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HomeAt Home & BeyondSingle family home inventory rises 119 percent over last year

Single family home inventory rises 119 percent over last year

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The real estate statistics for month of April provided by the Hernando County Association of REALTORS® has some small improvements, but reflects a continued slow down in sales and an increase in inventory. The median sales price of existing single-family homes in Hernando County experienced a slight upswing of 0.6 percent, reaching $324,000 in April 2023. This small improvement from the previous year’s figure of $322,000.

However, the number of closed sales for existing single-family homes took a dip, experiencing a significant 24.2 percent decline. In April 2023, only 328 homes were sold, compared to the robust 433 homes that exchanged hands a year ago.

Meanwhile, the townhouses-condos market segment witnessed a 4.1 percent year-over-year increase in median sales price, reaching an alluring $255,000 in April 2023, compared to $245,000 in April 2022. Unfortunately for sellers, the inventory of existing single-family homes available for sale in Hernando County witnessed a staggering surge of 119.1 percent. In April 2023, potential buyers had a plethora of options, with 734 active listings compared to the mere 335 available in April 2022. Similarly, the inventory of townhouses and condominiums for sale experienced a remarkable spike of 166.7 percent, with 24 listings in April 2023, up from a meager nine listings in April 2022.

However, new home listings had a different story to tell. The number of new single-family home listings decreased by 22.3 percent, offering a reduced selection of 358 homes compared to the previous year’s 461 listings in April 2022. Similarly, new townhouse-condo listings experienced a modest decline of 11.8 percent, with only 15 properties available in April 2023, compared to 17 listings in April 2022.

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When it comes to the absorption rate, a key indicator based on home sale volume, existing single-family home inventory saw an astounding 175.0 percent increase, with a supply of 2.2 months in April 2023, compared to a mere 0.8 months in April 2022. For townhouse-condos, the months’ supply of inventory in April 2023 expanded by a substantial 200.0 percent, reaching 1.5 months, as opposed to the previous year’s meager 0.5 months.

Sellers in the single-family homes market face a minor setback, as the median percent of the original list price received decreased by 3.9 percent year-over-year. In April 2023, sellers received 96.6 percent of their asking price, a slight dip from the remarkable 100.5 percent achieved in April 2022. Similarly, the townhouse-condo market experienced a 1.6 percent decrease, with sellers receiving 98.4 percent of the original list price in April 2023, compared to a perfect 100 percent in April 2022.

As for pending sales, the single-family homes market encountered a 12.3 percent decrease, with 378 properties under contract in April 2023, compared to the previous year’s 431 pending sales in April 2022. In contrast, the townhouses and condominiums market witnessed an exciting upswing of 21.7 percent, boasting 28 pending sales in April 2023, compared to 23 in April 2022.

When it came to the time taken to sell a property, single-family homes experienced a significant slowdown. The median time to sell doubled, soaring to 84 days in April 2023.

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