Orlando MSA Residential Real Estate Report - March 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 March, 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 March of 2017 compared to March 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 10 years. The current 2017 average sale price is $245,766. Compare that to the 2012 sales price of $157,310 and we're up a total of 56% or approximately 11.25% annually since 2012.
Homes of all types spent an average of 57 days on the market before selling in March of 2017. That number was 67 days in March of 2016. Our team's average for the past 12 months is 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 March 2017 was 97.02%. That number was 97.16% for March of 2016. Our team's current average is 99%!
The average sales price increased from $225,699 in March of 2016 to $253,808 in March of 2017 for an increase of 12.45%.
In March, we had 8,550 homes available for sale of all types in the Orlando MSA which is 19.3% lower than last March. That number is still decreasing as we head into the traditionally peak real estate season. Keep an eye out for our April report to see where it trends. Current inventory combined with the current pace of sales created a 2.48 month supply of homes in Orlando for March of 2017 so we are still in favor of a seller's market. There was a 3.46 month supply in March of 2016.
Current average mortgage rates are hovering right around 4.29% which held steady from the prior month. 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!