Real Estate Market Continues Upswing in July
Whether you are buying or selling a home, or planning to do so in the near future, it is a good idea to watch the local real estate market. Knowing what is trending for sales will help you determine the best time to make your move. Buyers want to see lower prices and plenty of selection in the neighborhoods they want to live in. Sellers want to see rising sale prices and larger demand than supply. We are currently in a seller’s market in the Orlando-Kissimmee-Sanford region, as well as across the entire state. Not only have figures gone up over the last few years, but our distressed house inventory is decreasing. With fewer homes underwater or in foreclosure on the market, buyers have less inventory to choose from.
As reported by Florida Realtors, the state association for Realtors, July has reported increases in residential sales across the board. For single family homes, there was a 28.5% increase in the number of homes sold compared to July 2014, a total of 3,314 home sales were closed. The median price of these sold homes rose up 5.3% to $200,000. Townhomes and condos saw an increase in the number sales by 21.0% compared to a year ago, with 842 units sold. The median price of these sales also increased 15.6%, coming in at $115,000. For sellers, this shows a higher demand, marking the 44th month in a row that sales figures have steadily increased.
Statewide, there are other signs that point to a seller’s market as well. Looking at Single Family homes, the inventory for July was up 5.0% from the year before; however, the pending inventory has gone down 2.2%, resulting in a housing supply range of only 4.5 months, down a month less than 2014. The median days on the market has also decreased significantly, from 63 days down to 46. Condos and townhomes have seen essentially the same type of increases and decreases. Median sale prices went up 9.1%, from $137,500 to $150,000. The inventory was down 2.0 % for the month with another 6.8% drop in pending inventory, bringing the supply down to 5.3 months from 5.7 months before. The days on the market have decreased as well, going from 63 to 52 days. There is definitely a strong demand for the supply we have here in Florida.
Selling or buying, knowing the market trends will help you determine when it best for you come into the market. I can help you understand what the statistics mean for you and how best to use them to your advantage. 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.