Is the Worst Over?
Prices in Hernando County declined further in 2011 however there is reason to believe that the worst for the housing market may be behind us. Inventory levels continue to decline, and prices, while still declining, are showing some signs of moderating. At current absorption rates Hernando County has a 7.4 month supply of available inventory, which is a slightly over-supplied market. The 2,583 sales recorded last year through the Hernando County Association of Realtor’s Website was the highest total since 2006.
Royal Highlands, the poster child for real estate speculation and over-building, has now swung from vastly over-supplied to slightly more than a four month supply of inventory at the end of 2011. While it may not be time to start building more homes in this subdivision, the dwindling supply points to market stability in the near future.
Countywide residential properties declined by 7% in average sales price and 12% in median sales price. This is less than ½ of the declines noted in 2008.
If you would like to receive custom reports, please let us know as not all readily available data goes into this report. In addition, the quarterly and end of year reports are frequently adapted to individual requests. We do not copyright this information so feel free to distribute the data as you wish. This is one of several year-end reports we have posted on the website. Commercial real estate data should be posted soon, along with several adjoining counties.
If you have a group or organization that would like a presentation based on the Hernando County Real Estate Market Trends please let us know. Schedule permitting, we will gladly provide an in-person presentation with key visuals, followed by a question and answer session.
If you wish to be added to a subscriber list for additional reports please e-mail us at markettrends@ocalaappraisals.com or use the form below.
Best to all in 2012,
Michael G. White
Ocala Valuation Services, Inc.
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