Orlando MSA Residential Real Estate - January Market Update
What's up in the Orlando MSA Residential Real Estate Market?
The Orlando Regional Realtor's Association has released the most recent month's numbers for January, 2017. Read below to find out:
- How quick homes are selling.
- How close homes are selling to their asking prices.
- How the average sales price has changed over the last 5 years.
- How many homes are on the market.
- Inside look into the next 12 months and an opportunity to track your property value.
Orlando median home prices rose 10.6% in January of 2017 compared to January of 2016 - the result, in part, to declining inventory (21% Y.O.Y.) and increased buyer demand. Year-over-year increases in median price have been recorded for the past 66 consecutive months now.
Here is a look at the average sales price over the last 5 years. The current 2017 average sale price is $240,879. Compare that to the 2012 sales price of $157,310 and we're up a total of 53% or approximately 10.6% annually since 2012.
Homes of all types spent an average of 62 days on the market before selling in January of 2017. That number was 69 days in January of 2016. Our team's average for the past 12 months was 17.5 days - (Ask us about our 2017 Guaranteed Sales Program if you're considering selling soon)!
The original asking price compared to sales price ratio for January 2017 was 96.93%. That number was 97% for January of 2016. Our team's current average is 99%!
The average sales price increased from $215,830 in January of 2016 to $240,879 in January of 2017 for an increase of 11.6%.
In January, we had 8,550 homes available for sale of all types in the Orlando MSA which is 21% lower than last January. That number is still decreasing even as we continue into the first Quarter of the New Year. Keep an eye out for our February report to see where it trends. Current inventory combined with the current pace of sales created a 3.9 month supply of homes in Orlando for January of 2017 so we are still slightly in favor of a seller's market. There was a 5.02 month supply in January of 2016.
Current average mortgage rates are hovering right around 4.3% which is a slight decrease from December, 2016, but is still higher than the 2016 average. Rates are expected to jump around a bit in 2017 with a trend toward an overall increase by the end of the year.
For a hassle free way to find out what is selling in your neighborhood as soon as the sale closes then feel free to call Christina at 407-340-1308 or Tonio at 407-497-5705 - or click the button below and we can notify you instantaneously when it happens!
If you are currently renting, you can schedule a time to meet with us. We offer a free Buyers consultation that will help you determine if buying or renting is right for you!