October 2020 real estate market update for Central Florida

This is your central-Florida real estate market update from Oliver and Devinee at Morgan Property Solutions.
The COVID pandemic has caused an increase in mortgage foreclosures, but it appears they will be a fraction of what they were compared to the 2008 housing crisis.
Median sales prices of homes in central Florida have increased 10% from a year ago to $275,000. Real estate sales have been very active over the last 3 months and interest rates are extremely low, creating a Seller’s market PLUS a great opportunity for Buyers because homes are actually more affordable.
The number of property sales is up 4% year-over-year. Low inventory of homes for sale is still challenging buyers and we are often competing with multiple offers. If you are planning on moving, let us know so we can help you.
On average, homes are taking an average of 51 days on the market until going under contract.

Interest rates are currently around 2.85%. Fantastic news for homebuyers and homeowners looking to lock in a low monthly payment.
The unemployment rate had dropped to 2.8% in February and went up to a whopping 13.5% in April, but that rate has almost halved and we continue to see unemployment falling.
Average Fair Market Rent for a 3 bedroom home has been $1,636 per month, which is a 5% increase from 2019. A few weeks ago we saw a spike in leasing activity due to quarantine restrictions easing up and the stimulus package… however, now lower income renters are staying where they are and higher income renters are purchasing homes. This is causing much lower rental activity than we are used to seeing this time of year.
Thank you for watching our latest market update. If you have ANY real estate questions or need help purchasing, selling or managing, contact us today.

Thank you,
Oliver and Devinee Overton-Morgan
Morgan Property Solutions