marion county real estate market trends 2012 q1 a

Marion County Real Estate Market Trends

Ocala Valuation Services Phone (352) 425-0354 Toll Free Fax (866) 294-6383

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What a Difference a Year Makes

Values in most markets in Marion County have made a significant turn-around in the past twelve months. Over this same time frame inventory levels have dropped, and several markets are now under-supplied. Countywide, inventory levels have declined from approximately 4,300 listings at the end of March 2011 to 3,100 at the same time period this year. Values have followed suit, increasing 5% based on the average sale price and 9% based on median price. Contrast these increases with an 11% decline in 2011 for average price and 20% in median price. A few of the notable changes are detailed below:

Area Year Average $ Median $

County 2011 -11% -20%

County 2012 +5% +9%

Belleview 2011 -19% -20%

Belleview 2012 +12% +7%

Dunnellon (34431) 2011 -33% -41%

Dunnellon (34431) 2012 +35% +31%

Dunnellon (34432) 2011 -11% -14%

Dunnellon (34432) 2012 +21% +3%

Silver Springs Shores 2011 -29% -29%

Silver Springs Shores 2012 +15% +18%

Gated Communities 2011 -3% -14%

Gated Communities 2012 +1% +7%



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Predicting a direction in real estate is difficult at best, however given the declines in inventory of the past few years, it is not unreasonable to believe that the market correction is over. While some sub-markets will no doubt continue to decline, as a whole the county should see stabilization moving forward. Marion County currently has slightly more than a nine month supply of single-family inventory, compared to 26 months at the end of 2008. Monthly sales have increased over this same period from 215 to 340.

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Table of Contents

Marion County 3 Marion County Month by Month 4 Belleview (34420 Zip Code) 5 Dunnellon (34431 Zip Code) 6 Dunnellon (34432 Zip Code) 7 Ocala (34470 Zip Code) 8 Ocala (34471 Zip Code) 9 Ocala (34474 Zip Code) 10 Ocala (34475 Zip Code) 11 Ocala (34476 Zip Code) 12 Ocala (34479 Zip Code) 13 Ocala (34480 Zip Code) 14 Ocala (34481 Zip Code) 15 Ocala (34482 Zip Code) 16 Ocklawaha (332179 Zip Code) 17 Silver Springs (34488 Zip Code) 18 Summerfield (34491 Zip Code) 19 Marion Oaks 20 Silver Springs Shores 21 Gated Communities 22 On Top of the World 23 Farms 24 Manufactured Housing 25 Footnotes 26



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Entire County

Q1 Sales Average Sales ($) Change Median Sales ($) Change DOM 2007 994 186,555 -1% 161,200 +1% 140 2008 587 182,747 -2% 130,000 -19% 169 2009 537 126,098 -31% 100,000 -23% 167 2010 908 103,470 -18% 85,000 -15% 159 2011 1,058 91,975 -11% 68,000 -20% 161 2012 1,019 96,641 +5% 74,395 +9% 163

Active 3,107 N/A N/A N/A N/A N/A

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Belleview (34420 Zip Code)

Q1 Sales Average Sales ($) Change Median Sales ($) Change DOM 2007 47 167,551 +16% 142,000 +12% 136 2008 18 129,017 -23% 125,450 -12% 221 2009 22 96,403 -25% 91,825 -27% 159 2010 45 81,759 -15% 70,000 -24% 165 2011 46 65,849 -19% 56,250 -20% 153 2012 43 73,916 +12% 60,000 +7% 114

Active 114 N/A N/A N/A N/A N/A

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Dunnellon (34431 Zip Code)

Q1 Sales Average Sales ($) Change Median Sales ($) Change DOM 2007 19 161,011 -4% 150,000 +67% 127 2008 4 104,000 -35% 100,500 -33% 198 2009 10 91,120 -12% 82,750 -18% 169 2010 9 98,356 +8% 92,500 +12% 158 2011 34 65,603 -33% 55,000 -41% 152 2012 19 86,957 +35% 72,000 +31% 113


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Dunnellon (34432 Zip Code)

Q1 Sales Average Sales ($) Change Median Sales ($) Change DOM 2007 32 190,064 -4% 158,500 0% 123 2008 18 136,950 -28% 127,500 -20% 169 2009 17 106,097 -23% 103,500 -19% 157 2010 17 106,685 +1% 106,700 +3% 153 2011 41 95,349 -11% 91,800 -14% 165 2012 46 115,211 +21% 94,500 +3% 197


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Ocala (34470 Zip Code)

Q1 Sales Average Sales ($) Change Median Sales ($) Change DOM 2007 50 142,740 0% 130,200 -10% 130 2008 36 109,606 -23% 89,000 -32% 127 2009 37 95,900 -13% 80,000 -10% 154 2010 45 83,866 -13% 70,000 -13% 174 2011 56 72,106 -14% 59,150 -16% 165 2012 48 67,360 -7% 51,000 -14% 134


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Q1 Sales Average Sales ($) Change Median Sales ($) Change DOM 2007 82 204,359 +6% 170,000 -19% 135 2008 34 233,254 +14% 189,344 +11% 160 2009 30 142,180 -39% 122,400 -35% 148 2010 53 173,576 +22% 143,200 +17% 151 2011 71 153,126 -12% 100,000 -30% 164 2012 53 137,065 -10% 120,000 +20% 145


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Q1 Sales Average Sales ($) Change Median Sales ($) Change DOM 2007 55 196,665 -14% 180,000 +9% 135 2008 18 166,249 -15% 155,645 -14% 160 2009 20 133,361 -20% 149,950 -4% 148 2010 24 179,221 34% 145,000 -3% 151 2011 50 144,439 -19% 109,950 -24% 220 2012 36 96,592 -33% 80,250 -27% 148


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Q1 Sales Average Sales ($) Change Median Sales ($) Change DOM 2007 16 124,947 -40% 123,200 -9% 160 2008 11 120,000 -4% 121,000 -2% 182 2009 9 95,767 -20% 57,500 -52% 110 2010 6 95,968 0% 42,000 -27% 230 2011 16 55,816 -42% 31,000 -26% 122 2012 19 36,441 -35% 30,000 -3% 129


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Q1 Sales Average Sales ($) Change Median Sales ($) Change DOM 2007 86 206,940 3% 203,625 7% 149 2008 53 202,480 -2% 159,500 -22% 167 2009 51 151,351 -25% 142,500 -11% 187 2010 91 121,286 -20% 121,000 -15% 154 2011 78 105,903 -13% 95,000 -21% 174 2012 104 96,007 -9% 89,500 -6% 134


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Q1 Sales Average Sales ($) Change Median Sales ($) Change DOM 2007 39 160,501 -15% 151,000 +1% 106 2008 10 124,950 -22% 140,250 -7% 159 2009 15 143,727 +15% 70,000 -50% 129 2010 18 87,111 -39% 67,200 -4% 104 2011 36 72,058 -17% 61,450 -9% 146 2012 26 64,270 -11% 51,750 -16% 148


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Q1 Sales Average Sales ($) Change Median Sales ($) Change DOM 2007 36 266,697 N/A 191,000 N/A 158 2008 26 466,982 75% 164,250 -14% 164 2009 21 139,400 -70% 100,000 -39% 199 2010 29 135,731 -3% 97,900 -2% 124 2011 43 145,822 7% 73,720 -25% 152 2012 55 176,903 21% 128,000 74% 165


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Q1 Sales Average Sales ($) Change Median Sales ($) Change DOM 2007 75 148,931 -4% 135,000 0% 152 2008 63 98,439 -34% 86,000 -36% 181 2009 56 105,711 +7% 91,000 +6% 197 2010 106 84,919 -20% 70,000 -23% 159 2011 93 67,497 -21% 62,000 -11% 169 2012 117 84,300 +25% 57,000 -8% 140


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Q1 Sales Average Sales ($) Change Median Sales ($) Change DOM 2007 44 328,973 +25% 213,700 +2% 144 2008 28 514,514 +56% 212,500 -1% 177 2009 39 184,159 -64% 115,000 -46% 177 2010 43 108,135 -41% 85,000 -26% 151 2011 54 139,019 +29% 92,500 +9% 169 2012 45 158,172 +14% 96,000 +4% 201


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Ocklawaha (32179 Zip Code)

Q1 Sales Average Sales ($) Change Median Sales ($) Change DOM 2007 24 103,666 -5% 68,889 -39% 137 2008 22 95,046 -8% 81,500 +18% 131 2009 13 77,690 -18% 49,900 -39% 138 2010 33 70,042 -10% 63,500 +27% 120 2011 23 50,109 -28% 48,200 -24% 120 2012 25 46,078 -8% 34,900 -28% 142


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Silver Springs (34488 Zip Code)

Q1 Sales Average Sales ($) Change Median Sales ($) Change DOM 2007 28 94,786 -1% 75,625 +22% 146 2008 34 62,678 -34% 49,000 -35% 133 2009 21 75,024 +20% 54,100 +10% 211 2010 19 44,437 -41% 28,000 -48% 241 2011 22 65,250 +47% 47,450 +69% 183 2012 19 88,805 +36% 39,000 -18% 149


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Summerfield (34491 Zip Code)

Q1 Sales Average Sales ($) Change Median Sales ($) Change DOM 2007 111 199,654 +1% 174,900 -5% 157 2008 75 184,019 -8% 170,000 -3% 166 2009 49 132,147 -28% 125,000 -26% 200 2010 97 140,367 +6% 135,000 +8% 188 2011 98 121,101 -14% 113,250 -16% 185 2012 113 114,659 -5% 113,000 0 222


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Marion Oaks

Q1 Sales Average Sales ($) Change Median Sales ($) Change DOM 2007 70 165,615 +4% 168,500 +9% 134 2008 32 131,565 -21% 137,500 -18% 173 2009 30 90,344 -31% 88,500 -36% 122 2010 82 75,600 -16% 82,900 -6% 149 2011 98 68,370 -10% 68,350 -18% 162 2012 70 64,754 -5% 65,000 -5% 160


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Silver Springs Shores

Q1 Sales Average Sales ($) Change Median Sales ($) Change DOM 2007 107 150,806 0% 156,900 -2% 151 2008 45 122,404 -19% 125,000 -20% 166 2009 52 84,512 -31% 89,000 -29% 136 2010 131 70,277 -17% 70,000 -21% 114 2011 152 49,923 -29% 50,000 -29% 124 2012 111 57,327 +15% 59,200 +18% 113


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Gated Communities

Q1 Sales Average Sales ($) Change Median Sales ($) Change DOM 2007 153 204,867 -4% 185,000 -2% 133 2008 153 224,215 +9% 158,500 -14% 171 2009 112 153,113 -32% 131,500 -17% 182 2010 201 143,855 -6% 128,000 -3% 189 2011 197 139,068 -3% 110,000 -14% 189 2012 246 140,845 +1% 117,450 +7% 197


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On Top of the World (Circle Square Woods)

Q1 Sales Average Sales ($) Change Median Sales ($) Change DOM 2007 20 129,820 -2% 124,500 -1% 135 2008 31 87,349 -33% 75,000 -40% 167 2009 18 76,356 -13% 68,500 -9% 222 2010 28 65,947 -14% 63,750 -7% 140 2011 41 66,243 0% 60,000 -6% 171 2012 37 49,438 -25% 42,000 -30% 142


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Farms

Q1 Sales Price Per Acre Change 2009 31 30,003 N/A 2010 27 27,063 -10% 2011 22 30,427 12% 2012 26 24,629 -19%

Active 427 N/A N/A

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Manufactured Housing

Q1 Sales Average Sales ($) Change Median Sales ($) Change DOM 2007 122 72,825 -6% 68,700 1% 0 2008 88 54,714 -25% 50,000 -27% 0 2009 46 60,451 10% 45,000 -10% 0 2010 77 40,349 -33% 36,251 -19% 186 2011 98 38,135 -5% 34,500 -5% 133 2012 95 35,842 -6% 30,000 -12% 151


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Footnotes: Since the local market began experiencing declines in values at the end of 2006, foreclosure sales (REO) and short sales have become a significant factor in declining values. For the purposes of this report both REO and short sales are defined as distress sales. A brief description of each property type is included below. REO Sales: Also known as a foreclosure sale, these are bank owned properties. Typically these properties are acquired through a foreclosure sale where the property is repurchased by the lender at a courthouse auction and then resold to recoup as much of the bank’s investment as possible. In many cases the bank will pursue the borrower through litigation to collect any deficiencies that occur from the disposition of the property. This is the most common type of REO sale. In some instances, the property is acquired through a deed in lieu of foreclosure where the borrower/homeowner willingly returns all interests in the property to the bank without the need for legal action. In many of these instances the bank agrees to forgive all unpaid debt after the property is sold by the bank. Some lenders offer cash incentives to the borrower to avoid extensive legal costs in acquiring the property through foreclosure proceedings. This has often been referred to as “cash for keys”. Short Sales: These are sales of properties where the borrower/homeowner owes more to the bank than the market value of the property. In short, the net proceeds from the sale will fall short of the balance owed to the lender. The borrower can opt to pay the difference in the mortgage amount or petition the lender to allow the sale to occur without sufficient funds to pay the balance owed. Generally the borrower lacks the funds to fully satisfy the debt and the bank must approve the sale of the property. With larger lending institutions the approval process may take several months, thus adding significant time to the marketing period for the property. The average short sale in 2011 required 270 days on market compared to 147 days for all other properties. In many of these instances the bank agrees to forgive all unpaid debt after the property is sold. In other cases the bank will pursue the borrower through litigation to collect any deficiencies that occur from the sale of the property. The majority of the data included in this report for the first quarter of the year was taken from research conducted from April 1st through the 8th. On the 8th of this month, some real estate agents were still posting sales from the prior month. As a result, research conducted today would most likely show a higher number of sales than what this report lists. Approximately 10% of all properties listed in OMCAR are located outside of Marion County. Some real estate agents post all of their listings as Marion County properties regardless of where the properties are actually located. These properties are removed from this report when discovered however some still slip through and are included in this report. I try but can’t catch all of these errors.

marion county real estate market trends 2012 q1 a

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