Increasing numbers of foreclosures in Florida are continuing to have an adverse effect on prices of homes. While foreclosure properties and short sales have boosted the numbers of sales, home prices have fallen further still.
Within the Sarasota-Bradenton region, median home prices have fallen to $160,000, reflecting the prices on April, 2002. There was a decline of $82,000 in median prices in December ’08.
While the sale of these foreclosures driving down the prices of homes is not a good sign for home owners wanting to sell their homes, many of the region’s home buyers are looking at these foreclosures affected homes with interest in the hope of getting a cheap home.
As per recently released data, Sarasota-Bradenton has witnessed a 7.3% drop in prices from $246,900 in November ’07, to $160,000 in November ’08. Within the same period, the market has seen in 3% rise in home sales, from 592 in November ’07, to 610 in November ’08.
Charlotte County-North Port median prices rose by 4.8% in December ’08 (at $102,400) as compared with November ’08 (at $97,700), but fell by 37% in comparison with the same period in 2007 (at $163,200).
The overall numbers of home sales in Florida increased by 27% to 11,053, and the median prices fell by 27% to $155,500 in 2008’s December.
It is figures such as these which are prompting people with available funds to contemplate buying cheap foreclosure affected homes. Figures also show that the foreclosures in Florida account for a reasonable number of overall sales figures.
If you do intend to buy a foreclosure home, remember that there are number of options to choose from, and a thorough search will result in your being able to get a good deal.
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Written by Alex Rolim.
