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Seminole County Real Estate Report 5-13-20

Florida’s real estate market has adapted to changes brought about by coronavirus. Innovative technology is ensuring that buyers and sellers are comfortable!

Update: Corona’s Effect on Florida’s Real Estate Market

Florida's real estate market gitta sells

Despite the ongoing Coronavirus pandemic, Florida’s real estate market seems to be holding steady in the face of many challenges. According to the Orlando Regional Realtor Association (ORRA), Orlando’s housing market increased by nearly 2% in March 2020, compared to March 2019. The median price of homes sold also increased by 8%.

A Word of Caution Concerning Florida’s Real Estate Market

It is important to take into consideration the length of time that it takes a property to make it through the selling process. For instance, it took a property an average of 37 days in March to officially close from the day it was first placed under contract. This means that homes that closed in March were mostly likely under contract in February. This was before the Stock Market took a turn and shelter-in-place orders went into effect.

ORRA’s president, Reese Stewart commented in a press release. It stated that it still may be another couple of months before Central Florida’s real estate market feels the full effects of COVID-19.

The Silver Lining

Even in what seems to be the darkest of moments, there always tends to be an upside. In this global pandemic, realtors are adopting virtual technologies that allow us to show homes to potential buyers. Consumers are becoming comfortable with these remote technologies. They not only make the process more efficient for the client but for us realtors as well. These technologies will likely stay in place to some degree as we move forward. This may hold true even once we find ourselves on the other side of this unprecedented situation.

As We Move Forward

No one knows what the future will hold. Although we anticipate feeling the impact of COVID-19 in the coming months, we have no way of knowing the extent. What I do know is that here at Gitta Sells we are still working just as hard to help you sell your home or buy the house of your dreams. Feel free to contact me with any questions you have at gittasells@gitta.com or 407-330-2181. Until next week, stay safe!

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