The market continues to be in a holding pattern. At the end of March there were some 191 homes listed for sale in Solivita in the MLS. (It does not include ‘For Sale By Owner’ properties.) The inventory of homes for the first time in well over a year has dipped below the 200 level, a positive sign.

Shown below is a graph of the number of homes sold each month for the last 12 months, and a table that provides comparisons for the number of homes sold, the median sales price (the price at which half sold for less and half for more), and days on market (DOM) for the year ending in March, 2009 and the previous year.

The number of homes sold in March, 2009 is identical to the number of last year’s March sales. But the sales trend for the last 12 months is slightly negative with an average of eight sales per month.

The jury is still out whether the market has reached bottom, because the median sales price has declined approximately 20% year-over-year. And last month’s sales rate translates into a 24 month inventory based on an inventory of 191 homes currently on the market and an average sales rate of eight per month over the past year. When this number comes down to a more normal level (approximately a six month’s supply), we can expect to see prices to rise again.

Annual Trend

The tables below depict the number of homes sold during the past month and currently pending. Several of my readers have asked to have the model of the home included in the tables. Most often that information is not provided in the Multiple Listing Service. But the area under A/C is, so this information (SqFt) should be used for comparison purposes.

The number of pending contracts waiting to be closed continues at a healthy level.

The median sales price for the preceding 12 months is down about 20% from the previous year. Some of this drop is due to falling prices and some to the fact that the proportion of smaller homes among total sales is increasing. Home sales have been increasing and prices have been dropping in general in Osceola county, but the Osceola board of realtors revealed that about 70% of the sales are either short sales or foreclosures, which accounts for most of the price drop. As long as we have that huge a volume of foreclosures we cannot expect to see a big turn-around in prices. Hopefully, the actions of the new administration will help effect that turn-around.

Homes Sold During Past Month

Currently Pending Sales

Information obtained from Mid-Florida MLS Is Deemed Reliable But Not Guaranteed

Tony Uythoven, Realtor^®
Watson Realty Corp.
Phone (407) 729-5761
Website http://www.TonyUythoven.com
E-mail Tony@TonyUythoven.com