Q1 2018 Local Housing Market
By Veronica Figueroa >> RE/MAX Innovation
March 19, 2018
Avalon Park – As a local real estate expert in the residential sector, I can say that our biggest challenge is no different than at the national level, which is inventory!! Yes, we are seeing mortgage rates rising and home values going up, however, that is not impacting us nearly as much as the impact of inventory, or lack thereof. To put it in perspective, in Orange County, in February 2018 mortgage rates on average were at 4.39% versus 4.29% in February 2017, while the median price of all existing homes sold was $228,000, a 10.4% increase from one year ago. At the local level (32828), the average home sold was $288,923. In contrast, average days of homes for sale was 64 days in February 2018 versus 69 days in 2017 and inventory went from 8,457 in February 2017 versus 7,706 in 2018, a decrease of 9.7%. So, what are some of the drivers for the low inventory? In my office what we are experiencing is a tremendous influx of families moving here from out of state. I’m sure part of it has to do with the weather, but not nearly as much as affordability, especially for first-time home buyers. In fact, as part of our effort to build a rapport with our clients, we always ask, “What is the reason for moving to Orlando?” and the # 1 answer that we receive is affordability. This is in line with a recent Zillow analysis, where they analyzed the entire housing market in the nation to determine the best markets for first-time buyers and Tampa and Orlando was ranked first and fourth “Best U.S. Cities for First-time Buyers”, respectively. While it is exciting to see people interested in raising their family in our great city, it does present a great challenge to meet the demand and thankfully we have the resources and expertise required to mine the market and deliver our promise, which is to “Achieve Our Goals by Helping Others Achieve Their Dreams”.
Veronica Figueroa is the Broker/ Owner of RE/MAX Innovation. Veronica and The Figueroa Team are ranked the #1 RE/MAX Team in Orlando and rank Top 100 in the world within The RE/MAX Network. Veronica is highly sought out as a thought leader in Real Estate. She is a Real Estate Coach, Speaker and recognized by Inman as one of 2017’s Most Influential Leaders in Real Estate. Veronica also led The Figueroa Team to win Most Innovative Team for 2017 by Inman. She ranks on The Wall Street Journal within the Top 500.
You can contact Veronica Figueroa and The Figueroa Team at 407-625-3749 or www.figueroateam.com
13000 Avalon Lake Dr
Orlando Fl 32828