There are fewer listings in Orlando than ever since 2005 according to a report released recently by the Orlando Regional Realtor Association.
The Orlando Real Estate market [Orange and Seminole counties] had 8,642 active listings for last month. There hasn’t fewer listings since September of 2005. With fewer homes competing for buyers, the median price went up from $115,000 in March to $116,000 in April.
“The overall median price has increased for three consecutive months, while demand has created inventory declines for the last 18 months” said Stephen Baker, chairman of the Orlando-based association. “Add in today’s prices and the lowest mortgage rates since the 1950s, and now we have a market with buyers competing for available homes.”Both REOs and short sales have seen an almost 6% increase in sales prices over the past year while normal sales prices have decreased 2%. In April traditional sales account for about 45% of Orlando Real Estate’s overall sales. Just one year ago ago traditional sales made up about 1/3 of overall sales.
Although interest rates on a 30 year fixed mortgage have gone up slightly [4.02%], these rates are still among the lowest historically. In February interest rates were the lowest ever at 3.92%.
With a fewer amount of listings on the Orlando Realty market, this will obviously impact local sales volumes. In April, sales were down 3.4% as opposed to 4.5% one year ago. Orlando homes are also spending much less time on the market as opposed to a year ago with a higher sales price, about 95% of the asking price as opposed to a year ago when home were selling at about 91% of asking price.
What it all means to Orlando Real Estate Today?
After looking at all these statistics from recent and past Orlando home sales, mortgage rates, etc., it can be a bit confusing about what it all means to Orlando Realty today if you’re not an experienced Orlando realtor. In a nutshell, the Orlando Real Estate market is getting stronger and more stable everyday.
With all the cash incentives for Orlando Short Sales and with the mortgage relief act of 2007 still in play, it’s absolutely the best time to short sale your Orlando home.
For Orlando Home buyers, you can still get a great price on a home and take advantage of the lowest interest rates in history. Feel free to use our Orlando home search tool and in just seconds you will be able to see all the great properties in Orlando.
For traditional sellers who want or need to sell their Orlando home, they no longer have to worry about getting insulted with low ball offers. Find out what your Orlando home is worth here.
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