December 2008 turned out to be an "average" month with a total of 76 residential sales in Highlands County. The county average for the year of 2008 was 77.33. We have seen a decline in foreclosures filed for 3 consecutive months now. October saw 155 filings, November 117 and December is down to 108 filings. With 123 DOM we have a relatively low number of days a home spends on the market. The last time we saw DOM that low was in August 2006 when DOM started to increase. Coincidently (or not) home prices for Highlands County were at their highest in the summer of 2006. The bulk of sales still occurs in the lower price ranges and the overwhelming majority of buyers are going for the bargains for under $100,000. Statistically, sale prices are now back to 2004 levels when the average DOM was 110 with 121 sales per month. Currently, it will take 25 months to sell every home on the market at the current rate if no new listings enter the market. Sellers that wish to overprice for whatever reason should get in line and be prepared to wait. Bargains and well priced homes sell first.
Greetings,
Andrea Mills, who's is now working on the End of the Year Market Update!
www.millsrealestate.net
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