Change is in the air as we transition from the scorching summer to the cooler autumn months in Florida. The Orlando October 2023 Market Update reveals a real estate market that’s adapting to the changing landscape. While some challenges persist, there are exciting opportunities on the horizon. Let’s dive into the latest market trends and explore the positive aspects of these changes.
“Rising rates in September contributed to continued rising inventory, falling sales, and a decrease in the median home price,” noted Lisa Hill, Orlando Regional REALTOR® Association President. “Home sales during the fall are typically slower than sales during the spring or summer, and this may be especially prevalent this season with rates reaching their highest level in over 20 years. High interest rates have been the No. 1 factor affecting buyers this year, and it’s evident this challenge will persist.”
Although these challenges may seem daunting at first, it’s essential to understand that they also represent a dynamic and evolving market. Change can bring about new opportunities, and that’s what we’re witnessing in the Orlando real estate scene.
September’s median home price dipped to $370,000, down from $375,000 in August, marking the third consecutive month of price declines going into October. This shift presents a golden opportunity for those who may have found the market too hot to handle in the past. With a more affordable median price, aspiring homeowners have a chance to take their first steps into the property market.
Sales experienced an 8.4% decrease from August to September, with 2,558 sales going into October, compared to 2,792 in August. While this could be viewed as a downturn, it’s also an opportunity for a more balanced market, where both buyers and sellers have time to make thoughtful decisions.
Furthermore, the inventory trend continues to rise. At the end of September, there were 6,758 properties on the market, representing a 10.5% increase from August. This increase in inventory is excellent news for buyers as it provides them with a more extensive selection of properties to consider.
September’s interest rate reached 7.3%, the highest level since March 2002. While this may raise concerns among buyers, it’s essential to remember that this rate is still historically low. When compared to interest rates of past decades, it remains an attractive opportunity for those looking to secure their dream homes.
Distressed homes, including bank-owned properties and short sales, accounted for just 0.6% of all home sales in September, a 23.8% decrease from August. This decrease signifies a healthier market with fewer distressed properties, creating a more robust real estate environment.
Although new listings fell by 2.1% from August to September, there were still 3,545 new homes on the market going into October. This abundance of new listings offers prospective buyers an array of options to explore.
Change is a constant in life, and the Orlando real estate market is no exception. The Orlando October 2023 Market Update paints a picture of a dynamic and evolving market that offers exciting opportunities for both buyers and sellers. While challenges exist, these challenges can be seen as stepping stones to a more balanced and adaptable real estate market. So, let’s embrace the change, navigate the challenges, and uncover the opportunities that lie within the Orlando real estate market of October 2023.