Royal Highlands / Spring Hill, Florida
Royal Highlands/Spring Hill is one of the fastest growing communities in one of the fastest growing counties in the nation. Royal Highlands/Spring Hill is a prosperous, family oriented community located along Florida's Nature Coast in Hernando County. Founded in 1967 by the Mackle brothers who came to Hernando County with dreams of a prosperous community, Royal Highlands/Spring Hill was planned to be the county's largest residential development. With a current population of approximately 152,000, it is projected to grow more than 200,000 over the next couple of years. While the county has had its share of difficulties accommodating the influx of northern transplants in the unincorporated community, Royal Highlands/Spring Hill's birth brought modernization of health care, education, transportation, commerce, fire protection and law enforcement. The community features a wide diversity of cultural events including local theater, art shows, an orchestra and fine cuisine.
Real Estate Market Summary for Spring Hill,
Hernando County, Florida
|Report Date||Winter 2006|
|Nearest Metro Area||Tampa, FL|
|Buyer's or Seller's Market||About 50-50|
|Average Time On Market||30-60 days|
|Housing Inventory||Good supply, all prices|
|Compared To Last Year||Up from last year|
|Prices As % Of Asking Price||95-100%|
|Greatest Activity||Single-family homes|
|Housing Hot Spots||All of Spring Hill, Weeki Wachee & Hernando Beach|
|Other Comments||After a great 2005 we are looking forward to an outstanding 2006|
National Summary: Existing Home Sales in U.S. Set Record Again in 2005
Sales of existing single-family homes set a record for the fifth consecutive year in 2005 and are expected to be the second highest in history in 2006 even though a more balanced market between buyers and sellers is emerging in many metro areas in the U.S. Demand is being fueled by demand from both move-up/repeat buyers and first-time buyers taking advantage of historically low mortgage interest rates. A slowing building supply of unsold homes was expected to continue in 2006.
Record existing home sales of 7.2 million in 2005 were the highest in history because of continued strong market fundamentals. David Lereah, chief economist for the National Association of Realtors, expects 30-year fixed mortgage interest rates to rise to 6.6% in the second half of 2006.
Lereah says he sees no evidence of country-wide price bubbles and anticipates slower price appreciation in 2006. Source: HouseHunt.com