Central Florida Real Estate Blog

On October 11, 2010, the My Florida Regional Multiple Listing Service (http://www.mfrmls.com)  which covers most of the Central Florida area released the September 2010 Real Estate Sales & Inventory Report for the Lake and Sumter County region. Home values have trended up slightly, but are still below the average sale price range from the first of the year. All-in-all, 2010 is flip-flopping up & down with the monthly average sales price floating between $131k to $149K.   

The number of home sales that closed in September decreased by 13.4% to 283. This is also a decrease of 16% from September 2009. While inventory is being absorbed, there still is almost 4,700 active homes for sale in the marketplace. While MFRMLS is currently reporting a 16.6 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.

On a positive note, the current average list price of a home has increased by 3.6% from August to September and virtually unchanged from September '09 to September '10.

In regards to the average sale price, we saw a modest increase of 3.4% from August to September. From September '09 to September '10, the decline was only 1.4% and may be flattening out. To illustrate the increase, on a $150,000.00 property from August'10 to September'10, your home increased on average about $5,100.00 in value. 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 September '10, that number has increased to 7%, indicating Buyers still have the upper hand in the negotiation process. If you are currently a Seller in this market, pricing your home close to market value will show Buyers & their Agents you are serious, realistic, and ready to sell. 

The number #1 selling price category in Lake & Sumter Counties is the $120,000-$139,999 range and accounting for 13.10% of the yearly sale. Furthermore, the $0.00-$99,999 range accounted for 35.36% of sales, while the $100,000-$159,999 range accounted for 35.29%. Additionally, the $160,000-$200,000 range accounted for another 12.09% of sales. Collectively the $0-$200K range makes up 82.74% of all sales in the area. 

According to DSNews (Default Servicing News - http://www.dsnews.com), Florida is still currently ranked #1 in the country for foreclosure and distressed properties. As of June 2010, the last reporting cycle, the foreclosure rate currently stands at 11% 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 Lake & Sumter market. To receive a full copy of the Sale & Inventory Report, please email joe@rockspringsrealty.net and I will forward 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 welcomes 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 and I will forward you a detailed list within 24 hours.

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