Gitta explains some market trends in this lake mary real estate market update!
Lake Mary Real Estate Sales and prices trending up for the first 4 months of the year.
Hi this is Gitta with Gitta Sells and Associate Keller Williams Heritage Realty, selling real estate in Lake Mary since 1988. Over past 4 weeks we have seen mortgage rates trending up and now start to level off again, this is certainly good news for real estate. Unemployment for the Seminole county area is at an all time low at 2.72% down from 3.07, also great news. While overall in the 5 county area, residential real estate sales showed a downward trend over 2018, Lake Mary real estate sales were at a steady upward trend, for the first 4 months of the year. It is good news for the Lake Mary area, which includes Heathrow. Also we have seen the same spike in luxury home sales of homes priced $800,000 and up were sales increased 100% from 5 sales in 2018 to 10 homes in 2019.The median price per luxury home increased from $915,598 in 2018 to $952,500 in 2019, the media per sq., ft price is $190.15. The overall home sales in the Lake Mary, including condos and town homes increased by 5% over 2018 to a total of 270 sales and median homes prices increased by 8% from $284,500 to $307,750, $154.00 per sq., ft. Breaking down the different categories, single family home sales were up by 7%, median price by 11%, town homes increased in sales 3% and prices by 4%. Condos on the other had were 21% below last year, this could have had something to do with an 11% median price increase in condos and buyer are rejecting the prices. Lets see if this trend will continue for the rest of the year, but these increases are certainly a great start. Some of the more active subdivisions where Heathrow, Steeple Chase, Timacuan, Regency Park, Nottingham and Magnolia Plantation and the Crossings.