Sales are up and inventory is down in our market as we head deeper into fall. Here’s what that means for buyers and sellers.

 

What do the latest year-over-year numbers from last month say about our Central Florida market?

Our level of inventory decreased by 6.4% to 8,092 available homes, which is about a 2.9-month supply. This was an increase compared to the previous month, though, and it’s actually the highest number we’ve reached so far in 2018.

The median sales price for single-family homes increased by 4% to $233,000. The median sales price for condos also increased 6.4% to $125,500. Over the past 87 months, the overall median price is up 101.7% in our market.

The total number of home sales increased 8.5% from 2,552 to 2,768. The number of single-family sales alone was 2,096, which was a 7.6% increase. Distressed home sales, meanwhile, dropped by about 3.1%.

Here’s how the number of home sales fared year over year for each county in our surrounding area: 

  • Lake County: +7.3%
  • Orange County: -3.3%
  • Osceola County: +15.1%
  • Seminole County: -11.5%

“Inventory is low and the market is changing.”

The homes that sold spent an average of about 48 days from contract to close, while pending sales spent an average of 84 days from listing to close.

As you can see, inventory is low and the market is changing. However, interest rates are still historically low, so if you’re a buyer and you’ve been sitting on the fence, now may be the time to make your move. If you’re a seller, our median price range is still very hot. Homes listed between $150,000 and $300,000 that are priced right, in a good location, and marketed properly are moving quickly.

If you’d like a more in-depth look at all the latest numbers from our Central Florida area, click here.

If you have any more questions about our market or you’re thinking of buying or selling a home, don’t hesitate to reach out to me.