Like the weather, the housing market in Central Florida is heating up! The data based on March sales indicate an increase in listings, home prices and closed transactions. Inventory is reducing as buyer activity picks up dramatically.
"The good news for buyers is that they have plenty more options to choose from. There were twice as many homes on the market in March compared to this time last year, and the median home price is only slightly higher than it was a year ago" - Lisa Hill, Orlando Regional Realtor Association President.
New listings increased 22% from last month, totaling 3,442 new homes to hit the market in the last 30 days.
Fun Fact: Only 1% of all home sales last month were a result of distressed or bank owned properties, a total of 28 homes.
We are sitting on a 1.72 month supply of inventory, compared to a 2.48 month supply, just last month!
Buyers: Don't let interest rates stop you from purchasing! The most important factor is your monthly payment. If you can swing the payment, buy the house (then refi later when rates come back down.)
Sellers: Multiple offers are back on the best houses! If your home is in fantastic condition, and priced perfectly, it will sell for above asking price!