Greater Seminole County Real Estate Report 7-31-2019: The month of June saw a decrease in the number of home sales across Florida. What is the cause of this dip and what can we expect in the future?
Florida Home Sales Dip in June
Let’s get right to the Orlando real estate market update for this week! If you’re confused about the news for home sales in June, you aren’t alone! I’m here to help you make sense of the market.
Home sales for the month of June not only took a dip in Florida but nationwide. The issue is that there are not enough homes for sale in the lower price range. Buyers are unable or unwilling to pay for homes which are on the market because of price, condition or both. They feel that many homes on the market in their price range should be in better condition and refuse to settle. For this reason, the sellers in the lower price end are stuck and not moving.
Sellers in the lower price range are not moving up to the middle price range and sellers in the middle price range are not moving up to the higher price range. It’s a domino effect that starts with the lower price range and affects all the price ranges, ultimately causing prices to drop across the board. This is the problem with the Orlando real estate market in a snapshot.
There is good news in the Orlando real estate market! June saw a 4.6 percent increase in the number of homes available for sale. However, most of this increase in inventory can be found in the higher price range where there is already an abundance of inventory. This means that there is more supply than demand. Unfortunately, this doesn’t do much to help sellers in the real estate market.
As we continue to see how the real estate market develops I wish you a happy home selling! Please keep in mind that I am here for all of your home selling and buying needs. Until next time, this is Gitta with Gitta Sells and Associates.