What's the Market Really Like? Taking a Look at Hernando County Real Estate
Just as summer, the real estate market also has been heating up --- and not only in Hernando County,, Florida. All across the nation, overall sales are reported to be and inventory to be down.
Especially in certain price ranges, buyers have been very active, often encountering multiple offer situations or even finding out quickly that not as many homes are available in their price range as were just a few months ago.
This is good news for home owners and sellers as homes values and prices are beginning to stabilize.
In Hernando County, median and average prices have been on the increase – slowly but steadily.
Median trend line in blue, average trend line in red.
Despite of what the media may portray, traditional sales dominate the market in Hernando County. Distressed sales such as short sales or foreclosures average around 30% of sales each month.
This number of distressed properties is even lower for current inventory: Only 24% of homes for sale in Hernando County are distressed homes compared to 76% of homes that are offered as standard sales.
Sales price ranges have varied wildly these past months from a low of $5,000 to a high of $850,000. The lower end is represented by the typical fixer-upper property that is often purchased for the land value alone. The upper end includes ranch properties with lots of acreage, barns, and other features, as well as some waterfront properties and those in some of the gated communities.
Sales at each end of the scale should be considered as extremes and are not good measures of general market performance. Median and average prices are better tools and over time will indicate the market trend.
Inventory continues to decrease in Hernando County!
Are you interested in selling your home?
Please contact me to find out how your property compares in today's market.
*Data derived from Hernando County MLS as of 8/4/2012 and believed to be accurate but not guaranteed. Report based on sales data of all improved residential properties in Hernando County, Florida, as reported in the Hernando County MLS system including single family homes, condos, villas, and manufactured homes.
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