Is Lake Panasoffkee, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Lake Panasoffkee was a Buyer's Market.
Key Takeaway
Lake Panasoffkee is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Lake Panasoffkee, FL
How much do homes in Lake Panasoffkee, FL cost?
Median Sold Price
$150,000
$146/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Lake Panasoffkee have sold for 40.6% less than they did a year ago.
Summary: The median home sold price in Lake Panasoffkee was $150,000 in March 2024, down 40.6% from last year, and the median price per square foot was $146.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $90K | $80K | -11.1% |
| 2 Bedrooms | $199.9K | $132.5K | -33.7% |
| 3 Bedrooms | $270K | $218.5K | -19.1% |
| 4 Bedrooms | $270K | $250K | -7.4% |
| 5+ Bedrooms | - | $155K | N/A |
Summary: Lake Panasoffkee housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 11.1%, 2 bedroom homes decreased by 33.7%, 3 bedroom homes decreased by 19.1%, 4 bedroom homes decreased by 7.4%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Sumterville | $342.5K | $400K | +16.8% |
| Floral City | $277.4K | $260K | -6.3% |
| Bushnell-Center Hill | $275K | $240K | -12.7% |
| Hernando | $383K | $330K | -13.8% |
| Lake Panasoffkee | $252.5K | $150K | -40.6% |
Housing Supply in Lake Panasoffkee, FL
How many homes are available in Lake Panasoffkee, FL?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 35 | 33 | -5.7% |
Summary: The Lake Panasoffkee real estate market had 33 homes for sale in March 2024, a 5.7% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 14 | 14 | 0.0% |
| 3 Bedrooms | 11 | 10 | -9.1% |
| 4 Bedrooms | 2 | 1 | -50.0% |
| 5+ Bedrooms | 6 | 6 | 0.0% |
Summary: The Lake Panasoffkee housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 9.1%, 4 bedroom homes decreased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 7 | 5 | -28.6% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Lake Panasoffkee, you may be able to get a good deal. 80% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in Lake Panasoffkee in March 2024, down by 28.6% month-over-month. Of the 5 sold homes, 80% were sold under asking, 0% were sold at asking, and 20% were sold over asking.
Days on Market for Lake Panasoffkee, FL
How long does it take to sell a home in Lake Panasoffkee, FL?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 53 Days | 49 Days | -7.2% |
Summary: Homes in Lake Panasoffkee had an average of 49 days on market in Mar 2024, down by 7.2% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Lake Panasoffkee are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 5 homes were sold in Lake Panasoffkee; 60% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
Listings courtesy of Stellar MLS as distributed by MLS GRID.
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