As Orlando closing agents, we are very excited to share news of growing sales in the real estate market of Central Florida. In the last year, we’ve seen competition in the market increase significantly, leading to a market that benefits sellers. Current residents of the Orlando area upgrading to bigger homes, and out-of-state transplants or snow birds are also moving down.

Home Listings Dwindle, Sales Climb

In the last year, the number of home listings in the Orlando area has decreased 20%. Conversely, sales climbed 12%, ultimately resulting in a hyper-competitive marketplace.

This competition has a number of results:

  • Limited More-Affordable Options: Buyers looking for home options below $300,000 have trouble finding much inventory.
  • Bidding Wars: Areas like Lake Nona see home sales with multiple offers that ultimately drive up sales prices. In turn, appraisal processes are difficult for homebuyers, as the sale price may be higher than the appraised value.
  • Quick-Moving Inventory: In Orlando, inventory is moving in an average of 2.4 months. A balanced market is considered at six months, so that tells you a lot.
  • Price Increases: Within the last year, the median home price has jumped $12,000 up to $217,000. This is especially true in counties like Orange and Seminole. Prices rose 6%, double what is considered normal.

Median Prices Still Not Hitting Records

In an interesting twist, although inventory is low and bidding wars are common, the median home price of $217,000 hasn’t come anywhere close to the peak of median prices in Orlando: $264,436 in July of 2007.

Central Florida Sees Hotspots

Among the increase in sales, all of Central Florida is identifying sales hotspots. Orange and Seminole counties have seen 10% growth in year-over-year sales. Additionally, sales in Lake County, home to Clermont, Leesburg, Mount Dora, and Alexander Springs, grew 21%.

As sales grow, that means the number of homebuyers who are closing also grows. If you are looking for an Orlando closing agent, align yourself with a company that can handle the influx of sales. At Real Estate Closing Solutions, we pride ourselves on our experienced staff and extraordinary service. For more information about the Orlando real estate market, tips on real estate, or information regarding closing, keep reading our blog.