Real Estate in Review for July 2018
As our summer comes to an end, the Orlando real estate trends are at a healthy MEDIAN. Prospective home buyers will be happy to learn that over the summer the market begun to stabilize and we're not seeing the intense market prices rising this month. Over the last several years we were seeing a median price increase between 6 and 7 percent, thankfully the summer slowed those numbers down for us.
The overall median prices in Orlando for July 2018 was $235,000 - a 6.8% increase from the year prior in July 2017 which was $220,000 at the time and a 1.3% decrease from just the month prior in June 2018, which at the time was $238,000.
The overall inventory of homes that were available for purchase in our MLS for July was a total of 7,525 homes, which is a big decrease of 16.9% when compared to July 2017 and just a tiny 0.4% decrease compared to last month.
For July 2018, the average interest rate paid by Orlando homebuyers was 4.59%, thankfully a smidge decrease from 4.61% percent the month prior. Maybe this is hope for our buyers out there who are looking for an ever LOWER interest rate!
The amount of NEW pending contracts and NEW incoming listings are BOTH down this last month. We generally see this at the end of the summer due to families postponing any sales and instead gearing up for the school year. The pending sales were down 19% and the new listings were down 4%.
If you're interested in PURCHASING a home in the upcoming months it wouldn't be a bad idea - less buyers out there to compete with. And if you're looking to list your home in the next few months - come one, come all, WE NEED MORE INVENTORY for those buyers!