Our local real estate market in Ocoee, west orange county and metro-Orlando has been steadily appreciating since about 2010. The annual increase in median price has been between 10 - 12% every year since then.
According to the April report from the Orlando Regional Realtor Association, the median price in metro-Orlando is UP 12% over this time last year, total sales is DOWN 4%, and the available inventory is DOWN a whopping 17% over this time last year. That inventory statistic is the absolute key factor of our current seller's market.
Currently, there are 8,675 homes on the market in metro-Orlando, and this equates to a 2.9 month supply of homes. This means that based on the current pace of sales, if nothing else came onto the market, there would be no inventory in 3 months. Anything under a 6-month supply of homes is regarded as a "seller's market", so you get the idea!
What does this mean to area home sellers and buyers? It means that homes priced correctly, and in nice condition are selling quickly, and quite often with multiple offers. Buyers in many instances are losing out to other buyers who are simply making better offers. Every now and again we get a full price offer on one of our listings from a buyer who has been losing out time and time again on other homes - and they just pounce on our listing!
So the bottom line is, it's a great time to sell but a more challenging time to buy. We have helped countless families sell their current home, then buy their next home - but it takes proper planning and timing - to make one seamless move. Can we help you sell your current home or buy another? Call us today at 407-421-6412 or contact us via e-mail link at our web site.