The real estate numbers for zip code 34787 known as Winter Garden and Oakland show prices becoming more realistic in the past 12 months.
As of the end of February 2009, there’s still 23.3 months of inventory on the market which is a disappointment because the number has been dropping for a while. As we all know, one of the main obstacles for recovery in the market is the supply and it’s going the wrong direction at the moment.
The pace of sales has also been slowing and the number of sales are down 14.7% as compared to same time 12 months ago. The number of homes under contract are up significantly, but I believe they’re mostly short sales that stay pending for quite a few months.
The good news is that prices are becoming more realistic in the area. The average price per square foot has dropped 25.8% in the past 12 months and currently stands at $93 per foot. The average price of homes sold dropped from $269,000 to $182,000 which represents a decline of 21.2%.
Another bit of good news is that homes are selling more quickly. The average days on market dropped 49% and currently stands at 75 days.
There’s not a lot of good news here as I had hoped, but prices are becoming more realistic.