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.