This is the latest local statistics concerning the real estate market in Citrus County . National statistics are interesting but, are as useful as a national weather report. Look for this to be updated the 2nd week of each month. The statistics will reflect the last month's activity only in Citrus County . To make comments, suggestions or to be removed from the list, please e-mail me. You may also comment on the Facebook group page, ERA American & Suncoast Realty of Citrus County or search me on Facebook.
Category JUNE Last Month Change Trend_____
Residential Inventory 2697 2696 +1 Decreasing
Residential Sales/Month 147 155 -8 Steady
Months of Inventory 18.4 17.4 +1 Steady
Ave. HOME Sales Price $143,947 $139,323 +4,624 Steady
30 Yr Fixed Rate 0 points 5.42% 5.29% +.13% Steady
Vacant Land Inventory 2471 2573 -102 Decreasing
Terms: Residential includes Homes, Condos and Mobile Homes. Sources of information may vary and are deemed reliable but not guaranteed. Average sales price is for homes only, excludes condos and mobiles.
Overall: MARKET BOUNCING AT OR NEAR BOTTOM
Comments: Interest rates held steady after the sharp rise last month and home inventories did the same. The rise in average sale price is a 2 month bright spot but not a trend yet. The market was nearly flat in all other areas this past month. The top end market remains severely depressed. Of the 133 single family homes sold in Citrus County 101 of them were under $160,000. The last 2-3 months show promise, however, the year over year numbers for home sales and average price are not positive, with units down 6.8% and average home sales price off 19.8%.
Outlook: Reading the "tea leaves" is difficult with so much large sweeping new or proposed government spending, regulation and incentives affecting the market place every few weeks. The uncertain conditions in addition to rising unemployment work to hold demand back. Long term buyers (2-3+ years) and first time home purchasers should buy now to capture the selection, pricing and incentives and low interest rates that will dissipate when a recovery becomes clear.
Watch: CAP & TRADE bill passed by the house and going to the senate. It has far reaching affects on the home market. Rumor has it (can't find a written copy) that homes will need to be inspected and updated to federal energy efficiency standards prior to a sale. If true, this would decrease home sales measurably.