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Thursday, November 4, 2021
HomeBreakingReport: Median time to contract on single-family homes decreased by 45.5 percent

Report: Median time to contract on single-family homes decreased by 45.5 percent

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The median sales price of existing single-family homes in Hernando County increased 29.1 percent to $275,000 in September 2021 from $213,000 in September 2020, according to statistics released today by the Hernando County Association of REALTORS®. The number of closed sales of existing single-family homes decreased 8.8 percent to 413 in September 2021 from 453 a year ago.

The median sales price of existing townhouses-condos increased year-over-year by 37.8 percent to $234,950 in September 2021 an increase from $170,500 in September 2020.

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The inventory (active listings) of existing single-family homes for sale in Hernando County decreased 26.1 percent to 405 compared to 548 in September 2020. The inventory of existing townhouses and condominiums for sale in Hernando County decreased 46.2 percent to 14 listings from 26 listings in Septem ber 2020.

New single-family home for-sale listings increased 4.4 percent to 478 single-family homes compared to 458 listings in September 2020. New townhouse-condo listings decreased 34.5 percent to 19 compared to 29 listings in September 2020.

The number of months’ supply of existing single-family home inventory for sale—an indication of the absorption rate based on home sale volume—was 1 month in September 2021, a decrease of 33.3 percent when compared to 1.5 months in September 2020. Condominium and townhouse month supply of inventory for September 2021 decreased by 56.3 percent to 0.7 months supply of inventory compared to 1.6 months supply in September 2020.

The median percent of original list price received increased 0.5 percent year-over-year with sellers receiving 100 percent of their asking price for existing single-family homes in September 2021. The townhouses and condo median percent of original list price received increased to 100 percent in September 2021 compared to 97.4 percent in September 2020.

New pending sales (under contract but have not closed yet) for single-family homes increased 2.7 percent in September 2021 to 451 compared to 439 in September 2020. Townhouses and condominium new pending sales decreased 26.9 percent in September 2021 to 19 compared to 26 in September 2020.
Median time to contract on single-family homes decreased by 45.5 percent in September 2021 to 6 days compared to 11 days in September 2020. The townhouses and condos median time to contract decreased by 50 percent in September 2021 to 5 days from 10 days in September 2020.

Short sales for single-family homes decreased by 100 percent with 0 sales in September 2021 when compared to 4 in September 2020. Closed foreclosure sales decreased 55.6 percent with 4 closed sales in September 2021 when compared to 9 in September 2020. The median sales price for foreclosures increased by 64.5 percent in September 2021 to $271,500 from $165,000 in September 2020.

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