In the Central Florida real estate market, conditions continue to favor sellers over buyers, even as fewer houses become available compared to his time last year. January 2016 found a decrease in the number of new listings and active listings, according to information from My Florida Regional MLS.
The 4,493 new listings in January 2016 represented an 11% decrease over January 2015. Active listings decreased 15% to 13,085 over the same period. Actual sales of single-family homes also decreased over the same period.
My Florida Regional MLS reports that in January 2016 a total of 2379 homes were sold in the Central Florida area. This represents an 8% decrease over sales in January 2015.
Prices in the Central Florida real estate market continued to climb during that year-long period. The median price of a single-family home in the Central Florida area increased 16% between January 2015 and January 2016 to $182,250. Average home prices rose 12% during that period to $219,176. The dollar volume of sales during the year increased 3.5%. In total, $518,970,867 worth of homes were sold in January 2016.
Homes spend an average of 78 days on the market in Central Florida, which is a decrease from January 2015. Generally high prices, limited availability, and quick sales of those homes that come up for sale make the Central Florida real estate market a favorable environment for sellers.
First-time homebuyers and recent arrivals to the Central Florida area find themselves at a disadvantage in the current environment. Many turn to renting or to buying condominiums or town homes for their first residential purchase.
Carol and I provide expert real estate services to residential buyers and sellers in Orlando and surrounding communities. Contact us today for more information on Central Florida real estate and for professional assistance navigating this sometimes complex home market.