March saw a very interesting change in the Real Estate market, as the market sort of kick started itself back into full swing. For the month, 1,154(+264) single family homes sold, compared to February with 890, quite a significant change. The most active category, as usual, was the $200-249,000 range, with 235(+87) sales, again, outpacing February with 148. The 235 sales represents a total of 20.4% of total sales for the month, while the 148 covered 16.6%, an increase of 3.8%. The next most active category is the 250-299,000 range with 171(+33) sales as opposed to February, with 138. As a total ratio, this represents a slight dip in this category, representing only 14.8%(-.7%) of all homes sold, compared to February with 15.5%.
Sales of luxury homes over 1 million also increased, selling 24(+7) compared to February with 17. Percentage wise this is only a small increase, 2.1% to 1.9%, but when you examine all sales of luxury homes over 700k(69 for March, compared to 36 for February) the change becomes more significant, representing 6% for March, compared to 3.7% for February.
Proving Orlando to be a more competitive market, 585 (50.7%) homes sold within 30 days, a significant increase over February’s 376 (42.2%.)
Although cash purchases were up, selling 282(+28) compared to 254 for February, this also represents a significant decrease in ratios, 21.4%(-7.1%) for March, 28.5% for February. Homes financed with Conventional Funding also followed the same pattern, increasing in numbers, 465 for March, 383 for February, decreasing in percentage, 40.3%(-2.7%) to 43%. Homes purchased with FHA Financing increased for March, 247, or 21.4%(+3.6%) compared to 160, or 17.8% for February. Similarly, 76 homes were purchased in March with VA financing, 6.6%(+1.7%) compared to February with 44, 4.9%.
What does all of this mean?
For sellers, it means it is important, now, more than ever, to make sure you price your home appropriately, and your Real Estate Agent is doing everything possible with the marketing of your home. If your home sits on the market more than 30 days, adjustments need to be made.
Most investors who purchase cash are looking for new ways to invest their money, and this is evidenced by a large increase of Condo and town home sales for the month of March.
Buyers: be prepared to compete. This isn’t the market where you can underbid homes and expect to be taken seriously. Your offers need to be on point, written properly, and represent all of your interest; the first time! Homes are selling faster than ever, and your offers need to reflect that urgency. Working with an experienced agent will help land your next home.
Ready to buy, invest, or sell? Call me! 407.517.8693, or, email me, at isellcflhomes@gmail.com.
****Data compiled from MLS Homes Report****