Everyone is talking about how “hot” the Orlando real estate market is and that it is a “seller’s market”. And that is true for many home sellers in the Orlando metro area. Let me tell you about two very different markets that exist and why opportunity awaits if you happen to be a luxury home buyer in Orlando.
Last month in Orlando the median price reached an eleven year high! That is great news for the strength of the Orlando home market. Almost 50% of the homes sold last month were between $200,000 – $350,000. And only 37% of the active listings are between this price range! Heavy demand for this price range exists because the affordable range for the average home buyer. High demand for this price range and low inventory equals rising prices and a low days on market…a perfect place to be if you are selling a home in this price range. This is a “Seller’s Market”.
Last month only 110 of the homes that sold were priced above $700,000. That means only 4.2% of the homes sold in April were luxury homes. And with 1117 homes of the same price range for sale, the luxury market is about 18% of the available inventory for sale. That means it would take over 10 months to sell all the luxury homes for sale if no new listings became available in that price range.
With so many options for sale and so few homes being sold, luxury buyers are actually shopping in a “buyer’s market”. In a buyer’s market the home buyer has the negotiating power.
Are you in the market for a home between $700,000 – $5 million +? Now may be an opportune time to buy and negotiate a great price. Contact us today to learn more at 407-494-2820 or fill out the form below.
*Orlando home sales and active statistics are based on Orlando Regional Realtor Association monthly market reports