A few months ago, there was a thread about market conditions and thought I would give an update. I am in the Central Florida residential real estate market so below is basically referring to those conditions.
In late March and early April, the real estate market was incredibly slow, there was a lot of uncertainty and the market as we knew it, came to a halt. For reference, our market really heats up in the springtime and continues through the Summer (Yearly peak timeframe).
Mid-April through mid-May, as Florida’s numbers started going down, the market started heating back up again (towards normalcy). Between Memorial Day, the protests and Covid numbers on the rise, things started to slow again. June and July have been steady, but nowhere near as busy as the past June and July (see numbers below). Its kind of been a roller coaster (during this time of the year it is normally just one speed… UCF FAST)
Despite this uncertain time, June was still a decent month for me, 10 closings (very blessed). In my opinion, lower inventory, and exceptionally low interest rates are helping to drive our current market. I was even able to get one of my buyers a 2.75% interest rate on a 30-year conventional loan. I feel Covid has cut down on the “looky-loo” people, which is good for sellers.
In my opinion, I think the biggest factor to watch in the coming months are the job numbers. I see people are being let go and furloughed but for the most part it has not affected the majority of my clients. I’m also curious to see what happens when all the PPP money runs its course. I’m watching the employment market constrictions carefully, but how bad will it be is the question. As of right now, it really hasn’t affected the Orlando area market. (My husband runs a small real estate investment company with properties all over Florida, he said the south Florida market and into the Keys are still strong as well)
Just some June 2020 statistics to share with you from Orlando Regional Realtor Association (covers Central Florida counties)
Active listings 35,303, which is down 29% from June 2019 (49,968)
Pending sales 24,097 which is up 20% over June 2019 (20,130)
Listings sold 15,576 down 5% since June 2019 (16,244)
Active days on market 56 down from 57 last June
Average sales price $305,828, up 8% from June 2019
Last June, we had 3.2 months of inventory, in May 2020 we had 4.6, June 2020 we are at 2.3 months of inventory.
On a side note, one of the companies my husband invests in is a small car dealership and the sales have been very strong. Who would have guessed? He was thinking he was going to get hosed back in March.
We are constantly keeping an eye on where we think things are heading. The job market is going to be the biggest variable to keep an eye on. We are taking it day by day and as of now, the real estate forecast appears to be staying strong. Election years are always different than normal but this year takes the cake. I can’t wait for 2020 to be over, I’m going to be completely grey if this keeps up.
How is everyone else’s industry holding up in Covid/Protests/Election?
Please, please, please let there be football!!!!! Lol
In late March and early April, the real estate market was incredibly slow, there was a lot of uncertainty and the market as we knew it, came to a halt. For reference, our market really heats up in the springtime and continues through the Summer (Yearly peak timeframe).
Mid-April through mid-May, as Florida’s numbers started going down, the market started heating back up again (towards normalcy). Between Memorial Day, the protests and Covid numbers on the rise, things started to slow again. June and July have been steady, but nowhere near as busy as the past June and July (see numbers below). Its kind of been a roller coaster (during this time of the year it is normally just one speed… UCF FAST)
Despite this uncertain time, June was still a decent month for me, 10 closings (very blessed). In my opinion, lower inventory, and exceptionally low interest rates are helping to drive our current market. I was even able to get one of my buyers a 2.75% interest rate on a 30-year conventional loan. I feel Covid has cut down on the “looky-loo” people, which is good for sellers.
In my opinion, I think the biggest factor to watch in the coming months are the job numbers. I see people are being let go and furloughed but for the most part it has not affected the majority of my clients. I’m also curious to see what happens when all the PPP money runs its course. I’m watching the employment market constrictions carefully, but how bad will it be is the question. As of right now, it really hasn’t affected the Orlando area market. (My husband runs a small real estate investment company with properties all over Florida, he said the south Florida market and into the Keys are still strong as well)
Just some June 2020 statistics to share with you from Orlando Regional Realtor Association (covers Central Florida counties)
Active listings 35,303, which is down 29% from June 2019 (49,968)
Pending sales 24,097 which is up 20% over June 2019 (20,130)
Listings sold 15,576 down 5% since June 2019 (16,244)
Active days on market 56 down from 57 last June
Average sales price $305,828, up 8% from June 2019
Last June, we had 3.2 months of inventory, in May 2020 we had 4.6, June 2020 we are at 2.3 months of inventory.
On a side note, one of the companies my husband invests in is a small car dealership and the sales have been very strong. Who would have guessed? He was thinking he was going to get hosed back in March.
We are constantly keeping an eye on where we think things are heading. The job market is going to be the biggest variable to keep an eye on. We are taking it day by day and as of now, the real estate forecast appears to be staying strong. Election years are always different than normal but this year takes the cake. I can’t wait for 2020 to be over, I’m going to be completely grey if this keeps up.
How is everyone else’s industry holding up in Covid/Protests/Election?
Please, please, please let there be football!!!!! Lol
