Orlando's Coronavirus Real Estate Spotlight

Dated: 04/01/2020

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Mid-day 24-hour Report for April, 1, 2020Mid-day 7-day Report for April, 1, 2020

Hello Reader!
Moving forward, every Wednesday I will update you with an Orlando, FL. area real estate market report highlighting home sales, pending home sales, homes taken off the market, etc. If you have any questions, please do not hesitate to contact me directly.
  • In short, between New Listings & Back On Market properties, in the last 24 hours about 895 has come to the market indicating people are still wanting to sell.
  • We’ve had 550 price drops which could be beneficial for those who are still looking to purchase. -This number is up from the 405 average over the past 7 days you see in the second chart. This lets you know there is an opportunity here, specifically for Buyers who need or would like help with keeping their out of pocket expenses to as close to zero dollars as possible and/or person(s) looking for a lower sale price.
  • 1,056 homes being Sold in the past 24 hours is up 395 Sold homes when compared to the past 7-day average you see in the bottom chart(661 average). - Sold homes are homes that have made it to the Closing table and are now owned by the new Homeowner. On average, it takes about 30-45 days for a home to close which means most, if not all these homes were already under contract. (cash deals can close 15 days or less or some lenders can help close in 21-23 days)
  • Expired homes are homes that didn’t sell for one reason or another in the time-frame the Seller gave their Realtor to get the home Sold; most times its around 6 months but it could be anything less or more. Since we’re in the very beginning stages of the pandemic here in Orlando, I’m going to go out on the limb and say this number has little to nothing to do with the virus.
  • Like New Listings and Back On Market properties, Pending Home Sales is a direct reflection of what’s going on with the market right now as we speak. Mid-day today, we have 401 homes with NEW contracts, meaning these home buyers could’ve put a contract on their home today, yesterday, or the day before so on and so on. In the past 7-days, an average of 447 homes has gone under contract. In other words, it’s a good chance Pending sales for today will exceed our 7-day average which is great for the integrity of our market and for Sellers who would like to still proceed with their plans to sell.
  • Temporarily Off-Market, Withdrawn, & Canceled all very much could have something to do with the Coronavirus. But what we don’t know is, what specifically. A lot of homeowners don’t want people in and out of their homes. Since virtual showings are what we as real estate agents are doing right now, the lockdown has made it extremely difficult to show owner-occupied homes. So these numbers could be for a lot of reasons. There are about 185 more Canceled listings in the past 24 hours than the last 7-day average. There are about 17 more Withdrawn listings in the past 24 hours than the last 7-day average, while Temporarily Off-Market listings are about the same as the 7-day average.
Please keep in mind, these numbers, for the most part, do not include New Construction; minimum New Construction home sales are included in this report but for the most part, the bulk isn’t.
Please be safe and God Bless!
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Marcus Tillman

Through the perfect blend of innovative thinking and problem solving, Marcus is most passionate about helping real estate buyers, sellers and investors while maintaining a commitment to make a positiv....

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