In the Central Florida real estate market, conditions continue to favor both buyers and sellers, even as less houses become available compared to his time last year.
August 2016 found that the number of new listings remained steady for single family homes and there was a decrease in active listings, according to information from My Florida Regional MLS data. Active listings decreased 15.5 percent to 12,998 over the same period. Despite the slump in inventory, actual sales of single-family homes increased over the same period. The My Florida Regional MLS data reports that in August 2016 a total of 4,095 single homes were sold in the Orlando area. This represents a 3 percent increase over sales in August 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 12.7 percent between August 2015 and August 2016, to $230,000. Average home prices rose 10 percent during that period to $268,019.
The dollar volume of sales during the year increased 14 percent. In total, $974,265,768 worth of homes were sold in August 2016. Homes spend an average of 66 days on the market in Central Florida, which is a 12 percent decrease from August 2015.
In general the Central Florida real estate market is experiencing steady prices, limited availability, and quick sales of those homes that come up for sale make the Orlando real estate market a favorable environment for buyers and sellers. While prices are rising, Sellers might experience less competition to sell since there are not a lot of homes available on the market, but when priced right the home should sell quickly. Buyers should revel in the fact the homes available during this time gives them plenty of negotiation power, 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.