Home sales continue upward climb statewide and in Ocala area

Home at 810 SE 5th Street in Ocala on Wednesday, June 5, 2024. [Bruce Ackerman/Ocala Gazette] 2024.

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Posted May 23, 2024 | Staff Report

The Florida Realtors agents’ association recently released its April 2024 market report, which shows that statewide the median single-family home sale price rose to $429,900, a 4.9% year over year increase and the median townhouse and condo sales prices were $335,000, a 3.1% year over year increase.

Single-Family Market Sector

Brad O’Connor, senior economist for the Florida Realtors, a statewide agents’ reporting and professional trade association, said, “…the latest statistics from Florida Realtors for April of 2024 show closed sales remain lower than what we may have been used to prior to the pandemic, but they are holding fairly steady. Meanwhile, prices continue to rise at a much more sustainable pace and options for buyers continue to expand.”

The statewide active listing inventory for single-family homes is just over 89,487, an increase of 52.9% over last April.

Sales are now more comparable to pre-pandemic levels, O’Connor explained.

“With the level of sales remaining a bit low and a continued increase in new listings, bidding wars have died down in many parts of the state, and we are seeing the typical home for sale last a bit longer on the market before going under contract. The typical single-family home that had a closed sale in April sat on the market for about 35 days before going under contract, which is about 13% longer than we saw a year ago in April of 2023. Notably though, this is about the same number of days on market you would have expected in April of 2018, and about 19% fewer days than single-family homes were sitting on the market at this time in 2019.”

The association reported the supply of single-family existing homes statewide increased to a 4.2-months’ supply.

“Months’ supply inventory is a useful indicator of market conditions,” the report stated. “The benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 months of inventory. Anything higher is traditionally a buyers’ market, and anything lower is a sellers’ market. “

Statewide, the number of cash sales for single-family homes increased by 9.1% with a total of 7,436 throughout Florida, which accounted for 30.1% of all sales, nearly one-third of the overall market.

“Cash sales can be a useful indicator,” the report stated, “of the extent to which investors are participating in the market. Investors are far more likely to have the funds to purchase a home available up front, whereas the typical homebuyer requires a mortgage or some other form of financing.”

O’Connor said further, “Of inventory levels and demand, just keep in mind that the level of inventory we have now is not comparable to what we faced early last decade, when we had an ongoing foreclosure crisis coming out of the Great Recession. The fact that our measure of days on market is much more similar to what we saw immediately ahead of the pandemic or even below that level in some cases gives us reason to be positive about our recent increase in inventory, which is going to ease price growth and allow for more opportunities for prospective buyers who were left in the cold when inventory was so low a couple years ago.”

Ocala/Marion County’s March median sale price reported for single-family homes was $290,000, an increase of 8.9% over last year. Ocala/Marion County saw 838 closings of single-family home in April, an increase of 6.6% from April 2023.

Townhomes/Condos Market Sector

Locally, the market area of Ocala/Marion County townhouses and condos median sales prices came in at $222,400, an increase of 17.1% over April 2023. A total of 52 closed sales were reported.

Statewide, townhouses and condos active inventory is 59,318, an 84.5% increase from April 2023. Overall, the market is moving toward more activity.

Existing townhouse and condo properties statewide were at a 6.9-months’ supply, a large increase of 97.1% from April of 2023.

For townhomes and condos, the number of cash sales statewide was 5,619 a decrease of 4.1% from April 2023. Those sales represented 54.9% of the market.

 

Historic stunner

Seller represented by:

Brandon and Diannah Perry with Newgate Realty, LLC

Buyer represented by:

Jodi Eason with Diamond D Realty

810 SE 5th St, Ocala, FL 34471

$1,400,000

• 3 bed

• 3.5 bath

• 5,623 sqft

• 0.77 acre lot

• Built in 1909

Belleview pool home

Seller represented by:

Daniel Hut with Hut Team Realty

Buyer represented by:

Robert Loiselle with Foxfire Realty – Lady Lake

10220 SE 42nd Ct, Belleview, FL 34420

$591,157

• 5 bed

• 3 bath

• 3,249 sqft

• 0.42 acre lot

• Built 1960

New Construction in Marion Oaks

Seller represented by:

Daniel Pavel with WRA Real Estate Solutions LLC

Buyer represented by:

Miguel Alejandro Gutierrez with Naim Real Estate LLC

17165 SW 44th Cir, Ocala, FL 34473

• 4 bed

• 2 bath

• 1,630 sqft

• 0.23 acre lot

Affordable in SW Ocala

Seller represented by:

Delaney Mellucci with Sellstate Next Generation Realty

Buyer represented by:

Christine Cotter with All Florida Homes Realty LLC

1326 SW 4th St, Ocala, FL 34471

$185,000

• 3 bed

• 2 bath

• 1,080 sqft

• 7,841 sqft lot

Two story townhouse 

Seller represented by:

April Fontana with Fontana Realty East Ocala

Buyer represented by:

Romel Camacho with TCT Realty Group LLC

231 NE 28th Ave Apt 106, Ocala, FL 34470

$215,000

• 4 bed

• 2.5 bath

• 1,728 sqft

SE Condo

Seller represented by:

Scott Hutchinson with Sunburst Properties

Buyer represented by:

Romel Camacho with TCT Realty Group LLC

552 Midway Dr # A, Ocala, FL 34472

$136,000

• 2 bed

• 2 bath

• 1,138sqft

• Built in 1972