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Citrus County Real Estate
August Sales rose 16.4% over the same time last year. While Citrus County housing inventory continues to tighten, we are not seeing price stability or consistency as a result, with August Median Sales Prices dropping an astonishing 12.5% ($103,250). This as our Inventory continues to tighten (-6.0%) in August, we should see Values climbing but Foreclosure Sale pressure +34.7% continues to drive Citrus County home values down. Another indicator of improving home values is our Month’s Supply of Existing Homes and Citrus County’s supply of existing homes for sale has been dropping for the past 8 months. For August we are down to 6.8 Months of Inventory a whopping -21.2% decrease from last August, it’s only a matter of time before this factor over shadows our foreclosures and we see values climb. Closed Sales of single-family homes countywide totaled 248 last month, up an impressive 16.4% over August 2013 figures.
The only negative in the August market report has to be the decline -12.5% in the Median Sales Price, but it is the only negative in what is a steadily improving market.
The State of Florida marked the 33rd month in a row of steady year-over-year Median Sales Price increases, with a 2.9% ($180,000) increase in August as compared to Citrus County’s posted Median Sales Price decrease of 12.5% ($103,250) over last year at this time.
Florida Housing Inventory for August stands at 5.5 Months, up 8.0% year-over-year, as compared to
Citrus County Housing Inventory for August which stands at 6.8 Months, down -21.2% year-over-year.
Overall, August was a very strong month in Citrus County, with higher single-family home sales and we continue to be encouraged by the decline in Inventory. This is a positive factor for homeowners waiting to gain Value back into their Homestead.
This latest housing data has been released by the Realtors Association of Citrus County.
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