Hernando County Market Update: June 2007

Hernando County Market Snapshot: June 2007

HOMES:

Homes on Market: 4278

Sold June 2007: 162 Range: $20,000-$485,000

Average Sales Price: $174,060 Median Sales Price: $157,950

Average Days on Market: 134

Currently under Contract: 274

In May, total number homes sold slightly decreased over April while average and median sales both declined. As a silver lining, the average days on market decreased by almost 30%, likely as an indication that decreased priced are producing a shorter time from listing to finalized sale.

VACANT LAND:

On Market: 3537

Sold June2007: 29 Range: $13,500-$680,000

Average Sales Price: $109,828 Median Sales Price: $45,900

Average Days on Market: 158

Currently under Contract: 52

Sales of existing homes declined in June in total numbers sold. At first glance, it also appears that achieved sales prices are lower as both the lowest and highest sales prices are lower than the range achieved in May of this year. However, upon closer examination of the average and median sales prices this assumption does not hold as both average and median sales prices actually increased slightly.

As expected, sales of vacant land remained stagnant with just a slight increase in total sales. However, while low and high sales prices for homes decreased, the sales price range for vacant land increased mainly due to sales of commercially zoned properties and large acreage thus also increasing the average and median sales prices.

Data obtained from Hernando County MLS as of July 1, 2007 and believed accurate but not guaranteed.

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