Although Orlando is still boasting a vibrant market, sales of single family homes took a slight dip in the month of July. June saw a year high 1,362 homes sold, while July was a bit less, at 1,321(-41).
There could be several factors for this. Historically, June is always a busier month for movers in Central Florida. Kids are out of school, and parents, unwilling to disturb their children's school year, tend to wait until June to make a move.
The largest segment of homes sold was again in the $200,000-$249,000 range, with 252 homes sold in that price range. Of those 127 of those 252 were 3 bedroom homes. This is 9 more than the month of June. The second largest group were homes in the $250,000-$299,000 range, with 185(-7) sales for the month. That is a slight dip compared to June, when 192 homes in that price range sold. Buyers in this range preferred a larger home, being that 122 of those 185 homes sold were 4 bedrooms, as opposed to the 58 3 bedrooms that sold.
In the $300,000-$399,000 segment, 110(-16) homes sold in July. That's a slight dip from June at 126. 76 of those 110 were 4 bedroom. The $400,000-$499,000 range also saw a dip in homes sold at 111(-14) compared to June at 125. Of the 111 homes, 94 were four bedroom as well.
It is important to note that while almost every category saw a slight dip, luxury homes over $1 million saw a dramatic increase. In June, 26 Luxury Homes sold, as opposed to July, with 35(+9). Every single one was at least 4+ bedrooms.
While the market in Orlando is still strong, we are at an interesting time. Lenders are starting to prepare for the RESPA changes, which will give the process a longer timeline, and with interest rates getting ready to bounce up from historic lows, we are on track for a slowdown, as the market catches up to these adjustments.
My suggestion to anyone considering buying is to start early. It will take some extra time very soon, so make sure you allow yourself a considerable amount of time for you and your agent to navigate the process. Sellers should consider a balanced, yet aggressive pricing strategy that falls in line with the ongoing trends.