Central Florida Real Estate Blog

On September 10, 2010, the My Florida Regional Multiple Listing Service (http://www.mfrmls.com)  which covers most of the Central Florida area released the August 2010 Real Estate Sales & Inventory Report for the Lake and Sumter County region. Unfortunately, the declining trend continues and it looks like we're in store for more of the same for the near future.

Lets start on a positive note...the number of home sales that closed in August increased by 11.3% to 326. This is also an increase of 9.8% from August 2009. While inventory is being absorbed, there still is almost 4,700 active homes for sale on the market. While MFRMLS is currently reporting a 14.4 month supply of inventory, these numbers are significantly distorted due to the number of pending short sales which will most likely re enter the active inventory, or end up in foreclosure.

The current average list price of a home has declined again by 3.9% from July to August and is down 9.8% from August '09 to August '10.

In regards to the average sale price of a home in Lake & Sumter County, we saw a significant decline of 4.4% from July to August. From August '09 to August '10, the decline has been 6.4%, or approximately 1/2% per month. On a $150,000.00 property, this means from July'10 to August'10 your home lost about $6600.00 in value. Not very encouraging! Also consider the dynamic between Sellers and Buyers during the negotiating process. As of January '10, Buyers were negotiating on average 6% off the asking price. As of August '10, that number has increased to 7%, indicating Buyers still have the upper hand in the negotiation process. If you are a Seller in this market, pricing your home closer to market value will show Buyers and their Agents you are serious, realistic, and ready to sell. 

The number #1 selling price range in Lake & Sumter Counties is in the $100,000-$119,999.00 range and accounting for 13.07% of the yearly sale. Furthermore, the $0.00-$99,999.00 range accounted for 35.39% of the sales, while the $100,000-$159,999.00 range accounted for 35.61%. Collectively, the $0-$160K range makes up 71% of all sales in the area. 

According to DSNews (Default Servicing News - http://www.dsnews.com), Florida currently ranks #1 in the country for foreclosure and distressed properties. As of May 2010, the last reporting cycle, the foreclosure rate currently stands at 11.3% with an REO (bank owned foreclosures) rate of 1.2%.

If you currently are a potential Buyer or Investor, there are tremendous opportunities in the marketplace. To receive a full copy of the Lake & Sumter Counties Sale & Inventory Report, please email joe@rockspringsrealty.net and I will email you a copy at no charge or obligation. 

Rock Springs Realty is a full-service Real Estate Brokerage working with Buyers, Sellers, and Investors throughout the Central Florida Area. We cover all areas of Lake, Sumter, Orange, Seminole, Osceola, and Volusia Counties. Our sales staff has extensive experience in the REO (Bank Owned Foreclosures) sector and welcome the opportunity to discuss your real estate needs. You can reach us toll free at (877) 333-2811 or on the web at www.rockspringsrealty.net

P.S. - If you would like a free list of bank-owned foreclosure properties in your area, please contact me at the toll free number above and I will forward a detailed list within 24 hours.

Best Regards,
Joe Bornstein, Broker/Owner
Rock Springs Realty, LLC
3780 Rochelle Lane
Apopka, FL 32712