The inventory of houses for sale in Central Florida and the Orlando Metropolitan area has risen consistently so far this year. On January 30, 2018, a real estate market report for Central Florida was released and the numbers show that although the number of homes being placed on the market in Orange County has risen, Central Florida still remains a seller’s market with sales increasing steadily. The numbers are up, days on the market are down and the trend will continue as we make our way into the remainder of 2018. Although the market perhaps isn’t quite as strong as it was a decade ago, the numbers are still showing moderate price growth moving forward. Let’s take a look at the statistics.
Orange County Housing Inventory Snapshot
Average Sale Price –
The average (or median) sale price of single family homes sold in Orlando under $400K has risen to $283,500. This is an increase of 1.25% over the past month. For single family homes over $400K, the median sale price has risen to $689,995, a 0.75% increase compared to just thirty days ago.
Average Home Listing Price –
The average listing price in January 2018 for an Orange County home was just over $270,000. This reflects a 0.25% increase since a month ago for single family homes under $400K. The average listing price for homes over $400K was $1,095,327; an increase of almost 2% in just the past thirty days.
Average Days on the Market –
The average days on the market for a single family home under $400K was 91 days from listing to closing. Compared to an average of 99 days that was seen just a month ago, it’s clear that houses priced under the $400,000 level are selling much more quickly so far this year. For single family homes over $400K, the average days on the market was 148, a significant decrease of 10 days since the previous month.
Home Sales –
According to the most recent ORRA reports, the sales of Orlando houses increased by over 13% in January 2018 when compared to January 2017 and sales showed a steady 0.5% increase year over year. Here’s a snapshot of January 2018 by the numbers:
Median Price $225,000 (+13%)
Sales 2,225 (+0.5%)
Pending Sales 4,801 (-7%)
New Listings 3,752 (+5%)
New Contracts 3,036 (+1%)
Inventory 7,604 (-11%)
Interest Rate 4.07%
Central Florida Inventory Snapshot
The following table shows all the counties in Central Florida and their current median, listing, days on the market (DOM) and number of houses listed as well as their thirty day trend:
A Seller’s Market Exists in Orlando and Central Florida For Homes & Houses
What do all these statistics mean to you? They show that currently the real estate market in Central Florida and Metro Orlando still represent a seller’s market. With the market steadily growing, now is the best time to place your home on the market for sale. We previously discussed that Orlando and Central Florida lacked enough houses being listed for sale when we took a close look at the Orlando real estate statistics. Although there is definitely an increase in new inventory, there are still not enough houses when compared to the number of potential home buyers looking to purchase. In fact, many real estate investors and experts are saying that there has never been a better environment and time to sell your house quickly and for more money than ever before. With the typical home selling for almost 98% of the listing price and on the market for a significantly shorter period of time, now is perhaps the best time to list your house for sale should you be considering selling it.
Talk To Lynda First!
If you going to place your Central Florida home or your house on the market, we urge you to call Lynda Miller today at (407) 620-2924 or contact her Online now. With over 20 years of experience in the Orlando real estate market, Lynda’s clients all say it best: Lynda sold their homes faster and for more money than they had anticipated.
If you are trying to decide whether or not this is the right time to list your home on the market, again we urge you to talk to Lynda Miller first. Find out why Linda was selected as one of Orlando’s Top 100 Realtors by Orlando Magazine for 2017 for yourself. Let Lynda help you sell your home quicker and for more, as she’s done for so many other satisfied home owners. There is a difference in Central Florida’s realtors and Lynda truly is a Real Estate All-Star Agent!