Low inventory and high prices, that about sums it up! Let's get into further detail though..
Our Orlando market is currently favoring the sellers (vs the buyers). Homes near and under the $300,000 price point are in VERY HIGH demand. We're seeing a LOT of homes go on the market, have multiple offers within 48 hours and over asking price. This is FANTASTIC for you sellers out there but super unfortunate for our buyers, but don't get discouraged!
We saw an increase of over 12% in the average sales price for Orlando this past month, shooting up to $215,000 (in 2016 the average sales price was $192,000). Did you buy your home in 2016? Let us complete a custom market analysis for you to see your value increase in just ONE year.
There are currently 8,675 homes on the market through the MLS. The inventory has DECREASED 17% than last April and spending only an average of 63 days on the market.
HEY, BUYERS! More so than ever right now you are in need of assistance from a Real Estate Professional. With more buyers than houses for sale right now, a Realtor will help compete against other buyers by putting together an appealing but reasonable offer (taking into consideration inspections and appraisals). You need someone with KNOWLEDGE to guide you through these steps.
And SELLERS, with the inventory low and prices up – it’s a great time to sell! If you're looking to put your home on the market in the near future, know that selling your home is likely to go under contract quick. However, finding a new primary residence may be the more difficult challenge and will be a smoother process with the help of an agent. When looking to downgrade there are going to be lesser options, but if you're looking to upgrade there will be more choices and less competition. Either way, a Real Estate Professional will take you through these hoops.
April 2017 Housing Market
Released May 15, 2017 by ORRA