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Karen and Ray Levy

Mount Dora, Eustis, Tavares, Lessburg Realtor 352-636-6579 Lakefront

By Ray and Karen Levy | Agent in 32757

Home Prices reach lowest point in Thirteen years!!

Home Prices reach lowest point in thirteen years

On February 15th the Orlando Sentinel reported that prices in the Orlando Market
had sank to their lowest levels since November 1997.

In nearby Lake and Sumter Counties the average selling price of a home dropped nearly $10,000 to $128,445 as compared to December.

If you would like to see the detailed report for the area please click on the link below.

Show me the January Sales and Inventory Report

Comments

By Mark LeMenager,  Wed Feb 16 2011, 13:55
Yes, I read the Sentinel over breakfast this morning. The headline was extremely misleading, as the Sentinel usually is when it comes to real estate stats. The overall median price is totally a function of the mix between bank owned, short, and normal sales. The higher the percentage of bank owned in the mix, the lower the overall average price. As noted in the article, the percentage of distressed properties in the overall mix climbed to a records 75%. I'm supprised the average did not go down more.
By Jeramie Vaine,  Wed Feb 16 2011, 14:04
Flip those stats around, who cares when it was this low. The fact of the matter is that the housing market is extremely affordable and especially here in Orlando! The buyers from out of the country see it, they love the prices in America. They see the big picture, once the American people put down the paper and stop buying into the surplus of foreclosures hype and start taking advantage of the prices our market will turn around and be strong again.

The market can only can go one place from a low and that is up. So don't wait for the media to tell you it is up, because they wont. Find out for yourself, buy something or many things!
By Ray and Karen Levy,  Wed Feb 16 2011, 15:56
Mark,

You make a good point. A large part of that number includes Condos. I feel the condos should be broken out
individually.

Overall, it appears the market is seeking support for the current price-points!
By Ray and Karen Levy,  Wed Feb 16 2011, 16:37
Jeramie,

The recent surge in buyer activity may tell us that your view of the market is gaining popularity.

I feel as though future millionaires are being created in today's real estate market.

If you truly understand "buy low and sell high" your time to make your move is now!
By Allan Erps,  Sat Feb 26 2011, 14:10
Do not live in the area but 1997? This is a positive for Buyers and the glass is half full!
By Phil Rotondo,  Sat Feb 26 2011, 14:14
Thanks for the info...I think :)
By Ray and Karen Levy,  Sat Feb 26 2011, 14:22
We are experiencing a great deal of buyer activity. One offer written and another accepted today.
By Jerry Cibulski,  Sat Feb 26 2011, 18:25
The market stats seem to be hititng bottom in Florida. The best time to buy is the bottom of the market and interest rates are still very low. Never a better time to buy!
By Ray and Karen Levy,  Sat Feb 26 2011, 19:11
Jerry,

Look for low to moderately priced homes to stabilize first. Today's buyer is much more focused on what they need versus what they want.
By Ray and Karen Levy,  Sat Feb 26 2011, 19:19
Phil, Your welcome. The buyers are back and they want a piece of Florida.

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