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FannieHillman.com | 7 Hillma n HOMES | M a r K E t r E P O r t s the chill of January arrives, we look forward to the bustling winter season. The market continues to charge off the positive momentum that was established in the final months of 2015. The time is right for home buyers as they continue to take advantage of a vast inventory, low interest loans, and affordable pricing. This past October, Orlando home sales slipped 3 percent, marking the first time since August 2014 that the market has posted a year-over-year decline in the number of residential real estate closings. According to Orlando Regional REALTOR® Association President Sharon Voss, Watson Realty Corp, the market was due for a breather following a frenetic and extended summer of sales that peaked in July with a whopping 40 percent increase in transactions. "In addition, single-family inventory has been declining at a fairly significant clip over the past four months," says Sharon. "The increase in median price shows there is still buyer demand, and simply not quite enough inventory." In fact, the median home price rose 12.50 percent in October compared to October 2014, signifying the highest leap in year-over-year increases since May of 2014. The latest jump marks 51 consecutive months of median price increases and as of October the Orlando median price is 55.84 percent higher than it was in July 2011. The overall median price the month of October 2015 is $180,000, a 12.50 percent jump compared to the $160,000 median price in October 2014. Breakdown the figures and you'll find that traditional sales in Orlando increased by 10.71 percent when compared to October 2014. Closings of short sales decreased by 34.39 percent while closings of foreclosures decreased 30.71 percent, a definite sign that the Central Florida real estate market continues to gain strength and stability. There's great news for first-time home buyers, affordability in October increased to 124.41 percent from last month's 121.09 percent. Furthermore, first-time buyers who earn the reported median income of $38,592 can qualify to purchase one of the 2,752 homes in Orange and Seminole counties currently listed in the local multiple listing service for $190,346 or less. Also encouraging are reports that the average interest rate paid by Orlando homebuyers in October was 3.86 percent, a slight decrease from the previous month's average interest rate of 3.96. The fact is, the local market is on the rise and although the time between Thanksgiving and the New Year is typically slower, homes do sell. Savvy buyers and sellers will typically face less competition during the holidays, often a good thing for both parties. In fact, the top 10 best days to buy included three each in October and December, two in November and one each in September and February. This means that even the slower months of the year, in terms of real estate, prove to be a great time for buying or selling a home. While numbers continue to disclose much about market conditions, consumer confidence is always the most revealing. From our perspective, consumers will continue to be the driving force behind the positive momentum in the market throughout this winter. A The increase in median price shows there is still buyer demand, and simply not quite enough inventory. Demand Increasing as Supply Decreases

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