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ocal market insights courtesy of The Crawford Group.
November 2024 Real Estate Transactions
Data from GTAR MLS as of December 7, 2024, for the Plant City market area.
Mortgage data from Freddiemac.com
As we navigate the holiday season, many of us are juggling multiple commitments. However, for those considering a home purchase or sale, it's essential to stay focused on their real estate goals. Being prepared can make all the difference in avoiding last-minute stress and wasted time.
With Spring anticipated to be a competitive market, now is the perfect time to review your finances, get credit scores, and speak with lenders for pre-approval as a buyer. As a seller, decluttering your home, taking inventory of major appliances and roof age, and creating a list of needed repairs will help you prepare for the transaction process.
The anticipated competitive market in Spring is driven by positive momentum from various data indices, including an 18% increase in the stock market YTD and revised projections for next year. The Federal Reserve's rate cuts have contributed to lower mortgage rates, with November's average Fannie Mae 30-year rate down over 8.8% compared to last year.
New construction projects are providing new home units to the available supply, while buyers on the sidelines are returning to the market as mortgage rates dip lower. These factors have a direct or indirect correlation to the overall housing supply/demand pricing model.
As we analyze the Plant City housing data for November 2024, our market area saw 92 homes sell, with new construction contributing over 50% of units sold. We had 133 under contract and 268 available for sale, resulting in a 2.4-month supply inventory and an average days on market of 36 days.
The average sold price was $375,959, and the average price per square foot was $189.23, similar to last month's data points. However, new construction prices are keeping overall averages down, with buyers paying substantially more in back-end fees and closing costs.
Looking at YTD data, our Plant City market area has sold 1,258 units compared to 946 during the same period last year, a 33% increase overall. New construction sales are up 166%, while existing home sales are down 18%. On average sold prices, we're down slightly 1.8%, and YTD price per square foot is down about 3.5%.
The Freddie Mac 30-year-term loan monthly average rate for November was around 6.78%, increasing from October's average of 6.43%. However, rates have been trending lower in recent weeks.
While I don't possess a crystal ball to predict the future, all current data and policy changes suggest a very active and robust real estate market in 2025.
As always, it's essential to seek an experienced professional Realtor to assist you in this transaction process. With so many consequences and changing rules, going it alone can result in leaving money on the table. Get the real scoop on our market by reaching out for a market value analysis or to see what's available to purchase.
Sales Snapshot
The following residential properties were sold in November 2024 for the Plant City Market Area:
* 907 W Warren St: Sold on November 21 for $65,000
* 8007 Shoupe Rd: Sold on November 13 for $180,000
* 412 Sugar Creek Dr: Sold on November 22 for $235,100
* 1319 E Calhoun St: Sold on November 19 for $270,000
* 416 S Wiggins: Sold on November 21 for $285,000
* 4720 Silkrun Ct: Sold on November 4 for $299,000
* 2737 Idyll Lakes Cir: Sold on November 27 for $319,590
* 3847 Crystal Dew St: Sold on November 20 for $340,000
* 603 W Tever St: Sold on November 22 for $360,000
* 1910 W Knights Griffin Rd: Sold on November 13 for $400,000
* 1604 N Johnson St: Sold on November 1 for $455,000
* 1802 Williams Rd: Sold on November 13 for $490,000
* 605 S Wiggins Rd: Sold on November 14 for $535,000
* 3215 Baroness Ct: Sold on November 20 for $700,000
* 1702 W State Road 60: Sold on November 15 for $1,000,000
