Ocala real estate market report for April 2010
Ocala home sales in April, with 382 sales were pretty similar to March.That comes out to about 19 sales every business day. Although 45% of sales were foreclosures the other 55% were traditional sales by motivated sellers.
Comparing the 1st quarter of 2010 to the 1st quarter of 09, the Ocala area median home price fell 14.5%. This was the 2nd largest drop in the country exceeded by only Orlando.
Now I think in some ways these statistics are a little deceiving because they show what is selling and not what you get for your money. The median home prices in Ocala are being brought down by a lot of sub $50,000- home sales. A lot of these houses are selling to investors mostly for cash. More importantly these sub $50K sales need work and often a lot of work. They also suffer from functional obsolescence, a real estate term that means out dated in a way that’s either impossible or very expensive to correct. These are often 2 bedroom homes, small square footage, maybe only 1 full bath and not CBS construction. Also included in the sub $50K category are older mobile homes. In total there were 63 sub $50K sales in April or about 16%.
This is not to say that there aren’t great deals here in the Ocala area. In fact I think we have the best homes prices in Florida. It’s just my job to add perspective.
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