Residential real estate : Sales, median price both up

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Millennial will have a limited supply of single-family homes to pick from as median home prices continue to rise and supplies of homes continue to be tight.

Realtors sold 609 single-family homes during March, the third greatest number during the past 12 months and highest since August, according to the Ocala/Marion County Association of Realtors. The data does not include homes sold by owners.

The number of closings during March was 12.4 percent higher than during March 2016 and up from February, when only 438 Realtor sales were recorded.

Along with more homes sold, the median sales price also rose to $142,000, up 11.6 percent from March 2016 and the highest since at least 2013. The year-over-year percent increase for the past 12 months has been in the double digits, with the greatest leap in January, when the median sales price increased 31 percent compared to the year before.

“I think we have healthy growth right now,” said Vicky Morrison, vice president of the Ocala/Marion County Association of Realtors. “And it’s growing steady and the prices are getting back to a normal market.”

Morrison is also the broker and owner of Bricks and Mortar Real Estate and Development.

Also reflective of a healthy market is the sales price in comparison to the original asking price. The median sales price for March was 96.2 percent of the original asking price. That was a 2.3 percentage points better than the same month in 2016. The 96.2 percent was the highest percent of the asking price since at least January 2013.

This is a good indicator of the recovering market, as buyers realize the market is starting to favor the seller.

Some of what’s driving the market could be more people moving to Marion County, Morrison said. She thinks new businesses setting up distribution centers here, such as Auto Zone and Fed Ex, are having an impact.

“Now we’re seeing a reflection in the housing market,” she said.

As sales numbers increase, the inventory of existing homes for sale is not keeping up with the demand. The inventory of active listings during March was 2,730 homes, a drop of 16.8 percent compared to March 2016. The consecutive year-over-year drop in inventory has been in the double digits since September 2016.

 

For More Information:- Fred Hiers

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