The Central Florida real estate market indicators from March 2015 are excellent! The median price of homes is up 10% from last March, and we had the most homes sales in one month in a long time, breaking the 3000 ceiling (3067).
Our close to home real estate market in Orlando has been strong and steady for a few years, and March showed the surge here as well. The biggest contributor to this was the normal first-of-the-year bump. Also, many buyers began jumping into the market to lock-in what may be the twilight of the super-low interest rates we have experienced for several years.
This has reduced our inventory to less than 4 months (3.75), which almost always means the market is moving in the direction of a stronger seller’s market, prices are going up faster than average (4% per year is the 100 year average), and buyers can expect to have to work harder to find something suitable and face multiple offer situations more often than not. Six months inventory is considered a “balanced” market. (Click here for a link to the Orlando Housing Market Report: 11,446 homes on the market divided by 3067 sales last month = 3.75 “months of inventory”).
In addition to this good news, the average marketing time has dropped back to 79 from 88 days. This probably reflects that we have come out of the holiday season when sales are slow. We should expect to see this number drop further as the spring goes forward. The average marketing days in our area has been in the 70’s for a few years.