One of the most significant trends affecting the market in Orlando has continued through April – the decline in available homes for sale. Inventory has been in a near constant state of decline for the past year, seeing more homes sold than added to the market from month to month. This pattern has a major impact on the housing market in Orlando, driving up the median price of homes in comparison to April 2015 – a 10.90 percent increase over last year to be exact.
In fact, this year-over-year increase of median price has continued over the past 57 consecutive months. An overall increase of 66.15 percent since April 2011.
The continuing decline in inventory has resulted in a very competitive market. Quality homes are selling fast, making it a great market for sellers and a challenge for prospective home buyers.
Median Price: $191,900
Number of Sales: 3,159
Interest Rate: 3.63%
Inventory: 10,447 Single Family Homes
As home prices continue to climb and with a continually dwindling inventory of homes for sale, the Orlando housing market favors the seller. Quality homes are being sold and sold fast. Despite the seller’s market, Orlando is an ever popular choice for homebuyers. With Orlando’s rapidly growing population, it will be interesting to see how the market continues to ebb and flow as a result. Even experts are divided on their predictions about the future of the housing market in Orlando. Some forecast a leveling off of prices and an increase in inventory, while others predict even more rapid price increases in the coming years. Only time will tell.
Despite the difficulties facing prospective home buyers in Orlando and the surrounding areas, low mortgage rates and a strong market are good incentive to buy. The key is finding the right home at the right price – and sealing the deal before it’s snatched up. If you’re looking to buy or sell a home in Orlando or the Central Florida area, contact the team at Core Group to talk to one of our exceptional agents – we’ll get the job done.
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