HOMES SOLD IN November 2008
$100,000.00 and less..........................70
$100,001.00 to $200,000.00................89
$200,001.00 to $300,000.00................10
$300,001.00 to $500,000.00.................2
$500,001.00 plus.................................3
TOTAL SALES FOR THE MONTH...........174
ACTIVE LISTINGS..........................7,015
** Only homes listed & sold on the Ocala Marion county MLS. Does not include For Sale by Owner or Builders not listed on the MLS. Numbers subject to change due to late reports from Brokers.
Sales have remained the same for several months now. We average 200 houses a month in Marion County. Inventory just can't seem to drop below that 7,000 mark and we have around 35 months of inventory. As a result prices have been declining.
It is my opinion that the market is at or near bottom right now. Prices will remain fairly flat for the next 3 to 5 years until all the excess inventory we have in the Ocala area is sold off.
We have experienced a major correction in real estate prices. Historically real estate only goes up 5% on average a year. The recent years of 25% gains are over and will not come back. People's incomes cannot support such inflated housing prices.
Buyers are coming back into the market. People realize that this is a buying opportunity. However buyers are seeking bargains. The MLS is on the internet and buyers know their prices a lot better than most sellers.
Houses are selling every day. Buyers will good credit and a down payment can get loans. Financing has never been lower.
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