According to OMCAR (Ocala Marion County Board of Realtors) from the end of August of 2009 to September 30th, 2010 the average sales price for residential homes fell from $119,921 to $91,722 for a decrease of 24%. The average list price fell from $128,521 to 97,415 or a decline of 24% for the same 12 months period. The average price per square foot of living area for residential homes fell from $71 a year ago to $57 by the end of September, 2010, for a decrease of 20%. The median sales price fell from $103,500 to 76,700 for the same 1 year period for a decline of 26%.
Our MLS has 5354 active residential listings as of September 30th, 2010, which shows that inventory is down since the end of August, 2010. This is mostly due to several Banks putting a temporary hold on Foreclosures. 244 residential homes sold through the Ocala Marion County MLS in September, 2010, this is a slight decrease of 6% from a year ago. The absorption rate (how many months it would take to sell the inventory at present market levels) fell from 17.7 months a year ago to 17.1 months in September of 2010.
The Ocala/Marion County Real Estate Market will continue to absorb the many foreclosures and short sales. Sales volumes are down, and sales prices are down approximately 25% down from a year ago. With interest rates dropping to new historic lows, we hope to see inventory continue to move at these low levels. If you are a buyer, this is a great opportunity to buy a personal home or accumulate investment properties.
Want to get in on the great opportunities this buyer's market has to offer? Check out our article on Tips For Buying Distressed Properties for great comprehensive information on what to look for when buying a foreclosed or short sale home. Short sales are closing at a faster rate than a year ago. Sellers, if you are struggling financially and having trouble making your mortgage payments, we might be able to help.
Are you facing foreclosure and need to sell your home as a short sale(selling the property for less than what the current mortgage amount is)? The Shultz Team are experienced Short Sale Specialists and are more than happy to assist you in selling your property under stressful circumstances. With an aggressive marketing plan, great communication, we are ready to help save your home and credit from foreclosure. Feel free to contact Art & Brigitte Shultz to discuss your situation and start a plan to save your credit TODAY - the clock is ticking and the sooner we are able to assist you, the more likely we will have a successful closing.