Ocala Real Estate Market Report October 2009

Sales in October were 337 homes, September was 300 homes, August 294 homes, July came in at 282 homes and June at 329. Total listings remain around 5,500 homes. About 14 homes sell every business day in Marion County.

Sellers sales are still being driven by bargain hunters. As you can see most homes sell for less than $200,000 and the majority sell below $100,000. There were 31 short sales and 137 foreclosure sales in October. That accounts for 50% of all sold homes. The Ocala area has a 13.5% unemployment rate. It will be 10 years before the market returns to the prices we saw in 2005-07. Waiting for the market to recover is not an option.

Buyers prices aren’t going much lower. We are already rolled back to about 2004. Interest rates are at historical lows and given the federal deficit and the weak dollar interest rates have to go up soon. There is still a great selection but if you’re looking for one of those newer foreclosures there are a finite number and they will run out sooner or later.

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