How was the 2017 market and what can we expect for the new year that’s ahead? Let’s take a look at the latest numbers.
First of all, the median price for homes increased by 10% in 2017. So for the Central Florida/Orlando Area, the median price was $220,000.
The annual median price for single-family homes also increased, going up by 8.2%. When it comes to condos, the median price increased in 2017 by 17.7%, at $111,000. Duplexes, townhomes, and villas also increased by 10.8%.
Overall, we saw very healthy gains from 2016 to 2017.
Another area of growth we saw was in average sales price, which increased 3.8%. The average sales price of single-family homes increased by 2.1%, with 37,198 homes sold in 2017. Year over year, the number of homes sold increased by 10.7% in 2017.
Also in 2017, normal sales for the overall market were up by 11.9%. And as another piece of good news, foreclosures went down by 49%. This means that the market has recovered and is on its way up.
In total, 44,343 homes were sold in 2017, compared to the 43,062 that sold in 2016. This is an overall increase of 3%.
Sales increased by 7.2% in Lake County, 2.8% in Orange County, 3.8% in Seminole County, and by 7.9% in Osceola County.
The market is doing really well, so if you’ve given any thought to selling your property this year I definitely recommend you do so. Builders aren’t able to match the demand and inventory is still low. On top of that, the average interest rate is 4.125%. Compared to what we saw a couple of years ago, this is very low.
You can find the full market report here.
In other words, this is a great time to buy or sell. We would love to help you with your transaction.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.