The current market conditions in Central Florida are very similar to that of the last few months. It is still a seller‘s market, but we are seeing signs of it slowing down. There is still a lot of competition and 20+ offers in the surrounding areas. However, we recently have seen some places where competition is slowing down with only two to three offers. Our agents have been able to help get buyers under contact on many of those. Overall, it’s a great market for sellers and buyers. It’s a great time to be active in real estate throughout Central Florida. Here’s a snapshot of the current real estate market with Tom Nickley.
Watch September’s real estate snapshot here!
There is a bit of a slow down of sales that could be attributed to the normal season adjustment. In Central Florida, between July and August, there has been a 4.4% decrease in sales. This is excellent news; it helps mellow out the frenzy of buyers in the market in every area.
We see prices are starting to stabilize. From July to August, we did not see a change. Meaning there was no appreciation of homes during that time. What we did see from August 2020 to August 2021 is a 16% increase in appreciation, which is great compared to June and July’s 20% increase in price.
Increase in inventory
The next piece of great news, especially for buyers, is an increase in inventory in homes for sale. More homes are on the market, making a wide selection for our buyers. Right now, there are about 3700 homes available for sale in Central Florida. Compared to the low in April of 3300 homes for sale.
We are still seeing historically low-interest rates, averaging 2.8% in August. The federal government is making moves to taper back on their bond purchases which kept rates low. We are predicting that rates will start to increase as early as mid to late next year.
Ready to make a move?
Now is a great time to buy or sell here in Central Florida. Sellers can still maximize the equity in their homes, and buyers can start to see more balance and less competition in the market. We are seeing more buyers begin to enter back into the market that had left during the crazy summer months.
Whether you are considering buying or selling a home here in Central Florida, we would love the opportunity to be a resource for you. Visit our website, send us an email, or call us at 407-904-2456 to set up an appointment with one of our experienced real estate agents.