Alaqua Lakes homes sales in November dropped 50% over October. 2 homes sold in October and only 1 home sold in November, however, compare to November 2010 the market experienced a 100% increase because there were no recorded MLS sales in November 2010.
The home “which sold” in November 2011 was 107 Stetson Ct, it sold for $1,750,000, $647,000 off the original asking price of $2,39M or 27% less.
There is an abundance of 29 homes for sale, 13 are short sales and there is one bank owned home, located on 3424 Regal Crest Dr. currently listed for $510,000, 3150 sw. ft. with a pool located on a pond, it was built by Taylor Woodrow. The property is currently pending. There are 7 other homes currently pending for sale, 4 are distressed homes. The homes which are bank owned or are in a short sale status have the highest buyer demand. The price ranges of the homes currently up for sale, range from $499,000 to $2,595,000, “the average price” is $1,061,895 or $209.00 per sq. ft. and the median price is $884,000 or $206.00 per sq. ft. Alaqua Lakes is a sensational development and offers lots of first class amenities, and while the real estate market in Alaqua Lakes is challenged, long term it is an excellent investment. Looking to sell your home or do you want to know what the value of your home is, click here for free home evaluation.
Alaqua Lakes Home Sales for November 2011
Alaqua Lakes Real Estate Market update August 2011
Alaqua Lakes real estate is experiencing some bitter sweet real estate news in 2011. While the real estate sales in Alaqua Lakes have experienced a huge increase from 20 sales in 2010 to 24 sales in 2011, which represents a 20% increase, it came at a heavy price. Presently there are 34 homes for sale in Alaqua Lakes, 12 are short sales and all short sales are pending and no traditional sales are under contract. Based on the current sales pace of 2.4 homes per month, there is a backlog of 14 months of unsold housing inventory
While the increase in home sales is encouraging, it has come at steep price declines in the average and median sales price. Compared to last year the average sold home price in 2011 was $718,000 or $179.18 per sq. ft. In 2010 the average sold price was $977,555 or $199.90 per sq.ft. The decline in the average price range is 26.5 %. The median price experienced an equally heavy drop of 28.5 % from a high in 2010 of $947,000 to $675,000 in 2011. Basically if you bought a home in Alaqua Lakes in 2010 your home lost value in the 20% ranges. An even more concerning statistic is the currently active listing inventory. The average listed price in Alaqua Lakes is $1,089,731 or $214.82 per sq. ft. and median price is $962,000 or $213.00 per sq. ft. which translates in homes being overpriced in the high 20 percentage range. With the active home inventory being priced so high and 35% of the housing inventory being distressed the area is going to continue struggling with values in the future.
Of the 24 home sales this year, 5 were distressed sales, 1 was bank owned 4 were short sales. The traditional sales actually have performed even worst, where the average value of a traditional sale was $683,000 and the average median sales price was $625,000. So the traditional sales where in fact heavy discounted to get sold. Pricing a home to sell is an art and requires years of experience, let my 23 years of real estate experience be the pivotal point in selling your home at the highest possible price. Click here for a free market analysis.
