Ocala Real Estate Market Report November 09

Much to my surprise sales in November at 266 homes were down from previous months. Sales in Marion County in October were 344, September 302 and August 293. I am really surprised by this and I doubt it is any sort of trend. There are 588 houses listed as Pending but of course not all of them will close. It’s important to realize sales are the result of contracts that take 30 to 45 days to close and often more in the case of foreclosures and short sales.

Once again foreclosures at 95 sales and short sales at 25 sales are an important part of our market. It should be no surprise that about half of all foreclosures are concentrated in just a few subdivisions such as The Shores, Marion Oaks, Rolling Hills, Rainbow Park, The Ocala Waterway and Ocala Park. The rest are scattered around in various areas and price ranges.

Buyers if you are trying to figure out if the market is near the bottom consider the following. Interest rates are at historical lows and may even dip below 5%. There is a federal tax credit but you have to get your house under contract by the end of April. Finally, a lot of buyers are interested in the newer foreclosures in Marion County. There is a finite number of newer foreclosed homes and some day the supply will run out. For example there were a lot more large, almost never lived in, foreclosed homes in Rolling Hills 12 months ago than there are today.

Statistics used for this blog post are from the Ocala Marion County MLS and are deemed to be accurate but are not guaranteed at the time this blog was written and are subject to change

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