Sales are recovering from Hurricane Irma’s impact at a pace that is exceeding expectations, and are back on track after just one month of significant hurricane-related declines. In fact October’s numbers have helped to keep the 2017 year-to-date home sales tally in the black at 3.6 percent.
*Orlando’s market currently favors sellers, particularly within the lower (under $300,000) price categories, which are in very high demand. Indicators of a seller’s market include: declining inventory, rising sales, rising prices, and a very low months-of-supply statistic.
Buyers need the assistance of REALTORS to help them compete against other buyers, for example by crafting attractive offers that take into consideration current appraisal issues and advising on contingencies, in addition to assistance through the many traditional functions that a buyers’ agent performs.
Inventory is down and prices are up, it’s a great time to sell! In addition, Orlando home values are nearing normalized, which is helping to eliminate “underwater” mortgage conditions for many sellers. However, sellers should be aware that while selling their home is likely to be quick (particularly in the lower price categories) securing a new residence could be a challenge and requires the assistance of a REALTOR. Those seeking to move up into larger, more expensive homes will have more choices and less competition than those seeking to downsize.
*There are currently 8,464 homes available for purchase through the MLS. The October 2017 overall inventory level is 15.6 percent lower than it was in October 2016. Note: When adjusted for the elimination of “Active With Contract” status homes from of the active listings category within the local multiple listing service, the October 2017 inventory is 9.9 percent lower than in October 2016.
*Overall inventory is down 2.1 percent compared to last month.
*The inventory of normal properties decreased 12.2 percent compared to October 2016, while foreclosure inventory is down 42.7 percent and short sale inventory is down 68.2 percent.
*Year-over-year single-family home inventory is down 12.5 percent; condo inventory is down 28.2 percent.
*The current pace of sales (all home types and all home types) translates into 2.9 months of inventory supply.
Source of article: Orlando Realtors