Just when we thought Orlando inventory could not get any tighter…it did! At the end of October the number of homes sales that occurred was 25% higher than last year. And the number of homes for sale was almost 30% lower than last year. This is a trend that has continued for the better part of this year and it has led to an imbalance in supply and demand.

Simply put, there are not enough homes for sale to support the number of buyers in the market looking for a new home.

As that continues it drives the prices up. The median sales price in Orlando is up 11.55% since this time last year…yes all while the country has been dealing with a Pandemic.

We keep hitting record lows on the average interest rates which is what is keeping demand so heavy! The new historic low for last month was 2.72%. That is only .02% less than last month so we may find that this has really reached the bottom and can’t go much further.

The last two months of the year is usually when we see a drop in inventory as people hold off listing until the New Year due to the holiday season. If that cyclical trend continues, we may hit some more record low inventory levels before we start to see some improvement on that front.

Only time will tell how much longer this market will last. One thing I know for sure, this is an excellent time to sell a home. The best part about being a seller in today’s market is there are competitive offers for your home. That allows you to have choices that you normally will not have in a typical market. It allows you to negotiate terms that would normally not work!

If you are considering making a move, especially if you need to sell to buy call us at 407-982-7240 and ask for Kathryn. We will review all the options and make sure it’s the best time for you personally!