The median price of an existing home rose more than 1 percent this year according to figures released by the Hernando County Association of REALTORS® and as the prices of existing townhouses and condominiums also jumped in February 2023. Still the news contained in the figures compiled by the group was not all positive.
According to the organization, the price of an existing single family home in Hernando County rose 1.5 percent in February 2023 to $309,495 from $304, 990 in February 2022. The median price of an existing townhouse and condominium rose to $267,500 in February 2023, 2.9 percent higher than the $260,000 price tag for a similar unit in February 2022.
Even so, the news was not all good. Sellers of existing single-family homes faced more competition for buyers in February 2023 as the number of those homes available for sale (in inventory) in February 2023 rose 220.9 percent to 921 compared to 287 the year before, and the number of closings on single-family home sales fell by 24.1 percent to 268 in February 2023 compared to 353 in 2022.The inventory of existing townhouses and condominiums also grew by 288.9 percent to 35 compared to 9 similar listings in February 2022.
Meanwhile, listings for new single family home sales also dropped 15.8 percent from February 2022 (392 listings) to February 2023 (330 listings). Listings for new townhouses and condos also fell in February 2023 to 14 or 39.1 percent down from 23 listings in February 2022.
The waning of the 2022 housing boom also affected how much existing property sellers realized from their transactions.
According to the REALTOR® sellers of existing single-family homes realized 93.9 percent of their asking prices in February 2023 down from 100 percent in February 2022. Meanwhile, sellers of existing townhouses or condos realized 93.7 percent of their asking prices in February 2023 compared to 100 percent in 2022.
In addition, single-family homes stayed on the market longer in 2023 than they did in 2022, the organization said, as the median time to contract rose 511.1 percent to 55 days in February 2023 compared to just nine days in February 2022. Townhomes and condos stayed in the market 32 days as compared to four days in 2022.
During the same time, new pending sales for single-family homes fell 19.5 percent to 331 in February 2023 from 411 in 2022. New pending sales of townhomes and condos also fell from 21 in February 2022 to 20 in February 2023.
Finally, closed foreclosure/real estate owned (REO) sales for single family homes fell by 60 percent with two sales in February 2023 down from five sales in February 2022. REOs refer to lender-owned properties that are not sold at a foreclosure auction. The median price of those properties rose 37.5 percent to $261,051 in February 2023 from $189,900 a year ago.
The Hernando County Association of REALTORS® released its year-over-year figures for February 2023 and February 2022 on March 21.
