What constitutes a Buyers' Market versus a Sellers' Market? The answer is supply versus demand.
We measure closings in the last 6 months against listings currently available on the market. If there is less than a 6 month supply, we are in a Sellers' Market. In that situation we expect to see prices increase. If there is a 6 month supply, we consider that to be a Balanced Market and we expect to see values remain the same. If there is more than a 6 month supply, we consider that to be a Buyers' Market and we expect to see prices come down.
In Clermont, as of October 2015, we have been in a Sellers' Market at certain price points and in a Buyers' Market at other price points. For example, in our luxury real estate market ($500k+), in the last 6 months only 8 homes have sold priced at $500k+. There are 31 on the market. That means we have a 24 month supply of homes in the $500k+ market. This is a serious buyer's market. If you are considering buying a home in the $500k+ range, you can expect a seller to discount their price to get their home sold.
It's a completely different story with homes priced at $350k and under. With that said, homes must be in excellent condition to sell. With all of the new construction going on, buyers are comparing homes between $230k - $350k with new construction.
I'm here to help you get your goal accomplished. You can reach me at 407-267-2312 or MattMobleyTheRealtor@gmail.com.
The Hancock Real Estate Team
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