Is the Worst Behind Us?
Based on the declining amount of inventory, Marion County may be near the bottom for real estate values. Values have continued to decline, although at the slowest rate since 2007. Meanwhile inventory levels have been reduced substantially. In 2011, the Marion County Multiple Listing Service (OMCAR) saw more than 4,300 single-family homes sold. This is the highest number since 2006, when more than 4,700 homes were sold. At the end of 2008, Marion County had a 26 month supply of single-family inventory, compared to an 18 month supply at the end of 2009, a 13 month supply at the end of 2010 and a 9 month supply at the end of last year. Absorption rates have increased from 215 per month in 2008, to 268 in 2009, 333 in 2010 and 361 last year.
Several areas are noted to be under-supplied at present, including Marion Oaks, Silver Springs Shores and the 34479 zip code in NE Ocala. Marion Oaks currently has less than a four month supply while Silver Springs Shores has slightly more than a three month supply. At the end of 2011, Silver Springs Shores and Marion Oaks accounted for 8% of the available inventory recorded in the OMCAR database. 21% of all residential properties sold in 2011 through OMCAR were located in these two subdivisions as well.
Of all of the data analyzed, the reduction in distress properties (foreclosure and short sales) seemed to stand out the most. Distress sales accounted for 39% of all sales countywide in 2009, 51% in 2010 and 47% in 2011. At the end of 2011, only 21% of all active listings were marketed as distress properties.
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 the first of several year-end reports we will post on the website over the next several weeks. Commercial real estate and farm 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 Marion 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.
Best to all in 2012,
Michael G. White
Ocala Valuation Services, Inc.
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