CURRENT LOCAL CITRUS COUNTY MARKET SNAPSHOT
These are the latest local statistics concerning the real estate market in Citrus County for December 2011. The statistics reflect the last month’s activity only in Citrus County. National statistics are interesting, but are as useful as a national weather report.
Category December November Change Last 6 months___
Residential Inventory 2125 2195 -70 Decline
Residential Sales/Month 185 175 +10 Increase
Months of Inventory 11.49 12.54 -1.05 Decline
Single Family Home Price $108,772 $116,990 -$8,218 Decline
30 Yr Fixed Rate 3.95% 3.98% -.03 Decline
Vacant Land Inventory 1758 1820 -62 Decline
Terms: Residential includes Homes, Condos and Mobile Homes. Sources of information may vary and are deemed reliable but not guaranteed. Average sales price is for single family homes only, excludes condos and mobiles.
Overall: All indicators except the Single Family Home Price moved in the correct direction.
Comments: Looking back at December of 2010 all the indicators show that the market is correcting at a good pace. The last indicator to swing in a positive direction is the sales price. Year over Year: Inventory is down 16%; Residential sales are up 8%; Months of inventory decreased 21%; 30yr mortgage rate fell 19%. Yet the Single Family Home Price fell 9% in 2011.
Outlook: Strong December sales foreshadow increased sales in 2012. We have all had enough of the protracted “recovery” that never seems to actually recover. Expect more of the same in 2012. The foundations of the Citrus real estate market are firming up. Home prices will only improve on a solid foundation. The lot market is far from having any firm foundation. The demand for building lots is low and the supply is great.
