Citrus County Real Estate Market
Citrus County Real Estate Market Update: Rollercoaster Ride in Sales with Growing Inventory
In the ever-changing realm of Citrus County’s real estate market, recent developments mimic a rollercoaster journey, characterized by significant fluctuations in sales figures.
Commencing with a notable drop from December 2003 to January 2024, sales experienced a sharp decline, sparking concerns among industry observers. However, this decline swiftly gave way to an impressive surge in sales from January to February 2024, injecting renewed optimism into the market. Subsequently, sales stabilized, indicating a semblance of balance in the market.
Amidst the rollercoaster of sales, another key metric has been steadily climbing: inventory. Compared to March of the previous year, inventory has surged by an impressive 44%. This surge in available properties suggests a potential shift towards a buyer’s market, granting prospective buyers more options and bargaining power.
Despite the rise in inventory, closed sales have witnessed a significant decline, plummeting by 22% for the same period compared to the previous year. This decline may signify a slowdown in transactional activity, possibly influenced by economic uncertainties or evolving buyer preferences.
Moreover, properties under contract or pending sales have also experienced a dip, decreasing by 5.2%. This suggests a potential wane in buyer interest or a lengthening of the sales cycle as buyers deliberate over their decisions.
On a positive note, new listings have seen a modest increase, rising by 4.2%. This uptick in new listings indicates continued seller activity in the market, possibly buoyed by the potential opportunities presented by the expanding inventory.
In summary, while the Citrus County real estate market has navigated through its share of peaks and valleys, current trends hint at a market in transition. With sales stabilizing, inventory burgeoning, and both buyers and sellers actively participating, the upcoming months may unveil further insights into the evolving dynamics of the local real estate landscape.
If you are thinking of buying or selling a home in Citrus County, be sure you know what’s happening in the market so you can price and position your home to sell.
Call me today with your Citrus County real estate questions. Let me put my 23 years of experience to work for you!
See homes available in Citrus County’s most popular neighborhoods! Check out current homes for sale in Pine Ridge and Black Diamond.
Ann-Marie Bortz, Realtor
Ann-Marie is a real estate agent in the Greater Ocala, Florida area with over 2 decades in the business. She is a veteran of the United States Air Force and her clients know her as a go-getter and pro-active agent specializing in the luxury market.
