The Orlando real estate numbers are in and we have analyzed the data for you.
We’re looking back at April, and what we’ve seen is that it’s kind of the same market we’ve been in. We have less than two months of available inventory, and we did see a low at the end of last year and the beginning of this year. It was actually the lowest sales we’ve seen in a really long time. However, that’s back up to normal levels.
Even though pending sales are higher, they’re down from last year again. We’re not seeing the same craziness that we saw a year or two ago, but they’re still a very strong 4,500+ pending sales. That’s a lot of pending sales, and that leads to future home sales. I believe that next month we’ll see even more home sales, and that will probably continue through the summer months as this is our busy selling season.
One of the things that has changed is the prices, the increase in home values. We’re now at 0% year-over-year average sales price. So what that means is that the prices today are the same as they were last year. We haven’t actually seen 0% in a long time. We got kind of used to double-digit gains every month over the last couple of years. It was like we were 20% higher than last year, and that led to these prices that we have today. We haven’t seen this appreciation rate of zero since May of 2007. And so we all know what happened at that time during the market; things went down from there into negative digits. However, the difference is that at that time, there were 14.59 months of inventory available, whereas right now, we have 1.86. That’s almost eight times the available homes, and that’s what caused the market crash during that time. So we’re still in a really strong position here in Central Florida! Of course, every market is different, and your neighborhood might have different stats.
Give us a call if you’re interested in selling your home, and we’ll look at your specific area. Real estate is local, and we’ll give you the best information to get the best price possible. (407) 982-7240.