The real estate market in zip code 34747 commonly known as Celebration, FL seems to be mirroring the trends throughout Central Florida with the number of sales steadily increasing. In fact, the number of sales in Celebration has increased for 5 straight month and 20 more sales took place than this time last year.
The average price per square foot currently stands at $189 and it’s 4% less than the same period in 2007. This stat seems to be all over the board probably because of the wide varieties of properties here. The general trend is a price decline which is needed to improve the market.
The decline of inventory is another needed event for improvement and it does seem to be heading that way. Currently, the inventory of homes on the market stands at 23.1 months of supply. It sounds like a lot but it’s a heck of a lot better than 53.3 months of supply in January 2008. I’d say that’s a heck of an improvement.
The $416,000 average sale price also needs to get a little closer to the $539,000 average price of a home for sale. Sellers here need to get a little more realistic on pricing. It’s probably the reason the average days on market is 155 days. Sellers are coming off their asking price an average of 8%. It’s just another indicator that homes are still priced too high.
Things are definitely on an upward trend in Celebration. Let’s hope this trend continues throughout 2008.