to January. Some of this may be due to the average sale price decreasing. This may continue because homes are staying on the market longer than this time last year. The land market, particularly the commercial development side, is really up, especially price per acre. However, that could be due to it taking a year to close the deals. So, it is really reflecting where prices were last year. It is no secret that Wildwood has announced they have a tight supply of sewer capacities, and it will be interesting to see the impact of this on the continuing development in the area.
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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
Cassie Cribb, Realtor®
Lauren Vick, Realtor®
**All data is according to the MLS.