The Orlando real estate numbers are in and we have analyzed the data for you.

In October we ended the month with fewer sales than the previous year. Not surprising since rates have gone up and caused some market cooling. 2,716 sales and 2,915 pending sales happened last month both down year over year. The numbers might be down but this might not be the market cooling it could just be seasonality. There’s always a little bit of a slowdown in September as we’re coming out of the hot summer months, school starts back up, etc. We should see a peak in sales at the end of December and those are buyers that are out there shopping now and are trying to close by the end of the year.

The number of listings is up at just over 7,000. That’s a lot more than what we’ve seen in the past and probably double what it was last year. As a buyer, you definitely have more options now and as a seller, you have some more competition. It’s something to keep in mind to make sure your house sells and that you’re competitive. The days of multiple offers over the asking price are done. We probably wont see something like that again but that doesn’t mean you can’t get top dollar for your home! It’s all about strategy and knowing your specific market.

The median sales price is still up year over year we are just 12.3% higher than last year. As the rates continue to rise that will make it less and less affordable to buy in some situations and because of that, the market will continue to slow a little bit. We’ve seen so many people move to Central Florida recently so we haven’t seen this sudden drop off in sales. In fact, I have seen some multiple offer situations lately. They’re not paying way over the asking price anymore but there is still competition especially when you’re trying to close before the end of the year because of tax reasons like Homestead exemption. If you’re a buyer now is a great time to close because you can claim homestead exemption so you can save on your property taxes in the new year. 

If you’re looking for something right now there’s still time to buy if you’re working with an agent that can help you see things quickly and knows what to expect with the market. Every area is different so you want an agent that can analyze the data on a hyperlocal area. Some markets may be experiencing a buyer’s market (where there’s so much competition that you could get a better deal or negotiate a lower price.) Whereas, in other markets, there’s still no competition. We are technically still in a strong seller’s market with just under 2.5 months of inventory. We don’t enter into a buyer’s market until we’re at about 6-7 months of inventory. So we’ve got quite some time before we shift into that market.

Give us a call so we can help you strategize the best deal possible or help you sell for top dollar! (407)982-7240