Heathrow real estate sales, in Lake Marys’ premier gated subdivision have not fared so well in the economic down turn of 2011. Sales over prior year took an almost 16 % drop and prices have taken a beating as well.  It seems not even this highly sought after area is a safe haven in what seems to be a protracted and agonizingly long period of real estate contraction even in Lake Mary’s top and highly desirable subdivision.  While Heathrow consists of many different villages and some have town homes and condos this market update looks at Heathrow overall.  As of the end of July 67 homes sold compared to 2010 when 77 homes sold which represents a 16% reduction of sales.  6 of the sales where short sales and 7 were homes which were foreclosed and owned by the bank. Currently there are 108 homes for sale, 27 are short sales and 4 are bank owned and 19 homes are pending for sale.  19 pending homes only represent a rather small amount of the 108 homes for sale and points towards a further tough real estate market ahead. Based on the average of 9.2 homes selling per month, Heathrow has about 11 months of unsold inventory for sale. As we are going into the slower selling months, the 11 months of unsold housing inventory is only going to increase over the next months ahead. Prices have not fared well also, the average price per home in Heathrow for the first 7 months  of the year was $378,944 compared to 2011 where the average home price was $426,116, which represents an 11% drop in value. The average per sq. ft. price per home dropped from $146.45 in 2010 to $128, 89 in 2011 and with 27 short sale homes on the market and 4 bank owned homes prices are expected to continue to decrease over the coming months as well. While these statistics represent a macro look at the Heathrow housing market individual areas may be better or even worth. Heathrow Woods the luxury enclave of Heathrow had an especially tough time weathering the market as there are 13 homes for sale, only 1 in pending and there was only 1 sale in 2011, which was located on 1924 BRIDGEWATER DR, LAKE MARY which sold for $1,600,000 or 19% less than the original asking price. While there is no magic bullet for any of this, however, much of this is related to prices where there is a definite consumer resistance. For more specific home values please go to the request a Free Home Valuation on the right side of this blog or follow this link, Free Home Value