Tuesday, June 14, 2011

Lake City Florida - Columbia County Real Estate Market update

Lake City FL Homes Info

Greetings! Chad Stewart here with Burbach Realty Services, I just wanted to give you a quick update about our real estate market. Right now in Lake City - Columbia County, we have over 375 homes on the market. With about 75 real estate single family homes sales over the past 3 months, we have around 15 months of supply. While this is still alot, this is down from 17-22 months in previous quarters showing a slight improvement in the market.

Of those 375 homes in the county listed for sale, just over 74 of them (19%) are Foreclosures or Short Sales. Only 18 Foreclosures on the market, but 56 short sales for sale or 14% of the listings.

Of all 2011 YTD single family residential home sales here in Lake City, FL, Columbia County, Florida, and Fort White area, there is a total of 119 sales year to date, 51 of those are Foreclosures & short Sales.

Detailed Look
19% of the Listings are Foreclosures & Short sales, but
43% of the Sales are Foreclosures & Short sales.
31% of the sales are Foreclosures.
10% of the sales are Short Sales.
Average Home Sale: $117,000 & Median is $101,000
Average Foreclosure-Short Sale: $95,900 & Median is $79,000

Pending Sales follows along with sales as well although more weighted to pending short sales because they can take much longer & more difficult to actually close. Currently there are 42 pending home sales, 23 of those pending sales or approx 54% are foreclosures & short sales. 11 of those 23 are foreclosures and 12 are short sales.

Given these stats, you can see why hiring a quality Real Estate Pro that is knowledgeable in the area sales, especially short sales negotiations, and has a state of the art marketing plan can be important.

Thanks again. Please comment below if you find these stats interesting. - Chad

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