The Central Florida real estate market continues to be strong. How can we tell?
We start by looking at the median home price. Last year, it was $180,000; in today's market, it is up to $205,000. That's a 12% increase over a year, which is huge.
Similarly, the inventory remains low; we only have a three-month supply of homes. To put that into context, a normal or balanced market has about six months of supply in housing inventory. Supply is so low right now because mortgage rates are sitting at 3.5%, which is still historically low. This means there are currently a lot of buyers in the market.
Distressed sales in our market are down 50%.
Another great and telling statistic is that distressed sales (short sales and bank-owned properties) are down by 50% compared to a year ago. If you're a traditional home seller in this market, this means you have less competition out there.
Finally, the average days on market—the average time it takes a home to sell—is around 60 days. All in all, we're really excited about the state of the Orlando real estate market.
If you have any more questions about our market, please feel free to give us a call or send us an email. We'd love to help you in any way we can.