If you’re thinking about jumping into the real estate market to buy or sell a home but aren’t sure if now is the right time, perhaps looking at the current market trends might help you make a decision. The Orlando Regional Realtor Association (ORRA) recently released its weekly report that provides an overview of the previous week’s market activity for Lake, Orange, Osceola, and Seminole Counties. The report includes sales, prices, and even how long a property has been on the market.
What’s happening with single-family homes in Central Florida?
According to the ORRA, single-family home sales decreased during the first week of June 2020. The ORRA says that single-family home sales decreased to 405 during the first week of June from 477 the week prior. Some other trends the ORRA report included are shared down below.
- The median price of single-family homes increased to $300,000, which is equivalent to a 7.1% increase.
- The number of single-family home foreclosure transactions decreased to seven last week, from 10 the week of May 24th.
- The number of single-family home short-sale transactions decreased to two from four the week prior.
- Single-family inventory decreased by 46, which puts it at 5,632.
Are condos, townhomes, and villas selling in Central Florida?
While single-family home sales decreased during the first week of June 2020, condos, townhomes, and villa sales increased from 113 the week prior to 134. The median price for these types of properties decreased to $168,000, which is about a 4.5% decrease in price. Some of the other trends the ORRA recorded include:
- Condo, townhome, and villa foreclosure transactions increased to two during the first week of June from zero the week prior.
- The number of condo, townhome and villa short-sale transactions remained the same.
- Condo inventory increased by 61, which raises the number of properties on the market to 2,270.
While it is clear the COVID-19 pandemic has had an effect on the real estate industry, the data recorded by the ORRA does show that homes are still selling in Central Florida. If you are looking to enter into a real estate transaction in Orlando, FL and want to be sure your investment is protected and in your best interest, it’s time you contact Legal Counsel P.A. to speak with an Orlando, FL real estate attorney. Whether you are buying a home for you and your family to move into or are looking to purchase the property to rent out, the Orlando, FL real estate lawyers at Legal Counsel P.A. will walk you through the entire process and address any issues as they arise.
Legal Counsel P.A. has an office in Orlando which is located at:
189 S. Orange Avenue, Ste. 1800
Orlando, FL 32801
Email: [email protected]