The market remains strong with low inventory and low interest rates driving up prices and keeping us busy.

The number of homes sold in November is slightly down from last month – BUT up 20% since last year. The number of homes for sale (AKA inventory) hit a new record low AGAIN. There is less than 6000 homes for sale in Central Florida.

The low interest rates hovered around 2.7% on average last month keeping buyers in the market desperately trying to find the right home amid the low options.

This lack of supply and high demand drove prices up 14.58% since this time last year! The median sales price for November is the highest on record in the last 20 years.

That leads some people to believe the market is going to have a massive crash or shift.  And let’s not be naive – all markets shift and cycle up and down so we are due for some kind of shift.  But to put things in perspective and compare to the last time the market prices were around the same.

In 2007-2008 before the market crash the median and average prices were about the same as they are today. At that time  interest rates were almost 2.5 times MORE than they are now making it way more expensive to buy. At that time the median income was about $50,000 in the Orlando Metro and as of 2019 it was about $61,000. People are making more money today and the cost to buy is less expensive.

There were also about 20,000 MORE houses for sale at that time. The supply was much greater than the demand. That’s just not the market we are in at this time. Only time will tell what impact COVID unemployment will have going forward, but it may be a long while before we can really see that in the numbers. For now, affordability is high which will continue to drive demand and as a home seller you are getting literally top dollar prices!

Thinking of making a move in 2021? Give us a call to understand what your specific pros and cons are for the upcoming market. Ask for Kathryn 407-982-7240