Monthly Report!

We are sending our monthly report out a little early because we will be moving our office at the end of this week. OUR NEW OFFICE ADDRESS IS 11804 COUNTY ROAD 201, OXFORD, FL 34484.

The June 2024 Florida Realtor® magazine featured a study that says ‘Young Buyers Turn to Family Members for Down Payments’. It stated that 36% of Gen Zers and Millennials who plan to buy a home soon expect to receive a cash gift from family to help fund their down payment, according to a Redfin report. In addition, 16% said they will use an inheritance to help fund their down payment, and 13% plan to live with their parents or other family members to save money for down payments. See attached. We wanted to share the above study because we are seeing a lot of rental communities pop up in our area and are curious if there is any correlation between the two.

In our area, we have noticed that homes are sitting on the market longer than they have in the past. In the Sumter County Single-Family Home market, the median time to contract in May 2024 was 39 days, compared to 33 days in April 2024 and 32 days in March 2024. We are at the highest point of active listings in the MLS since the Pandemic, with almost a 4-month supply of inventory. However, it is still considered a Sellers’ market because a balanced market is 5.5-months’ supply of inventory. The exception is almost no new construction homes. The median sale price in May 2024 was $391,250 up from $383,500 in May 2023. The average sale price in May 2024 was $442,269, whereas in May 2023 it was $419,582. The residential market remains strong and there haven’t been any drastic changes.

The land, commercial, and industrial market follows the residential market. There is limited inventory. We have more demand than supply. We haven’t seen a lot of change in this market. Right now, the land, commercial, and industrial market is stronger than the residential market.

Please follow us on Facebook at Smith & Smith Realty for news and updates!

We appreciate your business. We value your real estate needs and are honored to serve you.

Sincerely,

Danny Smith, ALC, CCIM

Billie Faye Smith, Broker

Cassie Cribb, Realtor®

Lauren Vick, Realtor®

(352) 748-5656

www.ccimland.com

www.smithsmithrealty.com

Leave a Reply

Your email address will not be published. Required fields are marked *