Real Estate Trends in Winter Springs, FL

Like everywhere else in the Greater Orlando area, prices continue to fall in north suburban Winter Springs. Since more than 50% of ‘Houses with Contracts’ are properties in some stage of foreclosure, the downward pressure on sales prices continues as demonstrated by the lower Average Price per Square Foot for pending sales compared to ‘Houses Sold in Last 3 Months’.

It’s good to understand 2 things about Price per Square Foot in this context:

1. ‘Houses with Contracts’ (pending sales) doesn’t take into account the actual sold price, since this won’t be public record until the sale is actually closed. Generally, the sold price is approximately 95% of list price.
2. ‘Houses Sold in Last 90 Days’ is a lagging indicator since the contract was put into place another 30-60 days prior to actual sold date.

Months required to sell the current inventory of houses is worse in Winter Springs than in other areas in Orlando. In unincorporated East Orlando, for example, it will only take 7 months to deplete current inventory.

Houses currently on the market have BY FAR the highest Average Price per Square Foot. Simply put, this means they’re OVERPRICED for current market conditions.