Market Update: July See Sales Growth & Tight Inventory

Market Update - blog

Orlando Regional REALTOR® Association’s monthly market report is out! July closings increased over 33% compared to last year. When compared to July 2011, the July 2015 median price is 59.20% higher.

Right now inventory is very tight with a pace of just under three and a half months of supply. The total inventory count is down more than 2% compared to this time last year, and down almost 2% compared to last month. Homes spend an average of 69 days on the market and sell for about 96% of the listing price.

Seminole and Lake Counties are seeing the biggest growth in sales comparisons to July 2014 with Lake County increasing 24.26% and Seminole increasing 23.11%.

As we continue to see a squeeze in inventory, fewer days on the market, and increases in higher median prices we move towards a seller’s market. We’re keeping our eye on mortgage rates and the drop in cash sales but for now sellers are seeing their homes sold successfully.

Click here to view the full report of statistics.