Orlando Area Real Estate Market Update – Summer 2012

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We have seen some interesting things happen in our real estate market lately – both locally and nationally. With inventory slowly dwindling down, after months and months of a buyer-centric property market we are finally seeing a strong opportunity for people on both sides of the fence.

Sellers Enjoying Control in the Marketplace

Aside from decreased inventory, sellers are enjoying plenty of attention with several buyers often vying for their properties resulting in multiple offers. This means sellers are able to sell their homes faster than we have seen in a while, they are getting top dollar for their homes and they no longer need to pull out all stops in terms of seller concessions in order to be successful. Fewer competing homes on the market also makes for smoother transactions and easier to deal with buyers.

Buyers Have Low Interest Rates and Low Prices to Fall Back On

Though buyers have been in control for much of the past several years, things are changing. One thing that has not changed for a while, record setting interest rates are still available for buyers. When combined with the low home prices of properties in our area today, the marketplace is an ideal one for first-time buyers, people looking to trade up into something better or investors. Despite the competition of other buyers out there, this is a phenomenal time to buy!

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The numbers speak for themselves. This time last year, there were 10,969 homes on the market while today there are 8,243 available homes on the market. Track back to 2009 and the number of available homes seems staggeringly high at over 22,000! More than half fewer homes points to a fast stabilizing market where we can finally expect to see increasing values. Our average Days On Market has slowly but steadily moved down to 85 DOM as of May 2012.

If you want to get in on all the action and either buy, sell or invest in a property – call me today. The opportunity is phenomenal and it remains a fantastic time for buyers and sellers alike because of home values stabilizing and interest rates remaining so low. We look forward to making your real estate goals a success!

Here is more information from Orlando Regional REALTOR Association

Median prices experience across-the-board increases

The median price of existing homes sold in the Orlando area has increased more than 15.74 percent since the beginning of the year, from $108,000 in January to $125,000 at the half-year mark in June, reports Orlando Regional REALTOR® Association. Compared to January 2011, the median price has increased 31.72 percent.

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Recap

Average mortgage rate

Inventory

New listings

New contracts

Total under contract

Units off market

Comparisons

Average days