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Orange County, FL Real Estate Market Update

Sep 13, 2023

Orange County, FL Real Estate Market Update

Breaking down the numbers of the Orange County, FL Real Estate Market

In this market update, Graves Realty will breakdown some vital metrics that are shaping the current Orange County real estate landscape. Whether you’re a savvy buyer or a prospective seller, understanding these numbers will empower you to make informed decisions.

Months Supply of Inventory – 2.08

The Months Supply of Inventory is a crucial indicator standing at a low 2.08. This figure reveals how long it would take to deplete the current housing stock at the present sales rate. In simpler terms, Orange County is currently experiencing a seller’s market, characterized by high demand and limited supply. Buyers, take note of the competition!

12-Month Change in Months of Inventory – 40.54% Increase

Now, let’s examine how the market has evolved over the past year with a significant 40.54% increase in the 12-Month Change in Months of Inventory. This spike suggests a shift toward a buyer’s market, providing more options and potentially less competition for those seeking their dream homes.

Median Days Homes are On the Market – Just 16 Days

Incredible as it may sound, homes in Orange County are spending a mere 16 days on the market on average. This rapid turnover underscores the need for buyers to act swiftly. If you find a property that resonates with you, don’t hesitate – seize the opportunity!

List to Sold Price Percentage – 98.3%

Sellers, rejoice! The List to Sold Price Percentage is currently at an impressive 98.3%. This means that, on average, homes are fetching prices incredibly close to their listing prices. This transparency in pricing is excellent news for both sellers and buyers, fostering trust in the market.

Median Sold Price – $412,000

The Median Sold Price stands at a commendable $412,000, representing the midpoint of all homes sold in the Orange County market. This figure offers valuable insights to sellers regarding their property’s potential value. For buyers, it serves as a reference point for understanding the price range they might encounter.

Connecting the Dots

Now, let’s connect the dots and decipher how these metrics interrelate. The low Months Supply of Inventory fuels high demand, creating a competitive market environment. However, the significant increase in the 12-Month Change in Months of Inventory indicates a shift toward a more buyer-friendly market, offering greater options and potentially less intense competition.

The astonishingly brief Median Days Homes are On the Market reinforces the need for buyers to act decisively. Additionally, the high List to Sold Price Percentage underscores the fairness and transparency in pricing, benefiting both buyers and sellers alike. Lastly, the robust Median Sold Price reflects a market where buyers are willing to invest in properties at a reasonable price point.

In conclusion, the Orange County real estate market is vibrant and dynamic. With low inventory, rapid sales, and strong pricing, both buyers and sellers have cause for optimism. As a buyer, be prepared to act swiftly and navigate competition with a range of options. Sellers, use these metrics to price your property competitively and enjoy a smooth selling process.

At Graves Realty, we’re here to guide you through this exciting journey. Whether you’re looking to buy or sell, our expertise and market insights will ensure your success. Happy house hunting and selling!

For more information or personalized guidance, feel free to reach out to Graves Realty, your trusted Orange County, FL real estate experts. Click Here

Data Source: www.narrpr.com

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