Orlando Metro Sees Positive Growth in Residential Real Estate
According to the latest figures release by the Florida Association of Realtors, August proved to be a month of positive growth in residential real estate sales. The report provides monthly statistical data on all major metropolitan county areas within the state, comparing data to the year prior. Compared to 2014, single-family home sales were up 19.3% in the Orlando-Kissimmee-Sanford areas of Lake, Orange, Osceola, and Seminole Counties. A total of 2,995 homes were closed in August, while a total of 815 condos and town homes were sold, up 16.4% from August 2014. Median sale prices also saw an increase in the region. Median home prices rose by 9.2%, to a total of $202,000. Condo and Townhome median prices went up 9.0% at $114,500. These figures represent the mid-line range of sales, providing a reliable marker to use when it comes to pricing residential properties.
Statewide there has been growth in residential sales as well. Closed sales saw a total increase of 8.2% compared to August 2014. The median sale price went up 11.1%, totaling $199,900. Homes in Florida are seeing an increase in demand when viewing the average number of days on the market also. Compared to last year, homes sold 18.2% faster in August. We could see a boon for a seller’s market on the rise as the inventory of active listings has also fallen, down 8.5% compared to August 2014. When there is steady growth in the number of sales and median home prices, but the overall inventory drops, it reflects a higher demand from buyers and potentially gives sellers the edge in pricing. The fewer homes there are for buyers to choose from, the more potential competition there is for each home, putting sellers in a prime position to gain from the sale of their property. Florida as a whole has seen an increase in residential real estate sales now for 45 consecutive months, showcasing the rising popularity of our state.
If you are looking to buy a home in the Orlando Metro area, this could be a great time to make your move. If you are planning to sell your property, now would be an ideal time to take advantage of the market demands. Either way, I am proud to be able to make the real estate process move smoothly for my clients, and I am here to help with all of your real estate needs. If you’re looking for a warm and engaging professional to help you with the purchase or sale of your home, contact me today at 407-234-5313 or by email: Jeff@JeffRoyle.com