Orlando Real Estate Market Continues to Grow
In a recent report release by the Orlando Regional Realtor Association, the value of homes in the area are on the rise. The key growth area was in the median prices of homes. The median represents the middle line price value, and is often more accurate of a figure to use when it comes to listing your home price. In data reported for March 2016, the median prices increased by 10.2% compared to the previous year. The median home price is currently at $195,000, which is also up by 5.41% compared to the month before. Sales of all types of homes were also up for the month in looking at month-to-month data. The total number of homes sold in the region during March was 3,022. This was up from February’s total number of sold homes, by 25.13%.
The Orlando region is seeing a rise in popularity, which is reflected by the growth in sales and prices. There is another key factor to take note of, the inventory. Comparing to a year ago, there were 8.21% fewer homes for sale in March, and 1.06% less homes compared to the month prior. With fewer homes to choose from, more buyers are vying for the same properties, setting up a strong seller’s market. One reason for the lower inventory is that we are seeing fewer houses in distress. As homeowners are better able to retain their homes, fewer listing of existing homes will be on the market.
This is precisely what happened in March. According to the report, there were fewer existing home sales in all of the counties of the Orlando region. The differences in the number of homes sold, comparing March 2015 and March 2016, are small fluctuations overall. But these differences also highlight that there are fewer homes in the price range for first-time buyers. Lake County saw the biggest drop in existing home sales, down 8.21%, followed by Osceola County down by 6.5%, and Orange County dropping by 3.52%. Seminole County saw the smallest decrease in existing home sales for the month, with a 0.97% decrease.
In general terms, these figures point to a growing seller’s market, if you have been waiting to sell your home, this could be a great time to do so. As more buyers are looking for homes in the area, and our communities are less effected by distressed housing, the demand for homes is likely to continue moving up. 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.