Clermont Housing Market Update | Prices, Trends, and Forecasts

Clermont, Florida Housing Market Update: Trends, Prices, and Forecasts

September 26, 2024

Key Real Estate Trends in Clermont, Florida: What Buyers and Homeowners Need to Know

Clermont, Florida, a longstanding agricultural destination that has since become massively popularized by those who want to live in or around the Orlando market area. Today, we’re going to discuss the top stories in Clermont, some things you’re going to want to know if you’re considering buying here. And if you own here now, there are some interesting shifts occurring in the real estate data that you’re going to want to stop and see and I want to give you an overview of what it’s like if you own a house here, how’s your market doing? If you’re looking to buy a house here, where are the opportunities? So let’s start by, I want to set a narrative. This is the data for Florida. Okay.

So this is the marketplace at large and don’t phase out on me. I’m going to switch right here to Clermont in just seconds, but I want to get a feel for what’s happening across the state so that you can have a great understanding of how Clermont is doing in the background of the rest of the state, right? So look at this closed sales in the state of Florida down 12% cash sales down 13% median sale price. Fourth one down is up 3.7% average price up 8%.

Now going to the bottom and we’re going to move up. I’m going to show you some key stats across the state. Months of supply is up 65%.

Months of supply is a very important stat because as this climbs, that shows you how close your state is going towards price softness. This is if you stop listing homes, how long would it take to sell all the homes off and keep in mind more people are listing their homes every day, but if you could freeze everything, how long would it take to sell it through now last year at this time in Florida, it would be less than three months time and everything would be gone. That’s considered a hot buyers market.

Well, now we’re approaching five months of supply. That is not an update for this video, but there’s a lot of factors going on in the state of Florida. We’re going to see if Clermont is actually up 65% in months of supply.

That’ll be interesting because if you’re a buyer, you’re going to have some serious controls if that’s the case, but active inventory is up 53%. This is why this month of supply is climbing because inventory is unsold and stacking up in different parts and it’s very disparate. It’s not across the board in Florida.

For instance, the Southwest areas below Tampa, all the way down to Naples, all of that area is starting to get pounded with inventory. Central Florida, not so much, but look at this. New listings are up 9%.

Look at this. We have lots of inventory yet homes aren’t selling. Sells a pending property.

Pending is a leading indicator to tell us how much of this inventory is going to be dented. Now let’s switch over to Clermont as we’ve gotten a picture of what’s going on across the state. Now, here we have a view of the city of Clermont.

Now, to give you an idea, this data is provided to me by the Realtors Board for Florida. This is our data behind the scenes. You can only get access to this if you are licensed, but check this out. Closed sales, way down. So this is the thing. You can see it. There’s a snapshot graph of 12 months. How is it going? It’s declining. So nearly 50% of closed sales are down.

32% of cash sales are down. Median price year over year down 6.3%. Average sale price down 5.7%. Dollar volume down 50%. 51%.

Look at this volume. We did $19 million this year in March versus 39 million last year. This isn’t good for Clermont. So again, I’m not here to doom and gloom. Not here to say anything’s bad or anything like that.

This is just the data is that there is obviously been a bit of a shock going on. And ultimately this is probably due to interest rates just really causing buyer affordability to be off. And also you could buy new construction.

So in this particular area, if a builder is selling a home against these folks in the resale market, they have to be very competitive because the builders are offering five, 6% interest rates. They’re giving the buyers tens of thousands of dollars. And that is obviously making it tricky for people here in Clermont to compete.

Is Clermont Shifting Toward a Buyer’s Market?

At the same time, look at this. Median time to contract is down 9%. That makes no sense.

Median time to sell is down 18%. New pending sales are down 4%. New listings are up 21.5%, which is a good thing because in the state of Florida, new listing volume was up like 55%, much, much higher amount of inflowing volume.

So even while there is some pullback in the marketplace in Clermont, it’s still relatively hot. Look at this. This is how you can tell last year, March, 2023, there was a 1.4 month of supply in Clermont.

Now it’s a 2.9 month of supply. Now to give you a correlation on that with the state of Florida a second ago, remember state of Florida had like 2.9 months or something last year, it’s up close to five months. But here we see in Clermont down here at the bottom, Clermont is just approaching the months of supply that the rest of the state had a year back, but still being at a 2.9 months less than three months.

If you stop listing all real estate, less than three months, all homes are gone. Things are shifting because look at the next line up. We had 80 homes on the market last year.

There’s now 146 homes. That’s an 82% increase. But remember last year, 1.4 month of supply is ridiculous amount of low supply.

That means there is nothing for buyers to buy. What little comes on the market, if it’s attractive, would probably be gone. So even now we’re just starting to get to almost like somewhat normal buyer market.

Pending inventory is down 31%. 21% increase in new listings. So all of this tells me right now that in real time, more people are putting homes in the market in 2024.

It’s just more active selling going on in Clermont. There is less buyer activity than last year. There is a shifting market where it is still teetering.

It’s hard to say that this is a buyer favored market yet. Is a transitioning market folks in real time. Cause you can see right now that as it stands, sellers themselves are seeing more signs on their streets throughout this marketplace.

Hey, there’s a little bit more competition still low. Okay. So this is, these are not big numbers we’re talking about, but you can see it’s trending in a direction that sellers have had very strong control in 2023.

So last year, nothing for sale, even though, which is kind of good because in 2023, remember we had a record low amount of homes sold throughout the nation last year. The larger argument was the reason why there’s no sales is there’s no houses for sale. Well, across Florida, that narrative has been changing and even in Clermont, it has been starting to grow. There is a increasing amount of people saying, all right, I don’t care that my interest rates, three and a half percent. I’m done living here.

I need to sell. I need to go across the town or I need to go across country and relocate or whatever reason enough’s enough. I’m putting my house here in Clermont on the market for sale, but you’re seeing more of them stack up the buyers, even with more choice are not absorbing them very fast.

So you’re starting to see the growth rate increase yet to be seen whether buyers in this market are going to have a strong negotiating position. I would tell you there are probably buying opportunities here now. Now, everything that I’ve showed you today is a city level IQ intelligence of what’s going on in the market.

If you are thinking of selling in the next three to six months throughout the Clermont area or anywhere in Orlando, give me a call and I’ll give you a neighborhood level economic deep dive and tell you exactly what’s going on so that you can make informed decisions on timing. When should you sell? Is it better to wait? How all the market conditions affect you and your sale and help you make a good decision as well. If you are looking into the market to buy here, 20 year real estate expert, nearly 4,000 homes sold and if you need help, I’d love to be by your side through the process to closing. If this is your first visit, consider subscribing for more updates around central Florida. And we’ll see you real soon.

Best Realtor in Clermont, Florida - Reach Out Today

If you’re ready to make a move in Florida’s real estate market, don’t hesitate to reach out. Contact Jared Jones at 407-706-5000 (call or text) or email info@jaredjones.com for professional guidance and personalized service that will help you achieve your real estate goals.

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As a top real estate agent with nearly 4,000 homes sold and over 20 years of experience in the Florida real estate market, I have the expertise needed to help you navigate today’s evolving landscape. Whether you’re looking to buy or sell, my deep understanding of market trends and personalized approach will provide you with the insights and strategies required for success.

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