Is the market in Orlando taking another steep climb upwards? While May once again saw another sharp increase in homes sold, there were many more interesting developments for the month.
May saw 1,280(+93) single family homes sold, while 1,187 sold in April. Interestingly enough, the normally most active price range, $200,000-249,900 saw a slight decrease, selling 215(-12) in May compared to 227 for April. There was a very sharp increase in the $250,000-299,900 price range, as May saw 223 (+45) compared to 168 for April. Sales of luxury homes over 1 million also saw an increase, with 37 (+6) sales in May, opposed to 31 for April. Sales of all luxury homes over $700,000 saw an increase as well, with 74(+16) homes sold in May as opposed to 58 for April.
Another interesting development was that homes started selling faster. In May, 703, or 54.9%(+1.9) homes sold within 30 days, while 629, or 53% sold within the same time frame in April.
Interestingly enough, sales purchased with cash saw a slight dip, as 289, or 22.6% (-1.6%) homes sold were purchased with cash in May, compared to 282, 23.8% for April. Homes purchased with Conventional financing saw an increase in May, with 582, 45.5% (+2.5%) homes financed with conventional financing in May compared to 510, or 43% for April. Homes purchased with FHA financing saw a slight increase in May, with 270, 21.1% (+0.2%) compared to 248, 20.9% for April. Homes purchased with VA financing also saw a slight increase, as 69, or 5.4% (+0.3%) homes sold utilized VA financing, compared to 61, or 5.1% for April.
These are incredibly interesting developments. Homes are now selling, faster, for more money, than ever before, here in Orange County. If you are selling your home, and you’ve gone past the 30 day mark, you’ve got to ask yourself why, when nearly 55% of homes are selling within 30 days.
Do you keep getting outbid on homes you are trying to purchase? It is so important, now, more than ever, to make sure your offers, and your financing, is as strong as it can possibly be. Also, make sure your offers are on point. This is not the type of market where you can underbid a home.
Are you ready to buy, sell, or invest? Call me immediately at 407.517.8693, or email me at isellcflhomes@gmail.com!