In the Central Florida real estate market, conditions continue to favor sellers over buyers. The 4,657 new listings in February 2016 represented a 1.5% decrease over February 2015. Active listings decreased 13.4% to 13,258 over the same period. The My Florida Regional MLS reports that in February 2016, a total of 1,894 single family homes were sold in the Central Florida area. This represents a 17.9% decrease over sales in February 2015.
Prices in the Central Florida real estate market continued to climb during that year-long period. The median price of a single-family homes in the Central Florida area increased 8.1% between February 2015 and February 2016, to $200,000. The median price of all homes (including single-family homes, townhouses, and condominiums) increased 10.1% to $185,000. Average single-family home prices rose 9.6% during that period to $242,247, while average price of all homes (including single-family homes, townhouses, and condominiums) increased 9.4% to $219,111 The dollar volume of sales during the year decreased 9.2%.
In total, $540,499,224 worth of homes were sold in February 2016. Homes spend an average of 82 days on the market in Central Florida, which is a decrease from February 2015.
Generally high prices, limited availability, and quick sales of those homes that come up for sale make this market a favorable environment for Sellers. Buyers can expect to see an increase in inventory during the months of March through July as this is historically when more homes come on the market. If you are thinking of buying a home, it is important to get pre-qualified by a Mortgage Lender to make the home search process easier.
Real Living Real Estate Solutions provides expert real estate services to residential buyers and sellers in Central Florida and surrounding communities. Contact us today for more information on Central Florida real estate and for professional assistance navigating this sometimes complex home market.