We hope everyone had a fun and safe Memorial Day weekend!
Since last month, we have seen a slight shift in the market, price wise. The average sale price and the median sale price of single-family homes in Sumter County have decreased. The average sale price of a single-family home in Sumter County in April 2023 was $410,570, compared to $445,041 in March 2023. The median sale price of a single-family home in Sumter County in April 2023 was $363,995, compared to $389,950 in March 2023. In April 2023, there was a 3.4-month supply of inventory, which means it is still a seller’s market, as a 5.5-month supply of inventory is the benchmark for a balanced market. An article from Florida Realtors explains that a new historic price-growth gap between San Francisco and Miami illustrates the diversity of home prices. San Francisco prices are down 10.1% year-over-year, while Miami prices are up 10.9% year-over-year. This shows that Florida is remaining popular to home buyers and shows the importance of examining/comparing your local market, rather than comparing your local market to a market across the country. For example, we cannot compare Sumter County’s market with the market in Los Angeles, CA or Bangor, ME.
An article from Florida Realtors states that a study shows that consumers are postponing large purchases, such as homes, as well as changing summer vacation plans. High inflation and interest rates are causing people to become a little more cautious about money and spending. The article also states that one in five respondents do not have an emergency fund, and 58% have enough to cover six months or less. Consumers are cutting expenses including dining out and entertainment. We encourage you to read this article if you have time. There are some very interesting survey results.
The links to the articles mentioned above are located at the bottom of this message.
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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®