Thinking of buying or selling? Get to know the local housing market!
On these Orlando area (including Polk County) housing charts; the number of homes for sale, sold and pending (red line) are shown for a 15-year period. This time period, of course, includes the “Great Recession.”
The blue chart shows the ups and downs of real estate values for that same period (on a price per square foot basis).
When you overlay the real estate values over the number of homes for sale chart (chart 3), the part that supply plays in determining value is quite clear. You can also really appreciate how nice it is to have an extended time period where values rise and then stabilize, like we are experiencing today.
Home prices and volume closed, for April in Polk County was up, both month over month and year over year. Is there a potential for higher prices? Well, the median priced home that sold in Polk County was $192,500.00 and the nation’s median price home sold for $234,500.00 per Zillow. So yes, I think so! Of course, there are many other factors involved with whether this will happen or not.
In conclusion, if you are looking to sell, anytime this year will be a good time. Though listing in late spring and summer can help the property sell quicker. But prices appear to be remaining steady and there are not a large supply of homes on the market. Now, if you are looking to buy, now is not a bad time, the economy is releatively stable and there is a good chance that housing pricing may go up higher.
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Sounds okay on paper-likely won’t get off the ground in reality, never mind eh?
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