Central Florida market is ever-changing. We’ve collected data from Orlando Realtor Regional Board report ending April 2016, to give you a realistic overview of the overall marker in Central Florida. The graphs below show 3 years’ worth of marketing data for the Central Florida Real Estate Market.
Inventory includes all types of homes in the Central Florida real estate market such as single-family homes, duplexes, condos and townhomes. In May 2016, Inventory increased slightly to 10,553 homes in the market as compared to the previous month inventory of 10,447. The pattern of last ten months or so continues as the inventory slowly declines with insignificant upticks every few months here and there.
Inventory at present is 10.55% lower than the same time last year, and it’s up 1.01% from last month. What is notable here is that many new communities are being built all over Central Florida but the inventory still continues to decline. This indicates that the houses are being absorbed fast. The stats indicate that prospective buyers need to act fast, because the decreasing inventory signals that demand will rise thus causing an increase in prices.
In May, the number of actual closings was 3,333 which is about 5.08% higher than last month, and about 6.93% more than last year.
Thus we see that the number of sales is gradually increasing month by month. Moreover, it is significantly higher than the number of sales last year. In May 2016, Homes spent an average of 67 day in the market as compared to 64 days in April. Last year, the value was down to round about 62 days. If there current pace of sales continues, there is a supply of around 3.17 months. Like we said, it’s time to act fast.
Now the trend for prices is on the rise. Which means if you purchase now, you’re sure to enjoy capital gains when the price for your property prices rise in future. Now is a great time to invest in Central Florida, with Local Realty Service you will work with professional Central Florida real estate agents whom my goal is to assist you with all your real estate needs.
The median prices of all home sales was $203,000 in May 2016, that’s 12,15% higher than last year and 5.73% higher than the month before. Not only that, For 58 consecutive month now, has the Orlando Florida Metro area market posted year over year positive gains in prices.
The median price is now more than 75% higher than it was in July 2011. That’s a big number!
It’s important to note however that price is heavily influenced by price point segments and location. Nevertheless the median price covers all types of hoses which shows that the value of the overall housing market is on the rise.
Read more information about Buying a Home, or if you are looking to sell your home. Use our advance My Florida MLS search tool to find Central Florida real estate. Get the latest news from our Florida Real Estate Blog on the current events related to the real estate market in your area.
From the overview of the market, we see that the market is showing positive signs. The inventory is decreasing whereas sales and prices are gradually rising month after month. It’s a great time to invest in Central Florida; Homes purchased now will surely appreciate over time and are sure to earn you a high ROI if you decide to sell your home in future. Below you can see the the market of each city in by county!