By Brenda Rabbitt
CEO, Hernando County Association of REALTORS®
The median sales price of existing single-family homes in Hernando County increased 3.6 percent to $335,000 in May 2023 from $323,350 in May 2022, according to statistics released today by the Hernando County Association of REALTORS®. The number of closed sales of existing single-family homes decreased 11.9 percent to 357 in May 2023 from 405 a year ago.
The median sales price of existing townhouses-condos decreased year-over-year by 0.2 percent to $272,500 in May 2023, a decrease from $272,950 in May 2022.
The inventory (active listings) of existing single-family homes for sale in Hernando County increased 67.4 percent to 708 compared to 423 in May 2022. The inventory of existing townhouses and condominiums for sale in Hernando County increased 110.0 percent to 21 listings from 10 listings in May 2022.
New single-family home for-sale listings decreased 20.7 percent to 417 single-family homes compared to 526 listings in May 2022. New townhouse-condo listings increased 28.6 percent to 18 compared to 14 listings in May 2022.
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 2.2 months in May 2023, an increase of 120.0 percent when compared to 1.0 in May 2022. Townhouse-condo months’ supply of inventory for May 2023 increased by 160.0 percent to 1.3 months supply of inventory compared to .5 in May 2022.
The median percent of original list price received decreased 4.0 percent year-over-year, with sellers receiving 96.9 percent of their asking price for existing single-family homes in May 2023 compared to 100.9 percent in May 2022. The townhouse-condo median percent of the original list price received decreased by 3.5 percent to 96.5 percent in May 2023 compared to 100 percent in May 2022.
New pending sales (under contract but have not closed yet) for single-family homes decreased 7.0 percent to 401 in May 2023, compared to 431 in May 2022. Townhouses and condominium new pending sales increased 6.7 percent in May 2023 to 16, compared to 15 in May 2022.
The median time to sale on single-family homes increased by 61.4 percent in May 2023 to 71 days compared to 44 days in May 2022. The townhouse-condo median time to sale increased by 25.5 percent in May 2023 to 59 days from 47 days in May 2022.