Be sure to check out my post about the current challenges of purchasing a home in Orlando.
When you check out the latest market report for February 2021, you will understand why buying a home in Orlando right now is not easy. Even with all the challenges, sales continue to be strong. In fact, sales of all types of homes rose 19% in February compared to a year ago. There were 2,995 sales, up from 2,521 in February of 2020. Low interest rates and strong demand have pushed prices up too. The median price in February 2020 was $250,000, and that has soard 12% to $280,000 this year. The bigger story though, is inventory. I have been saying for the last few months that the inventory of homes for sale is at critical levels. There are only 3,420 homes for sale in the Orlando market compared to 6,825 a year ago. That marks nearly a 50% drop in homes of all types. When you break it down by property type; condos are down about 12.5%, townhouses are down about 33%, and single family homes have plummeted nearly 60%. There were only 2,063 single family homes available at the end of February compared to 5,136 a year ago. Check out this brief video with the #OrlandoRealEstate market report for February 2021.