Nothing scary here! The market continues to remain strong in Orlando and showing signs of a normal seasonal shift as we enter the 4th quarter of 2021.
The Numbers:
A look at the changes from this time last year
- The number of home sales is up year over year.
- The number of pending sales is down slightly from last year. But this is still a very high number of pending home sales relative to the last 10 years of sales history.
- The inventory is down year over year. This is the biggest factor still driving this market. With so few homes for sale and high sales, the prices keep going up.
- The median sales price is 17.78% higher than it was last year. That’s a HUGE gain year over year. Will this continue into 2022? A new article by Yahoo Finance and Goldman Sachs economists suggest it will go up another 16% by the end of next year.
There is a lot of talk about whether this market is going to shift anytime soon. The reality is the market is still going up and is likely to do so into 2022. However, we may see a slight shift this holiday season. What I mean by slight is that there may be a little more inventory and just a little less competition. We ended September with .97 months of inventory. The supply has been going up the last 3 months just a tiny bit. Although anything less than 4 months is considered a hot market, increasing inventory will help alleviate some of the multiple offers and competition in some areas of town. There may be an opportunity between now and the end of the year to have a little less competition.
Only time will tell what the future holds, but the biggest thing driving our prices in the area is lack of inventory. About 8 million homeowners refinanced in 2020. That’s 5 million more than the previous year. With so many people refinancing into better rates and more affordable payments, they may stay put longer than normal. If the inventory continues to remain low and sales stay steady we are in for another year of gains in 2022.
Every neighborhood is unique, want to learn more about selling this Fall and how the market is doing in your direct neighborhood? Give us a call at 407-982-7240 and ask for Kathryn or email me at kathryn@thinklivebe.com