As we transition into the fall season, the Orlando real estate market is revealing exciting opportunities for buyers and sellers alike in this months housing market update. Lisa Hill, President of the Orlando Regional REALTOR® Association, notes, “As we near the fall season, we typically see a slowdown in sales, and we are beginning to witness this in the Central Florida market.” But don’t fear this because the cooling trend brings a breath of fresh air and a great number of benefits for those navigating the market.
One noteworthy observation is the slight dip in the median home price for the end of August, which was recorded at $375,000, down from July’s $380,000. This marks the second consecutive month of decline, but the difference is not significant enough to make conclusions of a market plateau.
What’s truly remarkable about this housing market update is that August 2023’s median price closely mirrors that of August 2022 when it stood at $377,750. This stability speaks volumes about Orlando’s resilient and consistent market.
As we approach fall, the market naturally cools off, creating favorable conditions for prospective homebuyers. With this transition comes reduced competition, an expanded inventory, and a slight easing in median home prices. It’s a season of opportunity for those who have patiently waited to find their dream home without the frenzy of the summer rush.
While it’s true that overall sales experienced a modest 2.1% decrease from July to August, with 2,792 sales in August compared to 2,852 in July, the bigger picture is much brighter.
August 2023 sales were 16.0% lower than those of August 2022 when there were 3,324 sales. However, this drop signifies a return to a more sustainable pace after a particularly active period, rather than a cause for concern.
Orlando’s inventory expanded by an impressive 6.9% from July to August. Starting at 5,720 homes in July, August witnessed a rise to 6,115, translating to a supply of 2.19 months in August, up 9.2% from 2.01 months in July. A normal market usually lies at about 6 months’ of supply, so this surge in inventory grants buyers more choices and relieves some of the pressure that comes with a competitive market.
Interest rates continue to remain attractive for buyers, with August’s rate recorded at 6.6%, down from July’s 6.8%.
Distressed properties, including bank-owned properties and short sales, accounted for just 0.8% of all home sales in August. This represents a 16.0% decrease from July when 25 distressed homes were sold. This trend indicates a healthier market with fewer distressed properties.
Furthermore, new listings surged by 6.1% from July to August, with 3,620 new homes entering the market in August compared to 3,413 in July. This influx of listings brings diversity and options to the market, catering to a wide range of preferences.
In conclusion, the Orlando real estate market in September 2023 is far from a story of decline; it’s a tale of equilibrium, offering exceptional opportunities for both buyers and sellers. With an expanding inventory, favorable interest rates, and a promising future ahead, Orlando’s real estate scene remains vibrant and full of potential. As we embrace the enchanting season of fall, it’s clear that the Orlando real estate market is poised to deliver a season of opportunity for all.
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