# of $ Million+ Seminole County FL Homes Sold Drops 46% from 2007
The slow real estate market is taking its toll on the once almost immune Luxury Home Market segment. Previously luxury home sales remained substantially constant despite downturns in the non-luxury market. This was due to several factors:
· Blimps in the economy have had less impact on the wealthy
· Real estate has proven to be a good long term investment and a good place to diversify one’s portfolio
· Lifestyle remains an important consideration for this market segment
However, the present impact on the economy has now crept up to this price segment. As shown on the following chart, the number of million dollar plus home sold in Seminole County decreased 46% from Q1, 2007 to Q1, 2008.
Price per square foot, however, only decreased a modest 8% from $286 to $263. However, the mounting inventory will continue to put pressure on home prices in every segment. There are currently 225 $1M+ Seminole County homes listed for sale on MLS. With an average of 5 homes selling per month in this price band, that equates to 45 months (almost 4 years) worth of inventory (Yipes!).
For the first quarter of this year Alaqua Lake led the pack with 8 $1M+ homes sold sales or 57% of total. Heathrow Woods was a distant second with 2 $1M+ homes sold, or 14%.
Data Courtesy of MFRMLS
June 18th, 2008 at 4:28 am
You gotta get this yellow color off the name of plate.. With the white font you have no idea what you’re writing.. Did I spell my name right?? Nice Blog.. Mine’s great too & We Blend Orlando with Sarasota Real Estate @ http://WWW.TheSarasotaDeed.COM.. Hope all is well in Orlando!
Justin Shirley