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Ocala Real Estate Market Report January 2017

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Market Report
CLOSED SALES 419
MEDIAN SOLD PRICE $141,500
AVERAGE SOLD PRICE $167,426
MEDIAN % ORIGINAL LIST PRICE 95.5 %
MEDIAN TIME TO CONTRACT 50 days
MEDIAN TIME TO SALE 97 days
NEW PENDING SALES 640
NEW LISTINGS 927
ACTIVE LISTINGS 2807
MONTHS SUPPLY OF INVENTORY 5.3 months

Once a month I get these statistics from the MLS. This being January I thought I’d compared January 2017 to 2016. Median Sales Price 2017 $141,000 vs $108,000 2016. Average sold price $167,426 vs $136,243 in 2016. Median time to contract 50 days vs 61 in 2016. Active listings 2807 vs 3184. As you can see we are in a neutral market. The long lasting buyers market of years past is over.

Ocala Real Estate Market Report December 2016

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Market Report
CLOSED SALES 557
MEDIAN SOLD PRICE $139,000
AVERAGE SOLD PRICE $161,609
MEDIAN % ORIGINAL LIST PRICE 95.5 %
MEDIAN TIME TO CONTRACT 48 days
MEDIAN TIME TO SALE 98 days
NEW PENDING SALES 470
NEW LISTINGS 645
ACTIVE LISTINGS 2744
MONTHS SUPPLY OF INVENTORY 5.2 months

As I have said before our market is changing. The buyers market and the days of sellers considering low ball offers is long gone. Comparing even December 2015 to December 2016 you can see the trend in sales. 3417 active listing 2015 and 2744 in 2016. The percent of list price to sale price 92.9 % vs 95.5%. I work mostly in 55+ communities. A few years ago there was a great selection of homes under $100K. It is getting hard to find 55+ home under $100K in decent condition. A 55+ home I sold in 2012 for $59K just sold in the fall for $85K. There are still some good deals out there in retirement homes. There is a nice selection of 2005+ very move in ready homes in the $160K to $250K range for example. I think this is the sweet spot in our 55+ market right now.

Ocala real estate market report November 2016

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CLOSED SALES

CLOSED SALES 441
MEDIAN SOLD PRICE $138,000
AVERAGE SOLD PRICE $166,283
MEDIAN % ORIGINAL LIST PRICE 95.1%
MEDIAN TIME TO CONTRACT 48 days
MEDIAN TIME TO SALE 92 days
NEW PENDING SALES 456
NEW LISTINGS 733
ACTIVE LISTINGS 2691
MONTHS SUPPLY OF INVENTORY 5.1 months

Home sales were down quite a bit for November. Sales tend to fluctuate and I don’t think it is a big deal. The important thing to notice is that prices keep edging up and inventory keeps going down. I think 2017 will be the year that we move from a neutral market to possibly a sellers market later in the year.

Statistics used for this blog post are from the Ocala Marion County MLS and are deemed to be accurate at the time this blog was written but are not guaranteed. All information is time sensitive and subject to change without notice. Home sales are for Marion County only and do not include FSBO, homes sold by builders or by auction that were not  listed on the MLS, commercial properties or vacant land. Residential sales do include farms, mobile homes and condo’s.

Ocala Real Estate Market Report October 2016

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Market Report
CLOSED SALES 500
MEDIAN SOLD PRICE $130,000
AVERAGE SOLD PRICE $153,568
MEDIAN % ORIGINAL LIST PRICE 95.5%
MEDIAN TIME TO CONTRACT 54 days
MEDIAN TIME TO SALE 100 days
NEW PENDING SALES 510
NEW LISTINGS 816
ACTIVE LISTINGS 2645
MONTHS SUPPLY OF INVENTORY 5.1 months

There were 500 sales in October. That isn’t a huge number. It is more average for the past couple of years. This is what is important. The average sold price is going up. The percent of the original list price is 95.5%. The days until a contract is written is only 54 days. The months of inventory is down to 5.1. Our market has changed and we are heading towards a sellers market. As I’ve said before there has been very little new home building here since the crash in 07. It takes a couple of years to launch a new subdivision from the planning to infrastructure to building the first homes. Ocala will probably always have lower home prices than central and south Florida but our prices are going up. If you’d like to get listing for homes in our area please use my Ocala Dream Home Finder.

Ocala Real Estate Market Report September 2016

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Market Report
CLOSED SALES 566
MEDIAN SOLD PRICE $140,000
AVERAGE SOLD PRICE $172,638
MEDIAN % ORIGINAL LIST PRICE 94.5%
MEDIAN TIME TO CONTRACT 59 days
MEDIAN TIME TO SALE 107 days
NEW PENDING SALES 584
NEW LISTINGS 759
ACTIVE LISTINGS 2694
MONTHS SUPPLY OF INVENTORY 5.2 months

The real estate market is changing here in Ocala. If you take a few minutes and look at past market reports you can see that prices are going up, the days on the market are going down and the inventory is going down. On the right hand side of this blog page you’ll see categories and Market reports.

Ocala Real Estate Market Report August 2016

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Market Report
CLOSED SALES 578
MEDIAN SOLD PRICE $135,000
AVERAGE SOLD PRICE $163,103
MEDIAN % ORIGINAL LIST PRICE 95.4%
MEDIAN TIME TO CONTRACT 54 days
MEDIAN TIME TO SALE 103 days
NEW PENDING SALES 652
NEW LISTINGS 909
ACTIVE LISTINGS 2762
MONTHS SUPPLY OF INVENTORY 5.3 months

If you go back and look at past market reports you can see a trend. The average and median sales prices are going up. The % of original list price is going up. Inventory and days on the market are going down. We are in a neutral market right now.

Ocala Real Estate Market Report July 2016

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Market Report
CLOSED SALES 520
MEDIAN SOLD PRICE $141,000
AVERAGE SOLD PRICE $172,585
MEDIAN % ORIGINAL LIST PRICE 95.3 %
MEDIAN TIME TO CONTRACT 59 days
MEDIAN TIME TO SALE 106 days
NEW PENDING SALES 610
NEW LISTINGS 762
ACTIVE LISTINGS 2773
MONTHS SUPPLY OF INVENTORY 5.4 months

Sales in July were down from June but that is to be expected. We don’t have a true off season like the dead of winter up north but things are slower in the summer here. You can see from past market reports that prices are slowly going up and inventory is going down.

Ocala Real Estate Market Report May 2016

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Market Report
CLOSED SALES 612
MEDIAN SOLD PRICE $130,000
AVERAGE SOLD PRICE $159,561
MEDIAN % ORIGINAL LIST PRICE 94.9 %
MEDIAN TIME TO CONTRACT 59 days
MEDIAN TIME TO SALE 95 days
NEW PENDING SALES 720
NEW LISTINGS 764
ACTIVE LISTINGS 2863
MONTHS SUPPLY OF INVENTORY 5.5 months

In May we sold 612 homes. I can’t remember the last time we sold so many homes. June 2015 was close with 606 closings. Looking back at past market reports you can see a trend with closings and prices going up and listings and days on the market going down. At the current rate of sales we are in a neutral market with 5 1/2 months of inventory. Another interesting statistic is that our median home price of $130,000- , although low compared to other states, was up almost 16% compared to June 2016. Another indication of where the market is going. As I have said numerous times in the past there has been very little new construction here since the market crash in 07 and I expect a sellers market as a result.

Ocala Real Estate Market Report April 2016

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Market Report
CLOSED SALES 539
MEDIAN SOLD PRICE $128,900
AVERAGE SOLD PRICE $159,435
MEDIAN % ORIGINAL LIST PRICE 94.8%
MEDIAN TIME TO CONTRACT 55 days
MEDIAN TIME TO SALE 89 days
NEW PENDING SALES 773
NEW LISTINGS 836
ACTIVE LISTINGS 2988
MONTHS SUPPLY OF INVENTORY 5.8 months

Sales volume for April was good and pretty much the same as March which is always a good month. There are a few things that changed from the previous month and I think they illustrate the direction our Ocala real estate market is going. Median time to contract or days on the market dropped from 72 to 55. Pending home sales or homes under contract went from 695 in march to 773 in April. Active listings dropped from 3283 to 2988. What does this mean ?Inventory is going down and homes are selling faster.

Ocala Real Estate Market Report March 2016

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Market Report
CLOSED SALES 542
MEDIAN SOLD PRICE $127,250
AVERAGE SOLD PRICE $166,244
MEDIAN % ORIGINAL LIST PRICE 94%
MEDIAN TIME TO CONTRACT 72 days
MEDIAN TIME TO SALE 117 days
NEW PENDING SALES 695
NEW LISTINGS 1025
ACTIVE LISTINGS 3283
MONTHS SUPPLY OF INVENTORY 6.3 months

I have changed the format of my market reports. Our MLS decided to change the vendor that supplies the software that runs our MLS search. The main difference is that I will no longer divide the sold homes into price ranges. I think there are new and interesting statistics here. The median time to contract shows how long it takes to get an offer accepted. The median time to sale minus the median time to contract shows how long it takes from the contract date to the closing. We now have new pending sales which are the homes that got under contract last month. We also have new listings which show how many new homes entered our market for sale over the past month. One statistic that needs explanation is % of original list price. That is the original list price and not the list price at the time the buyer made an offer. In some cases there could have been a price reduction made before attracting an offer.