The Orlando Regional Realtors Association recently released its numbers for March 2014 and the numbers look promising for real estate in the year to come. The average sale price for homes in Orlando was $209,800. An 8% increase from the previous month and 10% increase from the same time last year. The number of pending contracts is up as well with an 11% increase from February’s numbers. Probably the most promising numbers in terms of a strengthening Orlando area real estate market is the increase in the homes for sale inventory and the dramatic decline in the average days-contract to close. These two reports signal a couple of things to me: 

1. The increase in active listings in the market demonstrates seller confidence and a feeling that now is the time to sell. Whether based on the large numbers of active buyers in the market, the increase in property values or just an opinion that the economy is slowly improving, more sellers are ready to list their homes on the open market.
2. The dramatic drop in the number of days to close once a home has gone under contract for sale and purchase. Last month homes sales averaged 45 days from contract to close. This was a 30% drop from the same time last year. This tells me that we are moving toward a more “conventional” market. What I mean by this is we are most likely seeing more non-distressed sales and less short sales and to some extent, bank owned properties under contract as well. 

It has been my experience that if given a choice and most things being equal, people prefer a straight-forward negotiation process and the move in ready nature of a conventional sale vs. the complex and unpredictable nature of the short sale process or the competitive environment, cash dominant buyers and rehabilitation challenges that many bank-owned properties can bring. I believe that though these trends are promising indicators of recovery. I also believe this recovery will be a slow and somewhat steady one. The days of dramatic property value increases are long behind us and it would appear the lean days of real estate crash is starting to wane as well.

Now more than ever, I believe that opportunities for both buyers and sellers are available in the Orlando real estate market if you have the right team of professionals on your side. A knowledgable and experienced real estate professional who has been active in the market through all its fluctuations  along with a savvy and knowledgeable mortgage broker can provide you a significant advantage in today’s market whether buying or listing Orlando real estate.

My Town Realty is a full service real estate company focusing on residential real estate and property management in the Greater Orlando market. My Town Realty offers its clients, both buyers and sellers, a tremendous competitive advantage through state of the art technology and real life experience. For more information on how My Town Realty can assist you with your real estate needs, please visit www.MyTownRealty.com or call Rob Sassos at 407.920.6020.