In the Central Florida real estate market, conditions continue to favor both buyers and sellers, even as more houses become available compared to his time last year.
June 2016 found a decrease in the number of new listings and active listings for single family homes, according to information from My Florida Regional MLS data. The 4,969 new listings in June 2016 represented a 7.8 percent decrease over June 2015. Active listings decreased 16 percent to 13,138 over the same period. Actual sales of single-family homes also decreased over the same period. The My Florida Regional MLS data reports that in June 2016 a total of 4,022 single homes were sold in the Orlando area. This represents a 9.35 percent decrease over sales in June 2015.
Prices in the Orlando real estate market continued to climb during that year-long period. The median price of a single-family home in the Orlando area increased 12.79 percent between June 2015 and June 2016, to $227,000. Average home prices rose 12.5 percent during that period to $276,014.
The dollar volume of sales during the year increased 2.65 percent. In total, $986,556,393 worth of homes were sold in June 2016. Homes spend an average of 70 days on the market in Central Florida, which is a decrease from June 2015.
In general the Central Florida real estate market is experiencing lower prices, abundant availability, and quick sales of those homes that come up for sale make the Orlando real estate market a favorable environment for buyer and sellers. While prices are rising, Sellers might experience higher competition to sell since there are a lot of homes available on the market, but when priced right the home should sell quickly. Buyers should revel in the fact there are many homes available during this time giving them plenty of options to choose from, and low mortgage rates make financing a viable option.
Real Living Real Estate Solutions provides expert real estate services to residential buyers and sellers in Orlando and surrounding communities. Contact us today for more information on Orlando real estate and for professional assistance navigating this sometimes complex home market.