Property values are declining, in fact, they will be in a free fall over the next few months - after we look at the numbers we will take a look at the storm on the horizon. There are more options for the serious buyer than ever before. Two years ago sellers faced competition from only a few other homes on the market in their subdivision. Now, savvy buyers are re evaluating their options as builders have made major changes in their pricing, that have put major pressure on the resale market. For an urgent update, please see my post NEWS-FLASH-OCALA-REAL ESTATE MARKET LOOSES 30% IN ONE DAY . . .
Less closings. Last year, there were 5487 closings in Marion County - or about 15 per day for the whole year. This year, through August 31 there were 2711 houses sold, or only 11 per day. Last year same period, January 1- August 31, there were 3900 or almost 16 per day - about a 30% decrease in homes sold.
More homes on the market. As of August 31, the MLS shows 7624 homes available - almost a 683 day supply of available homes that is almost 23 months required to sell all the available homes if no new homes are listed for sale. That is almost 2 Years, repeat 2 Years of available homes on the market.
More home listings expiring. From January 1, 2007 through August 31, 2007, 8917 listings home expired. That is 3.3 listings expiring for every home that sells. Less than One in three homes listed will actually sell.
Currently there are 7624 properties on the market and 448 properties pending (under contract).
Bottom Line? The rest of 2007 into 2008 is going to be rough no brutal. Sellers need now more than ever to have a professional Realtor® representing them that understands our changing market and who can show you the correct price for your home. Right now price is the key issue in achieving a successful sale. If your property is priced right it will sell.
Please feel free to contact me with your questions.
© 2007 Dan Homan