The Harper Mortgage team of Orlando mortgage brokers are excited to report that the Orlando real estate market ended 2017 on a high note with increases in both the number of homes sold and the median sales price.
In the Orlando market, there were 37,198 homes sold in 2017. This figure rose nearly 4% over the 35,829 homes that were sold during the previous year. The number of pending sales did drop slightly between November and December last year, with only 3,792 homes in the process of closing at the end of the year. This is normal, however, for the time of year when holiday shopping and vacations tend to take precedence over home purchases.
The number of new listings that came onto the market in December 2017 was also lower than the number that came onto the market in November 2017, with the number of new listings dropping by 3% between the two months.
Following a year of slow but consistent price increases, the annual median sales price of homes in the Orlando area rose by 10% reflecting the increase from $200,000 in 2016 to $220,000 in 2017.
It is great to see the Orlando market end the year on such a great note when we experienced such a rough hurricane season this year. There was a lot of recovery to be done and our city has proven to be incredibly resilient.
Whether you are looking to purchase a new home or to refinance your existing mortgage, relevant market information like what you have just read can aid you in making the best possible decisions for your financial situation.
Of course, as expert Orlando mortgage brokers, we are here to explain what this market information means and how it can relate to the purchase of your dream home. Give us a call for more information about the local market or to get started on your mortgage with a pre-approval today!