In January, the Orlando housing market experienced increases in both median price and sales while the pool of homes available for purchase shrank by 21% compared to January of last year.
The median price of a home in Orlando in January was $199,000, which is an 11% increase compared to January of last year.
A total of 2,195 homes were sold in January, an increase of more than two percent compared to January 2016.
The limited inventory of homes available for sale continues to challenge the would-be buyers who have fewer choices to pick from only 8,550 homes on the market, which are currently available for sale which equates to a three point nine month supply of homes in January.
In January 2016, there was a five month supply of land.
In the area, home buyers are taking advantage of low interest rates and affordable prices.
Quality homes are selling fast now more than ever.