The 2008 statistics for the real estate market for the 32836 zip code in Dr. Phillips show some signs of improvement, but the acceleration in price declines do cause some concern about the market here. This area has always been a popular because of communities like Phillips Landing, Cypress Point, Turtle Creek, Bristol Park, Brentwood Club, Vizcaya, Bay Lakes at Granada, Sand Lake Point, Emerald Forest, Diamond Cove, etc., yet the number do not reflect an area that’s in high demand.
The good news is that the inventory of homes on the market currently stands at 15.6 months which represents a drop of 20.4% in the past 12 months and 39.1% in the past 15 months.
The median price has dropped from $456,000 a year ago to $350,000 as of December 2008. The ever popular average price per square foot statistic currently stands at $137 per foot which represents a decline of 26.3% in the past year. That means prices are becoming more realistic and a sign that we’re getting closer to stabilization.
The bad news is that we’re not out of the woods yet. Prices are continuing to fall and there’s no end in sight for the near term. I mean the average price for a home in this zip code is $867,000 but the average price of a home sold is $350,000. That tells me that the more reasonably priced communities like Emerald Forest, Diamond Cove, and Sand Lake Point are faring much better than Vizcaya, Phillips Landing, or Turtle Creek.
This area is always going to do well, but it’s not looking good for the near term.