The Ocala Real Estate Market
Regardless if you’re a buyer, seller, investor, or just a real estate junky the first question is usually about how the real estate market is doing.
What you need to know
There are many metrics to look at when evaluating a market however we will examine 3 metrics of data that are extremely important:
- Amount of sales, new listings, pending listings & active inventory
- Median days on market
- Median sales price
Measuring the current inventory in relation to sales is arguably the most important indicator to the actual health of the market. Seeing real estate cycles move much slower than the financial markets it is best to start comparing data within a 12-month timeframe.
- Number of sales increased nearly 5% since a year ago
- Majority of homes are selling between $100k – $160k
- The $500k+ market had the largest gain of a 96% increase in difference
- Amount of pending listings increased nearly 13% since a year ago
- Majority of homes are pending between $100k – $160k
- The $500k+ market had the largest gain of a 154% increase in difference (61 homes in contract now vs 24 a year ago)
- Amount of active listings increased nearly 3% since a year ago.
- Majority of active inventory are homes between $100k – $160k
- A 9.4% increase in inventory of homes at $500k+. Sellers are more encouraged to list their homes for sale seeing the amount of sales that have jumped in this price range.
- ** A special note ** –> The difference in annual active inventory at 2.8% compared to number of sales at 4.9% means the market is absorbing inventory well. In other words it’s about 2 houses sold per active home. As you can see inventory in certain price ranges are absorbing faster than others.
- Amount of new listings increased nearly 4.2% since a year ago.
- Majority of new listings are homes between $120k – $140k
- A 35.8% increase in new listings at $500k+. Sellers are more encouraged to list their homes for sale seeing the amount of sales that have jumped in this price range (remember current pending sales at $500k+ have increased 154%).
- ** A special note ** –> The difference in pending sales at 12.8% compared to number of new listings at 4.2% means the market is absorbing inventory extremely well. In other words it’s about 3 new homes under contract per house listed.
Median Sales Price
- We generally favor median vs average as it’s the number that occurs the most.
- The median sales price for 2018 is $141,250 which is an 11% annual increase
Median Days On Market
- The median days on market for 2018 is 92 days compared to 86 in 2017
- The real estate market in Ocala is very much a sellers market. Inventory is being absorbed very well. Homes between $120k – $160k are the sweet spot for Ocala as most homes listed & sold fall into that range.
- The $500k+ market is doing very well. The increase in the amount of sales have exploded compared to last year however the range above $500k is vast.
- Seeing the pace of the market from this report, if you have been thinking of selling your home we highly encourage you to do so in the immediate future. A seller who takes advantage of a hot market and partners with an expert has a vastly better chance for selling their home for top dollar in the shortest amount of time possible.
- Buyers need to be prepared in sellers markets. You’ll want to be offer ready so it’s important to go through your finances & timeline before hand. Bidding wars can happen and negotiability is tightened
- Buyers should always keep in mind where interest rates are if financing. Interest rates affect your buying power and ultimately the cost you’ll pay for the home over time. Purchasing in a sellers market with low interest rates are still an attractive option when financing.