Ocoee FL Real Estate - Market Statistics - July 2011
Each month I will provide an update for real estate activity in the city of Ocoee FL. Sales activity will reflect traditional sales, short sales, & REO/foreclosure sales. Traditional sales are negotiated between a buyer and seller; short sales are negotiated by the buyer, seller, and seller's lender; and a REO/foreclosure is negotiated between a buyer and bank.
Ocoee Real Estate Sales - June 2011
Ocoee Median Price:
As you can see the Median Price for Ocoee homes is $136,549. This number is nearly 20% higher than the $115,000 median price for homes sold in the Greater Orlando real estate market. Expect prices to hold steady during the summer months.
List to Sales Price Ratio:
Time and again market data reflects a properly priced home will sell within 0-60 days at or near asking price. The above graph also documents a home sold after 60 days will sell for less than the asking price, costing the seller thousands of dollars. Ocoee homes that took 61-90 days to be sold went for 92% of asking price!
To better explain how this can cost an Ocoee home seller thousands of dollars review this example:
$100,000 asking price
31-60 days sales price: $98,340
61-90 days sales price: $92,720
The above example cost Ocoee home sellers over $5,000 if they sold their Ocoee home between 61-90 days! This is a costly mistake!
Ocoee homes that have sold past the 90 day mark typically experience at least 2 price reductions before an acceptable contract to purchase is made. If you are considering selling your Ocoee home it is important to work with a local Ocoee Realtor who understands your market. I live and work in Ocoee and would enjoy assisting you in buying or selling a home with my market knowledge and experience.
Ocoee Real Estate Sales: January 2011 - June 2011
Unfortunately Ocoee Real Estate has experienced a significant drop in number of sales. In January of 2011, 252 Ocoee homes were sold. Only 58 Ocoee homes were sold in June 2011, a 77% drop in closed sales. Our Ocoee Real Estate Market has experienced a steady decline this year. Thankfully the average price has held steady as the below graph shows.
Ocoee Real Estate Average Sales Price: January 2011 - June 2011
Even though we are experiencing a decline in the number of sales the average sales price for an Ocoee home has risen from $145,367 in January 2011 to $155,6111 in June 2011. This is due to lower inventory of REO/Foreclosure sales. Less inventory for REO/foreclosure sales always translates to higher sales price. Other graphs in this article will document that distressed sales always sell for less than traditional "equity" sales.
Ocoee Traditional "Equity" Sales - June 2011
Amazingly the median sales price of an Ocoee Home is $249,900! If you are not in a distressed situation and have equity in your home it is a great time to sell your Ocoee home based on the above graph. Please note the significant drop in asking price to sold price ratio of 89% between 61-90 days on the market. Your Ocoee home must be properly priced to sell for close to asking price. After 60 days most Ocoee home buyers find a home for sale "stale" and if they are interested will make offers far less than asking price. Once you past the 90 days mark it will take at least 2 previous price reductions to sell your home! Working with an experienced Ocoee Realtor who has the market knowledge and experience will save you thousands of dollars on the sale of your home!
Ocoee Short Sales - June 2011
Ocoee Short Sales are still an affordable consideration for an Ocoee home buyer. The median price of $126,000 will allow a short sale seller to reach the majority of home buyers in the Central FL - Greater Orlando market. If you need to consider a short sale of your home please work with an experienced Greater Orlando Short Sale Realtor. I can personally provide you the market knowledge, negotiation skills, and overall experience you need to facilitate a successful transaction that meets your needs.
Ocoee REO/Foreclosure Sales - June 2011
Ocoee REO/Foreclosures are still an affordable consideration for an Ocoee home buyer. The median price of $105,750 will allow a REO/Foreclosure Ocoee home buyer to find a great home for a low price! As many types of REO or Foreclosure Ocoee homes exist it is important to work with an experienced Realtor familiar with all the pitfalls and benefits of purchasing a distressed property. If you need assistance in traversing all the steps in acquiring a REO or Foreclosure property I am available to assist with my market knowledge and experience.
All of the above information can be a lot to absorb. As an experienced local Ocoee Realtor who lives and works in Ocoee FL I can assist you with all manners of Ocoee Real Estate sales. Whether you are an Ocoee home buyer or seller call your local Ocoee Realtor at 407-619-6249!
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