Thursday, September 10, 2015 / by Tom Nickley
Today, we're going to discuss the current market conditions here in Orlando.
Orlando's summertime sales stampede continued full-speed ahead through the month of July. We saw closing of existing home sales increase 33% in July of 2015 from July of 2014.
The good news is that the median sales prices also increased 8% year-over-year. That marked 48 consecutive months of year-over-year increases, meaning median home prices are 59% higher today than they were in 2011.
One of the main things driving the Orlando market is strong buyer demand, which has directly affected home inventory levels. Existing homes on the market decreased 2.27% from 2014. That's the first time that's happened in over two years. Right now, we have a 3.5 month supply of inventory, which indicates a very strong seller's market.
The average days on market for an Orlando home was 69 days. The average home sold for 97% of asking price.
One of the big things driving buyers to the market is not only the affordability of Orlando homes, but also the historically low interest rates. Interest rates are sitting right around 4%, but we can't expect that to last much longer. By the end of the year, we should see substantially higher rates, so buyers are flocking to the market to get those low rates.
Overall, it's a great market for everyone. For sellers with the proper marketing plan, you can aggressively price your home and still get multiple offers. For pre-approved buyers, homes are very affordable, and of course, you want to get those low interest rates.
If you have any questions, give us a call or send us an email. We look forward to hearing from you!