Central Florida Real Estate Blog

On October 13, 2009, MFRMLS (My Florida Regional MLS) which covers most of the Central Florida Region released the September 2009 Real Estate Sales & Inventory Report for the Lake and Sumter County areas. Unfortunately, the declining trend continues and it looks like we're in store for more of the same.

On a positive note, the number of home sales that closed in September increases by 10.9% to 328. This is also an increase of 28.9% from September 2008. While inventory is being absorbed, there still is over 4,700 homes still on the market. While MFRMLS currently shows a 14.5 month supply of inventory, these numbers are significantly distorted due to the number of pending short sales which will most likely reenter the active inventory, or end up in foreclosure.

The current average list price of a home has declined 3.3% from August to September and is down 17.6% from September '08 to September '09.

In regards to the average sale price of a home in Lake & Sumter County, we saw a decline of 1.7% from August to September. From September '08 to September '09, the decline has been over 15.6%, or approximately 1.3% per month. On a $150,000.00 property, this means your home is losing about $1950.00 per month in value. Also consider the dynamic between Sellers and Buyers during the negotiating process. As of January '09, Buyers were negotiating on average 8% off the asking price. As of September '09, that number had dropped to 6%, most likely meaning Sellers are getting much more realistic about the listing price of their homes.

The number #1 selling price range in Lake & Sumter Counties is in the $140,000-$159,900.00 range making up almost 13% of the yearly sale. Furthermore, the $0.00-$100,00.00 range accounted for 29.46% of the sales, while the $100,000-$160,000.00 range accounted for 37.75%. Collectively, the $0-$160K range makes up over 67% of all sales in the area. This should come as no surprise as first-time homebuyers are still taking advantage of the $8,000.00 tax credit that is due to expire at the end of November 2009.

If you would like a full copy of the Lake & Sumter Counties Sale & Inventory Report, please email joe@rockspringsrealty.net and we will email you a copy at no charge or obligation. 

Rock Springs Realty is a full-service Real Estate Brokerage working with Buyer, Seller, 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 us at the toll free number and we will forward a detailed list with no obligation.

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