Current Hernando County Real Estate Trends
Hernando County, Florida Real Estate Market Update – January 2025
As we kick off the new year, let’s take a look at the latest real estate trends in Hernando County, Florida. The local market has been experiencing some changes over the past 90 days, and understanding these trends can help both buyers and sellers make informed decisions. Here’s a breakdown of the most important statistics:
Total Closed Sales: A Downward Trend
Over the past 90 days, the average number of closed sales per month in Hernando County has dropped to 260. This represents an 18% decline compared to previous periods. Fewer closed sales often indicate a slower pace in the market, and we may be seeing the effects of rising mortgage rates and potential buyers being more cautious in their decisions.
Pending Sales: Decreased Activity
The number of pending sales has also seen a significant decrease, with the monthly average dropping to 333. This marks a 23% decline in pending sales over the last three months. When pending sales fall, it can suggest that fewer homes are under contract, pointing to lower buyer demand or more cautious decision-making by buyers in the area.
Active Listings: Slight Decline
Despite fewer closed and pending sales, the number of active listings in Hernando County remains relatively high at an average of 1,151 listings per month. This represents a modest 1% decrease in active listings, which still shows that there is ample supply on the market. Sellers may need to be patient as market conditions shift.
Months of Inventory: A Noticeable Increase
One of the most telling signs of the market’s current state is the rise in “months of inventory.” The monthly average now stands at 4 months, up 25% from previous trends. A 4-month inventory is still considered a seller’s market, but the upward shift indicates a potential slowdown. In a balanced market, there is typically 6 months of inventory, so we’re heading toward a more neutral market, where both buyers and sellers may have more negotiating power.
Days On Market: Homes Taking Longer to Sell
Homes are staying on the market for a bit longer in Hernando County. The average number of days on market is now 64 days, which is a 15% increase compared to previous months. This trend could suggest that buyers are being more selective, taking their time to make purchasing decisions, or that homes need to be priced more competitively to attract offers.
Sale Price to List Price: Still Strong, But Softening
Despite the downward trends in sales volume and increased days on market, sellers are still achieving relatively high sale prices compared to their asking prices. The average sale price to list price ratio is currently 95%. While this indicates that homes are generally selling close to their list prices, it’s slightly lower than the higher ratios seen during the peak of the market, reflecting a more cautious market environment.
What Does This Mean for Buyers and Sellers?
For buyers, the increased inventory and longer days on market may offer more options and less competition. With less urgency and more time to negotiate, buyers could potentially find better deals than in previous months. However, buyers should be aware that prices are still holding strong, so finding value will require patience and careful consideration.
For sellers, the market may feel slower than it did earlier in 2024. With fewer pending and closed sales, homes may take longer to sell, and pricing strategy will be more important than ever. A competitive listing price and the right home presentation will be key to attracting buyers in this changing market.
Conclusion The Hernando County real estate market has definitely shifted over the last few months, with trends indicating a slowdown in sales and an increase in inventory. While it’s still a seller’s market in some ways, the rise in months of inventory and longer days on market may signal a transition toward a more balanced environment. Whether you’re buying or selling, staying informed and adapting to these changes will help you navigate the evolving market in Hernando County.
For personalized advice or to explore current listings, feel free to reach out to a local real estate expert who can guide you through this dynamic market.
Source of Stats: WPBOR MLS
