The latest sales activity shows that although the Ocala real estate activity has increased substantially since the same time in 2008, the prices of homes selling is down and not surprisingly, the number of foreclosures selling has drastically increased.
In through October of 2008, the number of homes sold is 2279. The number of homes sold through October of 2009 is 2739, an increase of 460 homes sold. However, last year only 661 of the homes sold in the Ocala/Marion County MLS system were under $100,000. This year, the number of homes sold under $100,000 increased to 1313 homes. That's an increase of almost 100% in the number of homes sold below $100,000.
The first time buyer activity and the $8000 first time buyer home credit is partially responsible, but another reason is the increase in the number of foreclosures sold this year vs. last year.
Last year, only 239 of the homes sold through the first 10 months were either bank owned or corporate owned, slightly over 10% of the overall number. This year, the foreclosure or bank owned homes sold number increased to 678 homes sold and closed so far this year in Ocala/Marion County. The statistics show that the number of foreclosures sold has increased to almost 25% of the sold activity.
These statistics do not show the other distressed properties sold known as short sales, or pre foreclosures. The number of distressed properties selling is definitely increasing in the Ocala real estate market, which is a surprise to almost no one who lives here. We all watched the Ocala real estate boom take place with all the new homes getting built on scattered lots all over Marion County.
We just didn't know that it would end so abruptly. We do still have many homes selling that are not short sales and foreclosures, they just have the competition in pricing to contend with on the bank owned homes in order to get their properties sold.
If you would like to receive a list of the new foreclosures each morning by email, just contact me at www.findocalahomes.com and I will be happy to put you on our automatic email list.
If you would like to find out what your home is worth in today's market, just call me at 352-351-5429 or on my cell at 352-427-5704.
If you need help with getting your home sold and you think you owe more than it worth in today's real estate market, just contact me or go to www.stopocalaforeclosures.com There is a wealth of information there to help you decide which road to take and a glossary of terms and definitions to assist you in understanding your options.
We are here to help.