April 2014 Citrus County, Florida Real Estate Market Trends

REMAX sign 3Another stunning month in real estate for Citrus County, Inverness, Black Diamond, Citrus Hills, Pine Ridge and Terra Vista during the month of April, with 11.5 % higher closed sales, 15.8% more pending sales, and a rise in the median sales price by 5.7% over last year.  New listings are down by -1.1% and a decrease of inventory of homes for sale by -4.2%, according to the latest, April 2014 housing data released by Florida Realtors®.

Statewide closed sales of existing single-family homes totaled 21,385 in April, up 4.1%.  In Citrus they totaled 261 up 11.5% compared to the year-ago figure, Statewide, new listings for single-family homes increased 9.2 % and in Citrus it decreased -1.1% in April,  According to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.

Meanwhile, pending sales – contracts that are signed but not yet completed or closed – for existing single-family homes last month decreased -1.1% statewide, and in Citrus its up 15.8% over the previous March. The statewide median sales price for single-family existing homes last month was $175,000, up 6.1%, Citrus County goes up with a Median Sales Price of $109,900, 5.7% up from previous year. The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties downwardly distort the median price because they generally sell at a discount relative to traditional homes.

The April 2014 RE/MAX National Housing Report states that, “Low inventory has characterized the housing recovery for several months, but may be finally showing signs of improvement. The number of homes for sale in April inched 1.6% higher than the number seen in March, the first monthly increase since June 2010. At the same time, Closed Transactions and Median Prices both remained 10% higher than last year’s levels. The April RE/MAX National Housing Report, a survey of MLS data from 52 U.S. metropolitan areas, contained signs of a strong housing recovery in regions across the country. Low inventories contribute to a limited growth in sales, preventing some buyers from closing on the home of their choice. But if inventories can rise to a more balanced level, the recovery should strengthen and experience even more home sales. The Months Supply of homes for sale at April’s pace of sales was just 3.6 months, the lowest supply since the RE/MAX National Housing Report began in August 2008. A balanced market is achieved with a Months Supply of 6.

 Average U.S. rates on fixed mortgages rose this week for a second straight week but remained near historic lows. Mortgage buyer Freddie Mac said Thursday the average rate for a 30-year loan increased to 4.20 percent from 4.14 percent last week. The average for the 15-year mortgage jumped to 3.31 percent from 3.23 percent.

The inventory in Citrus County for single-family homes dropped to 7.7-months’ supply in April, -4.2% less than last year; inventory for townhouse-condos was at a 8.4-months’ supply, -21.0% drop over last year according to Florida Realtors.

Overall, the majority of numbers continue to move in the right direction for Citrus County.



For more Citrus County, Florida home selling insights, give The Cunningham Team at RE/MAX Realty One a call anytime to discuss your own real estate plans!

The Cunningham Team at RE/MAX Realty One “Your Nature Coast Real Estate Experts”

Kevin, Karen and Brogan The Cunningham Team


About TeamCitrusRE

The Cunningham Team – “Knows Citrus County” Kevin, Karen and Brogan Cunningham “Change is the common Thread that ties ones life to another by deliberate or accidental means” Because life is about change, you need a team you can trust to carefully orchestrate your most important transitions. When it involves Real Estate, The Cunningham Team shares a wealth of experience, articulate business prowess and personalities that exudes confidence in any situation. The Cunningham Team has established an impressive reputation among their peers and clientele as a knowledgeable resource for anything involving real estate in Citrus County. Also Business people interested in expansion, and or development of new business ventures within Citrus County look to our knowledge and insight as reliable resource for current market conditions. While attaining some of the highest honors given to business leaders in Citrus County, Kevin and Karen never forget that their clients are the key to their success. The extra hours, careful listening and honest evaluations of the marketplace, are a part of the consistently high standard of attention you will receive from the Cunningham’s . As a husband to wife Karen, and father to children, Courtney, Brogan, and Katelyn, Kevin maintains a delicate balance between work, play and community service. Alone, or as a family, Kevin enjoys the staples of Florida Nature Coast living; fishing, scalloping, golfing, and diving. Undoubtedly, you will face transitions in your life – when they involve Real Estate and a place to call home, think of Kevin Cunningham….. Professional stability in a climate of change
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