For those of you not familiar with Market Pulse, it is a newsletter that is released once a month by the Orlando Regional REALTOR Association (ORRA) containing current market conditions. It contains information such as avg. mortgage rates, number of homes on the market, number of homes sold, and avg. length homes sold are on the market.
We have seen in recent months less homes on the market, and sales prices increase. This month is no different. Inventory has not been this low since September of 2005 when there were just 6,786 homes for sale in Central Florida! In contrast, this month shows 8,243 homes actively for sale. With less homes on the market, competition is increase, and sale prices begin to increase.
REALTORS are pricing homes attractively, and most are selling at, or even above list price. This is also due to historically low mortgage rates. The average mortgage rate is down to 3.89%. There is no better time to get into the house of your dreams. Property values are on the rise, and low interest rates make it easy to get into your new home.
Dr. Phillips real estate is definitely leading the way in the Orlando real estate market. This beautiful community was not affected as harshly by the economic downturn as many other suburbs were. This is an excellent testament to the resale values you can obtain in the future. So come check out what the Dr Phillips Real Estate market has to offer you!