Lake Mary Real Estate - Homes, Townhomes & Condos
Lake Mary Florida Real Estate
Market Update - November, 2007
Although we're bombarded daily with news reports about how lousy the Lake Mary real estate market is currently, when you compare us to the many parts of the country, we actually have it pretty good! The fact is that homes are still selling. Now you're saying, common, give it to me straight. Ok...Yes, the Lake Mary and Orlando market as a whole has slowed, and yes, prices have taken a dip, so her
e are the facts for you.
Average Days on Market (DOM): 115
This is UP from 74 DOM in November 2006
Sales Closed: 963
This is DOWN 47% from 1840 in November 2006
Current Listing Inventory: 26,172
This is UP from 21,122 in November 2006
So what does this mean if you're trying to sell your home in Lake Mary today? Inventory is at a record high, sales are at a record low, average time on market is way up. You've got a lot of competition! In order for your home to sell, it has to be staged perfectly...it has to look like a model home. Your Lake Mary home also has to be priced competitively...priced to SELL!
Read Also:
Lake Mary, Florida...One of CNNMoney's Best Places To Live!
Home Staging In Orlando Florida For A Successful Real Estate Sale
Packaging Your Orlando Florida Home To Sell
I see too many sellers with a house that's worth $300,000, but they're asking $350,000. Those that can afford the home won't find it, as they're looking at homes priced around $300,000. Those looking at homes priced around $350,000, want a home that's worth $350,000 and won't consider an overpriced listing. The majority of your traffic will come during the first 3 weeks, and you don't want to throw these buyers away by pricing your home out of their reach.
On top of all this, when looking to sell your home, you have to make sure you hire a competent real estate agent that will market your home aggressively and advise you on pricing your home effectively from the start. For example, over 90% of all home buyers are shopping online. This is where your real estate agent's efforts should be focused. Your home should also be featured with a virtual tour and multiple photos, as most buyers won't even consider your home without knowing what the interior looks like.
Here are some important statistics to keep you in the loop!
Single Family Homes
365 Active Listings |
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| Beds | Baths | SqFt | LP | SP | DOM |
High | 6 | 8 | 13,492 | $4,649,000 |
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Low | 1 | 1 | 672 | $110,000 |
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Average | 3 | 2 | 2,604 | $533,772 |
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33 Pending Listings |
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| Beds | Baths | SqFt | LP | SP | DOM |
High | 5 | 4 | 4,276 | $1,249,000 |
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Low | 2 | 2 | 1,110 | $199,900 |
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Average | 3 | 2 | 2,579 | $499,397 |
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27 Sold Listings |
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| Beds | Baths | SqFt | LP | SP | DOM |
High | 5 | 4 | 4,111 | $849,900 | $820,000 | 458 |
Low | 2 | 1 | 672 | $179,000 | $165,000 | 31 |
Average | 3 | 2 | 2,226 | $400,737 | $381,483 | 154 |
Townhomes
35 Active Listings |
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| Beds | Baths | SqFt | LP | SP | DOM |
High | 4 | 3 | 2,447 | $459,900 |
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Low | 2 | 1 | 934 | $129,900 |
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Average | 2 | 2 | 1,524 | $239,132 |
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6 Pending Listings |
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| Beds | Baths | SqFt | LP | SP | DOM |
High | 3 | 3 | 2,280 | $369,900 |
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Low | 2 | 2 | 1,095 | $149,900 |
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Average | 2 | 2 | 1,958 | $281,217 |
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3 Sold Listings |
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| Beds | Baths | SqFt | LP | SP | DOM |
High | 4 | 3 | 2,428 | $467,755 | $467,755 | 89 |
Low | 3 | 2 | 1,405 | $238,120 | $238,120 | 1 |
Average | 3 | 2 | 2,087 | $381,033 | $381,033 | 30 |
Condos
73 Active Listings |
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| Beds | Baths | SqFt | LP | SP | DOM |
High | 3 | 2 | 1,618 | $395,000 |
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Low | 1 | 1 | 588 | $89,000 |
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Average | 1 | 1 | 1,015 | $186,742 |
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3 Pending Listings |
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| Beds | Baths | SqFt | LP | SP | DOM |
High | 3 | 2 | 1,142 | $164,900 |
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Low | 1 | 1 | 832 | $149,000 |
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Average | 2 | 1 | 1,025 | $156,300 |
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0 Sold Listings |
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| Beds | Baths | SqFt | LP | SP | DOM |
High | - | - | - | - | - | - |
Low | - | - | - | - | - | - |
Average | - | - | - | - | - | - |
Contact Chris today for information or statistics on homes in your area, or for a free market analysis on your home.
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