A lot of you have been asking, recently, for an update on our Orlando real estate market.
Since we’re halfway through the year, now is the perfect time to talk about what’s going on. Let’s first talk about price.
Over the last 12 months, we’ve seen a 7.4% increase in median price. In June of last year, the median price was $207,000. But today, that price is $222,500. As you can see, values are rising. But why is that the case?
First of all, interest rates have remained low, buyer demand has remained high, and inventory is still short in supply.
Around this time last year, the number of homes for sale was 10,629. Since then, that number has dipped to 9,141 homes. This is a 14% decrease in inventory, which is a huge drop.
For a market to be healthy it should have six months of inventory. But in today’s market, we have just 2.4 months.
As a result, competition among buyers has led to a lot of multiple offer situations. Also, homes are moving off the market more quickly than they were last year.
In June of 2016, homes spent an average of 62 days on market compared to today’s 55 days.
This difference is much bigger than it seems, since we’re only speaking in terms of averages. I’ve personally seen homes get between six to seven offers within just a week of being on the market.
In this hot market, we’d love to help you put together the best strategy to achieve your real estate goals.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.