In September 2022, Sumter County had 107 single-family home closed sales, which is down from 142 in September 2021. The median sale price in September 2022 was $407,000 ($369,450 in August 2022; $324,750 in September 2021) and the average sale price was $458,319 ($365,156 in September 2021). The median sale price is going up because we are having a drop in sales in the $200,000-$300,000 range, most likely due to interest rates. The median time to contract in September 2022 was 25 days, compared to only 8 days in September 2021. This is showing us that the market is slowing down some, even though median and average sale prices are increasing. Over the last year we have seen people become more negotiable with the asking price. Pending sales in September 2022 are down 29.1%, while new listings are up 5.5%. In September 2022, we had a 3-month supply of homes available, whereas last year we only had 1-month supply. A 5.5-month supply is the equilibrium. We are still in a seller’s market, just not as strong as a year ago.
We are starting to see local municipalities in Lake & Sumter counties put a hold on approving new land use changes, for several reasons. We are also seeing approval times become longer, costs increase, and interest rates rise. The cost to own a home is rising and the people that want to buy are being priced out of the market, which we think is caused by a slowdown from affordability rather than demand. Some good news is that the supply chain and other slow downs caused by the pandemic are improving, for example a reduction in costs of goods and other things effected by the supply chain.
The City of Wildwood has the following events coming up.
- Veteran’s Day Ceremony – November 11th at 9 AM at Wildwood City Hall
- 5K Fun Run & Thanksgiving Picnic – November 19th from 9 AM – 1 PM at the Wildwood Community Center
- WinterFest – December 2nd from 6 PM – 9 PM at Wildwood City Hall
- Annual Holiday Parade – December 10th starting at 9 AM
- Cookies with Santa – December 16th from 6:30 PM – 8:30 PM at the Wildwood Community Center
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