It seems like Ocala is feeling the effect of the nationwide housing bust, well almost everybody is. Every city in the nations is ailing with the drop of housing sales and the rise of foreclosure rates. It is unusual but it is reality, Realtors, investors and brokers are trying to figure out what went wrong, but obvious signs points to the nation's economy crisis and higher rate of poverty. In Florida, big cities whom are a regular hit on real estate such us Miami, Orlando, Fort Lauderdale, Jacksonville and Tampa Bay are feeling the same thing, declines to housing rates are obvious as it shows to it statistics. In Ocala real estate market is also in the same league as the rest of the state, struggling, grasping for fresh air and hoping for improvement.

On recent research by experts the rate of decline for most states are somewhere between 10-15% that is the average decline and there is no explanation on how? It's just happens one month and then like a domino effect it drops one state by one. Ocala real estate itself, according to OMCAR (Ocala Marion County Board of Realtors) from the end of February of 2007 to February 28th, 2008 the average sales price for residential homes fell from $189,959 to $167,969 for a decrease of 12%. That is in the neighborhood of the average 10-15% decline nationwide. Something that residential home brokers have known throughout, like many in the country the concern has been from average to critical, buyers has now been keener on wanting a home.

In Florida, condos are such a big hit, the demand for it especially in places like Miami, Orlando and Fort Lauderdale condos are being built like it is the last property out there, but the same concern is still in the air, buyers are invisible like they don't exist the number of listed condo units are hitting so high it is like Barry Bond's hitting average without the homeruns. Which makes you concern especially if you are a Floridian, you expect people to be in your state because let's face it the Sunshine state offers so much, but still despite the Disneyland, the South Beach and other tourist hot spots Florida is also suffering the nationwide struggle.

Ocala real estate statistics states that the average list price fell from $198,333 to $181,480, or a decline of 8.5% for the same 12 months period. That decline is significant and we can help but wonder are we in a year long drought? Seems like it and the results are being consistent by the minute. The sun isn't shining fairly in our side of the state and changes are needed to be done. A lot of new strategies are being formulated by brokers but unless the nation's economy is in the red, we have to expect for the worst and hope for the best.

Jron Magcale

Real Estate Blog

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