June 2020 Market Update
The number of new listings on the market continues to be lower than this time last year, but it has increased slightly over last month. But we still have 5% fewer new listing in June 2020 then were put on the market in June 2019. Interest rates continue to be super low. 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 June 2019 to June 2020. The number of houses sold did decrease 4% from the prior year. There will continue to be an increase as there was a big change in June 2020 with more houses going under contract than new houses being added to the market. This is creating a seller's market, especially in first time buyer price points. The average price of a house decreased by 10%. This is not because houses are selling for less. It is because the loans for the higher priced houses continue to take longer to clear, so a higher number of lower priced houses are selling. Because of this the days on the market have decreased by 2 days. As mentioned before, there is a shortage of inventory for sell. Have you had any thoughts of selling your house?
The number of new listings did decrease in 2020 compared to 2019. 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 the central Florida area are as follows:
Poinciana - $221,531
Kissimmee - $259,939
Saint Cloud - $275,842
Davenport - $252,721
Orlando - $282,367
Have you had any thoughts of selling? Do you want to know the value of your house? If so contact us for a no obligation analysis.