As we continue to move through the 2014 year, the Central Florida real estate market continues to show that summer is looking like a great time for Buyers and Sellers to take advantage of the continued renewal in real estate we've been experiencing over the past couple of years. We hope our monthly market updates (including our April 2014 market update) help with your real estate needs when it comes to buying or selling your next home in Central Florida.
In the Orlando region (Orange, Osceola, Seminole and Lake counties), the median sales price increased by 13.24% compared to May 2013 coming in at $161,749 for May 2014. Historically low interest rates and previously shrinking inventory levels helped bring about this robust recovery and brought many Buyers off the sidelines and into the marketplace looking for their piece of the American Dream. As we continue through the summer buying and selling season, Buyers will be happy to know we are seeing inventory levels increase with 12,915 active homes on the market representing a 61.19% increase in available listings from the same time last year.
Median Sales Price (% Chg)
Orange - $179,000 (+19.3%)
Osceola - $153,000 (+22.4%)
Seminole - $168,000 (+5.3%)
Lake - $146,995 (+7.4%)
Currently, all signs continue to point to the type of recovery everyone has been hoping for in the Central Florida real estate market. Although prices have been rising, interest rates have continued to remain low and even declined to 4.14% for a 30-year fixed rate mortgage over the last week. However, it is important remember interest rates can’t (and won’t) remain low forever and home price are continuing to rise. Thus, home affordability may be at the lowest it will be for the foreseeable future. If you are considering buying a home, contact an Accredited Buyers Representative (ABR) now to understand if this is the right time for you to buy you piece of the American Dream.
Active Listings (% Chg)
Orange - 6,019 (+80.69%)
Osceola - 2,363 (+66.29%)
Seminole - 1,952 (+54.31%)
Lake - 2,581 (+23.79%)
