November 2020 Market Update
The number of new listings on the market is still down compared to this time last year. Interest rates continue to be low and keep going down further. There have been 14 all time lows so far this year. The combination of these make it a great time to buy and a great time to sell, as it costs less to buy and there is limited inventory on the market. If you aren't interested in buying or selling, now would be the time to consider refinancing.
Here are some quick statistics for Osceola, Polk, and Orange counties.
This is comparing November 2019 to November 2020. The number of houses sold did increase 11% from the prior year. The average price of a house also increased by 11%. The average days on the market for sold listings is two weeks less than this time last year. Houses sold in November 2020 on average sold for 5% less than list price. Even though demand is high and therefore prices are increasing, it is still super important to list a house for a fair market value and not over price it!
The number of new listings increased in 2020 compared to 2019, and is steady with the past few months. As we mentioned, this is still a seller's market with around one month of inventory available. But it is still a great time to buy a house, as interest rates are still very low.
The average sales price for the central Florida area are as follows: Poinciana - $227,779
Kissimmee - $313,583
Saint Cloud - $303,330
Davenport - $266,859
Orlando - $340,434
Have you had any thoughts of selling? Check out this blog to figure out what you need to do to sell your property fast.