Home sales in Hernando County, Florida, continued to improve overall once again in 2017 compared to the previous year.
The good news for home sellers in Hernando County is that homes that are positioned correctly are selling quickly and home prices are on the upswing.
Home buyers have to content with a limited inventory of homes for sale and are often facing competition from other buyers over the same home.
How do Hernando County home sales in 2017 compare to those in 2016?
- In 2017, 3737 residential properties were sold. This represents a decrease compared to 2016 by 63 units or 1.7% fewer sales.
- Total dollar volume of residential properties sold in Hernando County in 2017 was $579,386,205. This presents an increase of almost 63 Millionen Dollars or 12.1% compared to the year 2016.
- The good news continue with an increase in median sales price by 15.5%. In 2017, the median sales price was $145,000 compared to $125,500 in 2016.
- Average sales prices also increased from $135,803 in 2016 to $154,977 in 2017 - an increase by 14%.
What do these numbers mean?
You might ask if the real estate market has improved, why was there a decrease in total sales? The answer is simply that supply was a limiting factor.
The simultaneous increase in total sales volume is an indicator of rising prices and buyers moving up into higher prices ranges as confirmed by the higher median and average sales prices.
What is the real estate market in Hernando County going to be like in 2018?
Inventory of homes for sale in Hernando County is still low. At present, the Hernando County Multiple Listing Services shows only 880 residential properties for sale.
While it is possible, that prices will continue to go up, there will be a point when buyers will not be able or willing to pay these prices.
Many home buyers willing to buy a resale home are not able to find what they are looking for. Some will go elsewhere to buy and some will look for new construction instead.
New home construction has increased in the last two years in Hernando County and you will notice many new homes being built when driving through the neighborhoods in Spring Hill, Weeki Wachee, or Brooksville.
If you are thinking about selling your Hernando County home, please contact me, it would be my pleasure to discuss with you any questions you may have about the real estate market and the home selling process so you can make the best decision for you and your family.
These are general statistics for Hernando County, Florida as a whole as derived from the Hernando County Multiple Listing Service as of 1/10/2018.
If you are interested in more detailed market information about your neighborhood and type of property, please do contact me by phone at 352-584-7441 or email me.
Buying or Selling a Home in Hernando County, Florida?
Please let me help you find your next home or find out how to successfully market your Hernando County home for sale.
I've been serving buyers and sellers in Hernando County, Florida since 2005 and it will be my pleasure to assist you as well.
Please call or text 352-584-7441 for more information!