Sanford FL Real Estate Report March 2020

Has COVID-19 made an entrance?

Let’s start with the big question we are getting all the time these days: How is the real estate market doing? We all follow the nerve-racking rollercoaster ride of the stock market, but as always, the real estate market is harder to observe and predict because things happen much slower and reactions are typically delayed…

Hyperlocally Speaking

To give you a hyperlocal example, this gorgeous historic home in the Sanford Historic Residential District was listed on 3/27/2020, in midst of the COVID19 crisis (read the wording in the description), and went under contract not even a week later. It may come as a surprise to some, but the Sanford Real Estate Market is alive and well, especially well in the still super desirable residential historic district!

Update on 4/10/2020: After inspections the home came back in the market. We expect it to go under contract quickly again though.

Things are different, but the same.

There are of course restrictions in place right now (let’s just say, us Realtors have gone almost exclusively virtual by now) but that doesn’t seem to have had too much impact on Buyer or Seller behavior. Real estate is considered an essential service and our industry is therefore not fully affected by the current Stay at Home order. If you need to sell right now, you can; if you have to buy right now, you can. This whole situation definitely feels merely temporary, and I can see the light at the end of the tunnel very clearly… Oh, and builders are still building, but does that surprise anyone?

What’s next?

Now, since we don’t have that crystal ball, we won’t know how things will continue to develop. As mentioned above, we can assure you that from what we have seen out here in the trenches things really haven’t changed much. In fact, we believe, once the COVID-19 restrictions are lifted, we will most likely experience quite a surge in market activity as Sellers who have been holding off to list their homes enter the market, and Buyers who have been anxiously waiting for a bigger inventory can finally make a move on their new (dream) home. They will be thrilled to take advantage of the historically low interest rates.

Domino Effect?

Of course, there is still a lot of uncertainty, for example also because we don’t know how many of the people who were laid off due to the crisis will immediately be hired back, and just how well the stimulus bill will be able to bridge over things (as in enabling homeowners to continue to make their mortgage payments). Sure, in Seminole County we are not as dependent on the tourism and hospitality industry as Orange County but as we know, things tend to trickle down, so if that industry doesn’t recover quickly and (ideally) fully we might eventually see changes in other industries (and areas) as well.

The Glass is Half Full in Sanford

While keeping a close eye on the market and potential shifts, we also like to see the things optimistic. Sanford is still a very affordable place to live compared to other areas in Seminole County, and that will still make it a very attractive market for home buyers and investors alike. We also still see people staying positive and continuing to support our small businesses and that says a lot about our collective mindset. With an attitude like this, a crisis will be endured much better and things will return back to normal quickly. We will all hit the ground running!

The Data Never Lie – Sanford Home Sales in March 2020

Let’s take a look back at March 2020. We’ve got the most important real estate market stats for Zip Codes 32771 and 32773 right here – and as always, in a simple and easy to digest format!

For those who want to dig deeper, scroll down all the way to download the complete sortable data spreadsheet!

In the month of March 2020, 152 homes sold on MLS.

Sanford – Zip Codes 32771 and 32773

Click here to view them all on a map and find out more details about each home (click map icon in top right corner to open map).

The average sales price for homes (including Single Family Homes, Townhomes and Condos) sold in March 2020 in Sanford, FL was $271,947.
The average sold price per square foot was $146.47.
The average days on market was 44 days.
The lowest priced home in Sanford was a 2/1 Single Family Residence of 694 Square Feet. It sold for $64,350.
The highest priced home in Sanford last month was a 4 bedroom, 4 bathroom Single Family Home of 5,584 Square Feet. It sold for $995,000.

Here is a list of all sold homes in Sanford for March 2020:

https://stellar.mlsmatrix.com/DE.asp?ID=29197214128&L=1

Questions? We’re here to help!

Please let us know if you have any questions or would like more information about any of these homes. Jose and I would love to help you with all your real estate needs. You can call or text us at 407-340-6458 or complete the form at the bottom of this page!

And definitely be back here in early May 2020 when we reveal the data for April 2020. It’s more important than ever to keep an eye on the market (and your own home’s value of course!).