Citrus County Real Estate
Existing Home Sales Take Off in December while Inventory Continues to Tighten.
Decembers Sales Increased by 36% with 278 units sold compared to November Sales -4.7% with (205 units) sold. While we continue to see a Tightening in Supply to 6.2 Months, down -5% over November’s levels, Citrus County’s Unsold Inventory also continues its tightening in December with 1,495 unsold homes down -2% over last month. As a result of our restricted Inventory Median Sales Prices have started to rise +9% to $105,000 from $96,500 in November. This is a good sign for price stability and consistency returning to our real estate market
Foreclosures sold for an average discount of 61% below Median Sales Price in December. (59% in November) While Short Sales were discounted 14% (23% in November)
Citrus County Homes continue to stay on the market longer 86 Days in December compared to 79 Days in November, but not as long as last year at this time at 91 Days on the market.
This shows us that the Citrus County Real Estate Market is picking up steam, lifting Values upward. Thou, we have to continue to keep an eye on Foreclosure Sale pressure, a factor that could contribute to drive Citrus County home values down.
We contribute much of the positive news to the recent Fannie Mae and Freddie Mac’s New Low Down payment program that helped improve access to credit for responsible Buyers and has boost our sales. The new program mitigates risk using “strong underwriting” that ensures responsible buyers have access to safe and affordable mortgage credit. We will continue to look toward 2015 to see if this program continues to reap benefits.
Overall, December was a Jump Start month for 2015 in Citrus County, with robust single-family home sales we are cautiously optimistic and encouraged that the decline in Inventory will equate to higher home values in the near future.
This latest housing data has been released by the Realtors Association of 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!
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