Orlando Market Housing Snapshot – December 2017

Orlando home sales (all home types and all sales types combined) in November 2017 were up 8.4 percent when compared to November of 2016 and down 6.4 percent compared to October 2017. *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. *The median price of all existing homes combined sold in November 2017 – $224,000- is an 11.4 percent increase from the $201,000 median price recorded in November 2016, and a 2.3 percent increase from the October 2017 median price of $219,000.

Buyers:

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.

Sellers:

Inventory is still low 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.

Inventory

*There are currently 8,294 homes available for purchase through the MLS. The November 2017 overall inventory level is 10.53 percent lower than it was in November 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 November 2017 inventory is 8.9 percent lower than in November 2016. *Overall inventory is down 2.0 percent compared to last month. *The inventory of normal properties decreased 7.5 percent compared to November 2016, while foreclosure inventory is down 39.4 percent and short sale inventory is down 61.0 percent. Source of article: Orlando Realtors