orlando-981655_1280Florida’s housing market has certainly been on the up and up lately, and Quarter 2 was no exception. In fact, Quarter Two in Florida for the real estate market had more new listings,  higher median prices, and fewer overall days to get a contract. Year over year, the market increased 1.4 percent from quarter two last year, increasing to a total of 76,749 homes. Also, the median sales price for existing single-family homes in Florida increased 10 percent year over year, according to Florida Realtors.

Florida Realtors Chief Economist, Brad O’Connor, had a lot to say about existing home prices. “Existing home sale prices throughout most of Florida’s metro areas are continuing to exhibit robust year-over-year growth,” he said. “Demand is strong and supply is limited. The inventory of homes for sale at the more affordable end of the price spectrum – which includes the vast majority of distressed properties – continues to decline significantly, and new construction has not come close to making up the difference.”

Additionally, normal sales for single-family homes increased 14.4 percent from the previous year. The median time for a sales contract in 2016 was just 42 days for single-family homes. Even interest rates experienced a decrease, with the 2016 30-year fixed rate mortgage averaged around 3.59 percent, which was a decrease from 3.96 percent in the previous year, Quarter two.

We enjoy our relationships with our Realtor clients, and we want them to succeed so that the relationship can grow together. If you have any questions about our closing services, please contact Orlando closing agent, Real Estate Closing Solutions, today at 407-615-8550.