January 2021 Market Update
The number of new listings on the market is still down 13% compared to this time last year. Interest rates continue to be low, with a conventional loan still averaging less than 3%. The combination of these make it a great time to buy and a great time to sell, as it costs less to buy and there is limited inventory on the market. If you aren't interested in buying or selling, now would be the time to consider refinancing.
Here are some quick statistics for Osceola, Polk, and Orange counties.
This is comparing January 2020 to January 2021. The number of houses sold did increase 5% from the prior year. Because of the high interest in buying and such low amount of inventory, the average price of houses has skyrocketed from this time last year by 19%. The average days on the market for sold listings is almost two weeks less than this time last year. Houses sold in November 2020 on average sold for 5% less than list price. Even though demand is high and therefore prices are increasing, it is still super important to list a house for a fair market value and not over price it! Houses that don't show well or are overpriced STILL DO NOT SELL!
The number of new listings increased in 2020 compared to 2019, and is steady with the past few months. As we mentioned, this is still a seller's market with around one month of inventory available. But it is still a great time to buy a house, as interest rates are still very low.
The average sales price for a 3 bedroom, 2 bathroom, single family home in the central Florida area are as follows:
Poinciana - $202,813
Kissimmee - $245,793
Saint Cloud - $264,325
Davenport - $252,103
Orlando - $267,029
Haines City - $235,963
Deltona - $223,522
Although the average price for a house sold is 47 days, we are still seeing houses we list sell faster than that. We just listed a property on Friday. It was decluttered, cleaned, and staged with professional pictures, and price at market rate. We didn't have time for all of our usual marketing, but we did do some of it. As a result of our marketing, we had 26 showings, which resulted in 6 offers, most above asking price. We have still received some more offers even after the cut off. This property was under contract in less than two days!!! Now is the time to sell!
If you are worried about where you will move to, talk with us! We have at least 10 different things you can do to keep from being homeless. Connect with us to talk about your options.