So the question is, “Why are we near 2008 Sales Prices for homes in Orange County Florida?”
The simple answer…the demand is higher than the supply. For the first time since August 2008, the median price of Orlando-area homes has crossed the $200,000 mark, the Orlando Regional Realtor Association reports.
The median price of Orlando homes sold during the month of May 2016 — $203,000 — increased more than 12 percent compared to May 2015’s $181,000. Month-over-month, the median price is up 5.73 percent compared to the April median of $192,000 and has now experienced year-over-year increases for the past 58 consecutive months.
The current inventory combined with the current pace of sales created a 3.17-month supply of homes in Orlando for May. There was a 3.79-month supply in May 2015 and a 3.29-month supply last month. This supply is truly not enough to keep up with the demand of the buyers in this market.
Here’s a look at how May sales did county by county:
- Lake: 7.46 percent above May 2015
- Orange: 4.13 percent above May 2015
- Osceola: 6.38 percent above May 2015
- Seminole: 8.4 percent above May 2015
“Orlando’s inventory of available homes is 11 percent below where it was this time last year and continues to impact both sales and price,” said ORRA President John Lazenby. “Regardless, we are seeing a small trend of increasing sales that illustrates buyer enthusiasm for our current historically low interest rates and steadily rising values.”
Also reported by the Florida Realtors Association, the same goes for the entire state of Florida.
When you examine the current mortgage rates available in the low 3% range, it is no wonder our real estate market in Central Florida and specifically in Orange County is so hot right now. This is great for buyers who are qualified for these great rates! So if you are a homeowner who is considering listing their home for sale, you should seriously review what it could sell for with a Realtor. We can guide you as to what your neighborhood and home type would dictate for a listing price for your home. Contact Me Today to start the discuss of listing your home for sale!
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2016 Copyright Theresa M. Kraa, Realtor ®