Hernando County Real Estate Market Report: October 2009

Hernando County Real Estate Market Report: October 2009

Inventory of Homes for Sale in Hernando County has again decreased over the previous month and closed transactions increased over September.

There were several sales moving into the higher prices ranges including a 41 acre ranch with a 4 bedrooms, 4 baths pool home plus all the out buildings one might expect on a ranch. This property sold for the highest price of $950,000 and also represents one of the highest priced sales in recent months in the county.

Several other sales in the $300,000 to $400,000 price ranges helped to bring up the average sales price for October over last month. However, the real story here is once again the median price level which despite these trophy sales increased by less than a $1000 - an indication that most sales are taking place in the lower ranges.

The number of homes under contract, either with contingency or pending contracts, decreased by 10 properties over last month. Once again, both median and average prices have decreased.

Active Home Listings: 2211

Sold October 2009: 198

Price Range: $20,000 - $950,000

Median: $105,650

Average: $121,948

Average Days on Market: 126

Of the homes sold in October 2009, 27 were short sales and 50 were REO or bank-owned properties, and the remaining 121 sales were "regular" market sales.

Homes currently under Contract: 548

Of the homes currently under contract, 213 are with contingency contracts and 335 are pending.

Of the total homes under contract, 231 are short sales, 102 are foreclosure properties, and 215 are market sales.

Data derived from Hernando County MLS as of 11/9/09, believed to be accurate but not guaranteed.