Throughout the past several months, buyers have been waiting for some relief in the housing market. This has especially been true in the Orlando, Florida area where home-buying has become competitive. It appears that a reprieve may be coming next month. According to a report from Realtor.com that was published last week, the best time to be a home buyer in Orlando is going to be the week of October 31-November 6.
This data, put together by Economic Data Analysts, includes several factors in their predictions. Statistics such as active listings, views per property, days on market, median listing price, new listings, and price reductions all went into the report. This information has been studied across the past few years to determine the best week for buying a home in each of the top 50 largest metro areas in the US.
Because of the variety of data, other large areas in Florida have different weeks projected. For example, it is predicted September 26-October 2 will be the best time in Jacksonville. January 10-16 is predicted for Tampa and February 7-13 for Miami. The average for the nation is the first week of October (3-9).
For metro Orlando-Kissimmee-Sanford, Realtor.com predicts the following market conditions:
- Active listings up 4% versus average
- Views per property down 20% versus peak
- Days on market up 11% versus peak
- Median listing price down 4% versus peak
- New listings down 1% versus average
- Price reductions up 1.1% versus average
According to Orlando Realtor’s Association, home sales did decline 4.4% from July to August, but were still up 13% from last August 2020 and up 18% from August 2019. This demand has led to record home prices in the area. The median sale price in Central Florida has increased 16% from a year ago. This new data suggest that October 31- November 6 may be the best break buyers will get during this year’s heavy seller’s market.
We are entering the time of year when home sales seasonally start to drop off. It’s typical for families to back off on their plans to purchase once Labor Day ends and school is back in session. It’s hard to tell this year if things will slow down to previous market conditions or not. But we can feel a sense of hope as this fall is predicted to offer a more favorable market for buyers than this summer.
The time is coming if you are looking to purchase your Florida home this fall. Our Moving to Orlando REALTORS are here to help you! Take a moment to fill out our contact form, and someone will be in contact with you!