As we start fresh with a blank page in 2021 and look forward to all this new year has to bring, let’s take a look at how the year ended for the Orlando real estate market in 2020.

The number of homes sold in Orlando in December is a 20 year high for the month of December. Never in the last 20 years of recorded data have we had so many sales happen in December. There is always a slight uptick in sales at the end of the year as people try to close for tax purposes, but this one was for the record books.

We also ended December with an average interest rate of 2.7% which is also a 20 year low. With only 1.3 months of available homes for sale (also a 15 year low) and such low rates the prices went up AGAIN. This time we are seeing market values up 10.44% since Dec. 2019.

Overall 2020 was full of historic numbers for the real estate industry, and all while a pandemic has swept across the country. It seems like a banner year by all accounts for real estate sales. However, there were actually only 164 more home sales than the year before.

So why did it feel like such a hot market? It was truly the lack of homes for sale that caused such activity on the listings that actually were active. On average there was about 20% less available homes than in 2019. That’s a lot less options than usual!

Thinking of making a move in 2021? We expect the real estate market in 2021 to continue to remain strong until there is some shift in available inventory or if the rates rise. Watch our monthly market update video for even more insights into what is on the horizon.

We will keep our eyes on the market and give us a call to understand what this means for your specific circumstances. Ask for Kathryn 407-982-7240