Marion County Florida Real Estate Market Quarterly Update
Due to the market fluctuations that we have recently encountered, casual conversation with the general public usually goes something like this. “So you’re a realtor, how’s the market really doing”. Follow by “The media says…”, or “I looked on Zillow the other day…” Tough question to wrap up in one tight little package answer. All that we can do is present the facts. Below we have given you a snap shot of what we like to refer to as a whirlwind first quarter.
First Quarter 2014 First Quarter 2013 First quarter 2010
Average number sold 528 447 343
Average List price $124,378 $121,583 $128,221
Average sold price $116,612 $113,359 $117,235
% difference Sale/List 136 147 219
Homes are selling and as you can see close to asking price. Looking at the big picture this is good. With bank owned home prices going up, and the decline of short sales due to the lack of cooperation from the lien holders, what we call normal sale prices should go up proportionally. Private property appraisers will tell you, they can only use comparable sales, regardless of where they come from. The only thing that makes your home worth the money that you need out of it, is for the appraiser’s to have sales to compare it to.
Other factors for home prices increases are supply and demand. Our inventory for quality listings is becoming slim. We are starting to see multiple offers on homes and in a lot of cases homes are only on the market a matter of days before the offers start hitting the email and fax machines. For all of you home owners that have endured the equity drought, in our opinion, it is slowly but steadily coming to a halt. For the home investors, now may be the time to get what you can while they are still out there. The days of the $50,000 to $60,000 fixer uppers are once more fading into the sunset.
As usual we hope that we have helped to keep you informed about the real estate market in Marion County. If you have any questions about the value of your home, or you just want to know if the latest rumor is true, we would love to hear from you, gives us a call, Rhonda 352-266-2637 or David 352-812-0127. Have an awesome second quarter, David and Rhonda.