The numbers for our latest year-over-year market update are hot-off-the-press, so let’s take a look at how things have changed since the first quarter of 2017.
First of all, the average median price for Central Florida has risen by over 5.5% from $218,000 in 2017 to $230,000 now. Also, .04% of that growth occurred in just the period between February and March of this year. As you can see, values are getting better by the month.
A major reason for this growth is our current lack of inventory. Our market has far more buyers than available inventory at the moment.
Moving on, overall sales have also gone up. Since Q1 of 2017, they’ve risen by 38.2%. Current high demand means properties just aren’t sitting on the market for very long. 3,508 homes sold this March alone, versus the 3,393 homes that sold in March of 2017.
Given the 5,724 pendings on our market right now from March alone, we can expect the coming months to also see a high number of sales. There has never been a better time to buy or sell in our Central Florida market.
We only had about 7,710 homes available for purchase as of March. This is about 700 fewer homes than we had last year. With so little inventory and so many buyers in today’s market, it’s a great time to list.
But today’s market also has a lot to offer buyers. Interest rates are still low, with the current average sitting at just 4.29%. Before the market crash, we used to believe 6% was a great rate. Well, even though rates are climbing from the 3% range we saw a few months ago, rates are still at historic lows.
It’s no wonder why so many people who have been on the fence are starting to make to enter the market.
To review the full details of this market update, Click the icon below.
If you have any other questions, would like more information, or would like to know how my team and I can help you buy or sell in today’s market, feel free to give me a call or send me an email. I look forward to hearing from you soon.