October 2020 Market Update
The number of new listings on the market is down slightly over this time last year. Interest rates continue to be low, but are starting to creep up. 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 October 2019 to October 2020. The number of houses sold did increase 16% from the prior year. The average price of a house also increased by 16%. The average days on the market for sold listings is almost a week less than this time last year. Houses sold in October 2020 on average sold for 7% less than list price. It is still super important to list a house for a fair market value and not over price it!
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 the central Florida area are as follows: Poinciana - $214,318
Kissimmee - $276,780
Saint Cloud - $313,670
Davenport - $257,879
Orlando - $338,002
Have you had any thoughts of selling? Check out this blog to figure out what you need to do to sell your property fast.