The real estate market statistics for zip code 34711 commonly known as Clermont, FL mirror that of its neighbor Orlando. Both markets have about 17 months of inventory with declining prices and lower number of sales throughout 2007. Average price per square foot has dropped from $159 per foot twelve months ago to $141 per square foot. Properties are also staying on the market longer with average days on market climbing from 59 days twelve months ago to 133 days. As a result, home sellers have been taking offers much lower than the asking price. Twelve months ago properties in Clermont were getting 98% of the asking price but now the average has dropped to only 94% of the asking price. The average sales price has dropped 13% for the same period.
The recent tightening of mortgage companies will reduce the number of buyers in the remaining days of 2007 and we should see a continuation of this decline for the rest of the year.
For a graphical look at these statistics, please click on the thumbnails below.