Thursday, October 22, 2015 / by Tom Nickley
Perfect Storm Brewing in the Orlando Real Estate Market
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After a record-breaking summer for real estate sales here in Orlando, we're experiencing the traditional autumn slowdown. However, sales are actually still up by 3% over September of last year. The median sale price has also risen for the 50th consecutive month! This is excellent news for homeowners in the area! In fact, home values have risen by nearly 60% since 2011.
The median sale price is $182,000, which is a 9% increase over last September. The total amount of closed transactions was 2,857, a 3% increase over last year. Traditional sales are up by 15%, and short sales have decreased by 50%.
The average days on market is 67 days, and homes are selling for about 97% of their asking price. These are great indicators of a healthy real estate market.
Inventory has increased by 6.36%, and this means that we have a 4 month supply of homes. This is a healthy seller's market, but with the Autumnal lull in business, buyers actually have a really nice opportunity in front of them to buy an affordable home.
Buyers can also expect a higher level of service because Realtors are less busy and they can spend more time meeting and exceeding all of your needs. Another thing to consider is that interest rates are still ultra-low. Here in Orlando you can find financing with a rate of only 3.8%.
We like to think of this market as the 'perfect storm'. Whether you're buying or selling, you'll find opportunities for a transaction that will benefit your needs.
If you have any questions, give us a call or send us an email. We look forward to hearing from you!