In the Central Florida real estate market, conditions continue to favor sellers over buyers, as fewer houses become available compared to his time last year. March 2016 found a decrease in the number of new listings and active listings for single family homes, according to information from My Florida Regional Multiple Listing Service.
The 5072 new listings in March 2016 represented a 5.7% decrease over March 2015. Active listings decreased 14.6% to 13,238 over the same period.
Actual sales of single-family homes also decreased over the same period. The My Florida Regional MLS reports that in March 2016, a total of 3,462 homes were sold in the Central Florida area. This represents a 10.9% decrease over sales in March 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 7.4% between March 2015 and March 2016 to $215,000. The median price of all homes (including single-family homes, townhouses, and condominiums) increased 7.8% to $175,000 during that same year long period. Average home prices rose 4.5% during that period to $253,429, while average price of all homes (including single-family homes, townhouses, and condominiums) increased 3.6% to $223,724
The dollar volume of sales during the year decreased 7.4%. In total, $771,069,881 worth of homes were sold in March 2016. Homes spend an average of 79 days on the market in Central Florida, which is a decrease from March 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.