With a tighter inventory, Orlando home buyers face a competitive market
Orlando home buyers have had to make some quick decisions in this market. And while home buyers in the Orlando area may be able to get the price down slightly, competition is too tight for much price negotiation.
According to a new report by Orlando Regional Realtor Association, Orlando-area houses that sold last month were on the market two months before landing a contract – selling in half the time it took in 2008. The report also showed that sales prices held steady at a midpoint of $205,000 from August to September in the core Orlando market of mostly Seminole and Orange counties.
With a housing supply of just 3.35 months and 10,362 homes on the market, Orlando home buyers face the most competitive market since March 2014.
“Housing inventory in Orlando has declined year-over-year for 15 straight months, which is driving values upward and causing prospective buyers to either waver at the steeper home prices or become disheartened by the competition for the low number of available affordable listings,” said John Lazenby, president of the association.
Sales were up 10 percent from a year earlier with 3,091 homes selling in the core Orlando housing market during September. The Orlando area may not see sales swell in the coming months because they generally decline in the fall, and the number of pending sales in September was down 14 percent from a year earlier. However the approaching slower season may bring good news to Orlando home buyers who missed out during the summer.
The biggest change in the market from a year earlier is the type of house that is — and isn’t — selling. During that time frame, sales of normal homes increased 21 percent while short sales were down 25 percent and foreclosure sales were down 60 percent.
Source: “Competition heats up among Orlando home buyers,” Orlando Sentinel