As I'm sure it's very obvious and evident that Hurricane Irma contributed to the drop is Orlando home sales this past September. Sales were down nearly 20% compared to last September 2016. In addition, there was a dramatic drop from August to September by 30%.
“Based on our previous experience with hurricanes, REALTORS® expected September sales to post a decline,” says ORRA President Bruce Elliott, Regal R.E. Professionals LLC. “Hurricanes delay closings due to circumstances such as title companies without power and home damage that requires repair and another inspection. Hurricanes also typically cause a decline in inventory as properties are taken off the market for repair, or as owners stall plans to list their homes while they deal with hurricane aftermath. It’s no surprise that new listings for the month of September dropped by 31 percent compared to September of 2016.”
In other news, the median sales price for Orlando was $225,000 which is nearly 10% increase from September 2016. If you bought your home last September, you could potentially walk about with equity! Even better news, year over year increases have been recorded the last 74 consecutive months and the median price is 94.8% HIGHER than it was in July 2011. Would you like a custom market analysis on your home? Let us know!
If you're looking into BUYING a home this month, ORRA has calculated an average interest rate of 3.84%. Incredibly great time to buy!
We hoping to see more sales this month and a higher inventory count.
That's a wrap on the September Real Estate Review.
Released October 16, 2017 by ORRA