3rd Quarter 2018 Summary
Winter Garden Market Report
Welcome to the only place to become an expert of Winter Garden real estate in 15 minutes or less, thanks to the top-selling Winter Garden Realtor. Ron the Realtor is not only the #1 REMAX Realtor in the entire State of Florida, No one has sold more homes than RTR in 34787 in the entire Country over the last 10 years….here is the rankings for last decade derived directly from the ORRA MLS.
2nd to 3rd quarter
3% increase in Average Sale Price
3% Increase on Average Days on Market
3.7% increase $/ft ($152.08)
2017 to 2018
11% increase in Average Sale Price
7% Increase on Average Days on Market
7.7% increase $/ft ($152.08)
RON THE REALTOR
Ron the Realtor believes knowledge is power and every quarter, no matter how busy, he takes the time to break down the Winter Garden market, provide the actual hard numbers, analyze them for you and provide insanely accurate forecasts. Ron does this and leaves it open for anyone to read, even his fellow competitors and he has been doing this for well over 15 years.
These tables represent the data results of different searches performed on the MLS. By tracking the data and the deeper levels Ron believes you are able to see the true picture. Headlines and basic journalism would derive all numbers from the averages of the entire zip code… but you really need to separate the data and take single-family homes as their own market. Multifamily has its place and Ron studies it deeper than anyone you will find but this quarterly issue will be mostly focused on the single-family home market.
Here is Winter Garden 34787 , the entire market
All winter garden from 2nd to 3rd quarter
2nd Quarter 2018 Winter Garden
3rd Quarter 2018 Winter Garden
In typical RTR fashion…
lets take this to not only 2nd to 3rd quarter but let’s see the last 12 months of sales data…
11% Increase In Average Sale Price
7% Increase in Average Day on Market
7.7% increase $/ft
3rd Quarter 2018 Single-Family Homes only Winter Garden
NOW let’s take it to the next level and eliminate all townhomes and condos and focus solely on the single-family homes sold in Winter Garden zip code 34787
3% Increase In Average Sale Price
57 day Average Day on Market Improvement
4% increase $/ft
2nd Quarter Single Family only Winter Garden
12% Increase In Average Sale Price
9% Increase in Average Days on Market
9% increase $/ft
So all the data has been compiled and analyzed. The Winter Garden market has been a tear last 5 years, out performing the other local markets and crushing the National Averages in every category. At some point things had to slow down. Seems this may be that time… 3% jump in average and median sale prices, 4% in average $/ft… from 2nd to 3rd quarter of 2018. On the 12 month level Winter Garden is CRUSHING it with Double Digit increases on average and media sale prices.
Lets keep in perspective that the median sale price for the entire ORLANDO METROPOLITAN AREA is currently $231,000 according to ORRA website. Winter Gardens this quarter was $343,500 ! Typically the lower your numbers the higher the percentage of increase , since it does not take as much to raise a percentage point… Orlando jumped 3% year to year in median sale price… … WINTER GARDEN JUMPED 10% with 100k more of basis $.
As any avid reader of the RTR Ramblings, you know Winter Garden is one of the most unique real estate markets in the country , it is actually the tale of 3 cities in one and 2 major high school districts. The Historic Downtown revitalization area, the region around the 429 expressway spurred on by the 2002-2007 building boom and now Horizons West, with massive home construction that this area has never seen. All 3 areas bring their own flare to this amazing area and why Winter Garden is one of the greatest places to live in the Country.
As stated, with amazing accuracy last quarter (almost scary even), the market jumped 3 %, Ron predicted 2-3% in the 3rd quarter… the bond market is the hottest it has been since 2010 and the FED just raised the rates at their last session in Sept. There is one more rate hike expected in their final meeting of the year. Right now interest rates have been jumping, they are now right at 5% (which RTR predicted in the 2nd quarter report ).
The summer buying season is over and inventory is at its lowest levels in recent years. What is different about Winter Garden is the historical level of new home choices for the buyer. What many do not understand is that the new home market is now on the MLS in greater volume than ever in its history. While the new home market has attracted hundreds of buyers away from the resale market, so many have yet to close.
Construction is behind schedule, permitting for Winter Garden has never been so overworked and builders fiscal calendar years end Oct thru Dec.
Well, we are going to see a massive uptick in closed sales in the 4th quarter, I predict more than Winter Garden has ever had. What else is interesting about new home closings? New homes sell for more than resales typically. Let us also take into account these new home buyers have locked their rates in already and are unaffected by the recent uptick to 5%.
RTR prediction is that the 4th quarter will be amazing, Winter Garden will remain at double-digit appreciation on all levels.
So everything is wonderful and great…. but what is concerning is the uptick on average days on the market. You will get an uptick when you pass the summer buying months but this year is a little different, a lot of homes are on the market that is overpriced, swinging for the fences with newer less experienced Realtors. The price reductions every week are greater than have been noticed in recent years. This is concerning and will be monitored closely but felt compelled to mention it. Confident this trend will continue into the 4th quarter as the holiday season comes into full swing and rates creep above 5%.
What About 2019 RTR?!
You will have to wait for the best report of all; RTRs Winter Garden Year in Review.If you want to know what your home is worth just call or email Ron the Realtor. No one will give you a more realistic and accurate valuation than RTR… and it costs you nothing to sit and talk with him.
Thank you for reading, you are now more in tune with the Winter Garden Market than most Professionals are.
God Bless our troops overseas and the families they leave behind. I for one will never forget your sacrifice and that FREEDOM IS NEVER FREE!
407 592 SOLD
Thank you for taking the time to read my blog. If you have any specific questions or want to buy/sell … my phone and email are always the best way to reach me day or night.
Have a great day.
The Harder you work, the Luckier you Get!