The real estate market for 2008 in the zip code 34761 commonly known as the city of Ocoee looks to be coming into a balance with the average price of homes sold which stands at $277,000 and average price of homes for sale currently standing at $280,000 nearly identical. Sellers are becoming realistic about expectations on price here.
The average price per square foot has dropped to $117 per foot from $144 per foot a year ago showing a distinct trend towards a more realistic pricing.
Sellers have been getting 95% of their asking price so I expect the average price figure to come down in the coming months. No one likes to see their home’s value come down but it is needed to return to a balanced market.
One area of concern for the area is the average days on market currently stands at 146 days which is a bit on the lengthy side, but the 18.3 months of home inventory is better than most of Central Florida.
The trend in the Ocoee real estate market is a steady march towards a balanced market. It’s not there yet, but well on its way.