Wednesday, July 8, 2015 / by Tom Nickley
What's Happening in Central Florida Real Estate?
Welcome back, today we are discussing the latest market conditions in Central Florida. We saw steady appreciation of homes over the last year here in Central Florida, and the Orlando market is on a steady rise this year when compared to 2014. Here's what has happened in the last year:Sales have increased by 10%
The average sale price has risen from $165,000 to $182,000
Since April of this year, home prices have increased by 4%
Most people think of foreclosures as a good deal, but that couldn't be further from the truth right now. Foreclosure prices have risen 18.6% in the last year alone, and there are much fewer distressed properties on the market than there were in the past.
Right now, we have about 12,000 properties on the market, putting us in a slight seller's market. However, buyers should be happy to know that interest rates are still historically low, but rising soon. This means time is of the essence when it comes to locking in a low interest rate.