Orange Park Real Estate Market Report for October 2015
First off, I want to point out if you look below the table, you will see what each line means. We see all improvements this year in October vs October 2014. Homes go under contract sooner, for more money and we have less inventory of homes available in Orange Park. Our median sales price is up, which if you’re curious on what your home in Orange Park is worth, click that previous link. Each neighborhood is different, so yours could be higher or lower than the 8% increase. We are still experiencing a seller’s market as we move into the fall season.
Median Sales Price: Looking at sold homes it means that half the homes that sold were more than 155k and the other half were less than 155k.
Month’s Inventory: Based on the number of actives and homes that have sold it would take 4.48 months to sell the active homes, if no other homes came on the market. How to determine what type of market we are experiencing:
Buyers’ Market: More than 7 months of Inventory
Balanced Market: From 5-7 months of Inventory
Sellers’ Market: Less than 5 months of inventory
Average Days on the Market: This is the average based on the time the house came on the market until is went under contract.
Original List Price to Sales Price: This is the percentage of what the home sold for compared to what it was originally listed for. Not what it was listed for at the time it went under contract.