With a double-digit decrease in available homes for sale for the third month in a row, May has made another dent in the Hernando County, Florida, home inventory
Of the total number homes sold, 42% were short sales or bank-owned properties. For the homes currently under contract, this number is even higher at 58% for short sales and bank-owned properties waiting to close. While there were a few sales in the higher price ranges, median and average prices tell a different story.
Many good homes are still becoming available at low prices, often triggering multiple offers within just a few days thus resulting in quick turnaround for these properties. Sitting it out on the sidelines is no longer an option for serious buyers who often will have to be very quick to secure their "claim" the property they want.
The number of Vacant land sales in May improved considerably over a disappointing April with a huge increase in closed transactions and still more waiting to close in the coming month.
The lower priced lots were again located in the Royal Highlands area of the County where many half acre and some one acre lots are still available for less than $10,000. These inventories are also the ones to deplete first, many of these are currently already under contract.
Again this month, the highest priced residential building lot was another waterfront lot located directly on the Gulf of Mexico. Here too, substantial price decreases are bringing out interested buyers taking advantage of good deals at prime locations.
Hernando County Market Snapshot
1. Homes:
Active Listings: 2415 (14% decrease from April 2009)
Sold May 2009: 197 (approx. 15% increase from April 2009) Of these, 24 were short sales, 58 were bank-owned properties)
Price Range: $20,900 - $430,000
Median: $105,000
Average: $112,998 (increased about 5% from April 2009)
Average Days on Market: 127 (decreased 11 days)
Currently under Contract: 479 (2% decrease from April 2009)
Of those homes under contract, 152 are with contingency contracts, the remaining 328 are pending. The number of short sales is 149 and 127 are bank-owned.
2. Vacant Land, Residential only:
Active Listings: 2020 
Sold May 2009: 28 (3.5 times over April 2009)
Price Range: $4,400 - $315,000
Median: $15,250
Average: $43,339
Average Days on Market: 341
Currently Under Contract: 24
Data derived from Hernando County MLS as of 6/4/09, believed to be accurate but not guaranteed.
If you are thinking about buying a home or land for personal or investment use, or you are thinking about selling in Hernando County, Florida, including the communities and neighborhoods of Hernando Beach, Weeki Wachee, Pine Island, Brooksville and Spring Hill, Glen Lakes, Timber Pines, Silverthorn, Seven Hills, Sterling Hill, Pristine Place, and Southern Hills Plantation and you want to work with a local area Realtor who knows these neighborhoods please contact me.
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All content, is the exclusive property of Silvia Dukes, P.A., and may not be used without the expressed written permission of Silvia Dukes, P.A., Tropic Shores Realty, Spring Hill, Florida. All information is believed to be accurate but is not warranted, Copyright 2009.
For more information about Hernando County Homes and Land for sale including Spring Hill and the communities of Timber Pines, Glen Lakes Golf and Country Club, Silverthorn, and Hernando Beach , please call or visit my website!
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All content, including text, original art, photographs and images, is the exclusive property of Silvia Dukes, P.A. and may not be used without expressed written permission of Silvia Dukes, P.A.