Orlando Regional – Monthly Market Report – Updated November 2020

by David Gallup

Plenty of people bought a new home in the Orlando area for the holidays, despite low inventory and the number of new listings falling to their lowest levels this year, according to a new report from the Orlando Regional REALTOR® Association. A total of 3,251 homes were sold in November, accounting for a 20.4% increase in sales over November 2019. However, inventory plummeted 26.2% during that same time period. “There are fewer homes on the market, but they are selling quickly. The highest demand is for homes between $200,000 to $350,000,” said 2020 ORRA President Reese Stewart, RE/MAX Properties SW. “Sellers in this price range are getting multiple offers, sometimes within just a few hours. Buyers in this price range should check with their REALTOR® to ensure they have everything they need, so they’re ready to pounce when they see that dream home.” The number of days on market (DOM) has fallen to an average of just 44 days, the lowest in three years. Low mortgage rates play a key role in driving the home buying frenzy, according to a survey of ORRA members this fall. Average rates have fallen to 2.7%, a dramatic difference from the past two years: 3.6% in 2019 and 4.9% in 2018.

Published on 2020-12-29 13:47:45