|Stats you can use for Spring in the Real Estate Market for Central Florida |
In the graphic above it is showing the stats for March for our Stellar MLS coverage which covers most of Central Florida. The MLS is the Realtor system for putting homes on the market and sharing that information with all the other Realtors and brokerages in the area. The way you read it is as follows:
This graphic shows that we have 1% more listings on the market this past March compared to February this year ,but 29% less than last March.
We have had 20% more properties come on the market as new listings than February of this year but only 1% more than last March 2021.
The area has 15% more pending sales (or sales that are under contact and in the process of selling) in March 2022 than February of 2022 but 8% less than March 2021.
As far as sales go it shows that we have had 27% more sales in March than February this year, but 12% less than last year end of March.
The average days on market was 14% less this February compared to this March but it is a astounding 54% less than last March when we were still deeper in to the Pandemic closures. Days on market is the time from when the house is listed on the market to when it gets an contract in on it and the seller accepts the terms.
There has been 30% more sales volume this past March than in this past February but only 5% more than March of 2021.
The average sales price of a home has gone up 3% from February to March of this year. Meanwhile as compared to last year homes are selling for 19% more than March of 2021.
Months of inventory which is how we measure the amount of homes on the market has been steady at a very low 1 month of inventory comparing February to March of this year and the same compared to March of last year. Anything under 5 months of inventory is considered a sellers market. 5 to 6 months is a balanced market.
After looking at that graphic you might be thinking… “That’s nice Todd but what does that mean to me… the customer who wants to buy or sell ?”
Well… it means that homes are selling quickly still, the prices are still going up and we still have a shortage of inventory even though more people are putting their homes on the market than last year this time, which in turn is a factor keeping the prices steadily increasing.
So if you are thinking of selling you have one of the best times ever to sell because they are going fast and at the top of the market, and if you are looking to buy, its still a great time because rates are really low.
If you are thinking… “I will wait for the prices to drop”… it seems like that will not be happening too soon… and if the prices go do drop…the rates will go up (like they slowly are now) and you will be paying more monthly for that supposedly cheaper house.
So if you are paying cash and are worried about price… you might want to wait if you think things are coming down and don’t mind staying where you are for months maybe a year or 2 longer.
If you are financing and can afford the down payment, now is a great time to buy to keep that monthly payment low.
Orlando Homes For Sale– Todd Mowry Realtor. Specializing in Real Estate in Orlando, Winter Park, Maitland, Waterford Lakes and surrounding
communities. I have over nine years of experience in advising buyers and sellers on how to make the most well informed decisions for themselves. Call or text me at 407-435-5220 even if you just need to ask a question from an experienced and dependable Realtor.