Two notable changes may indicate a couple of new trends in the #OrlandoRealEstate market.
First, inventory actually ticked up compared to a year ago. Last month we had 2,670 homes of all types available for sale compared to 2,655 a year earlier. Since 2011, this is only the third time we have seen a year over year increase in inventory. The other two times were at the peak of COVID lockdowns in 2020.
Second, total sales dropped pretty sharply. There were 3,800 closed sales last month compared to 4,081 a year earlier. The rapid rise in interest rates has clearly had an impact, especially on buyers in lower price ranges. One of my buyers saw her purchasing power drop by $30,000 due to interest rate increases.
Check out this brief video with more information about the latest Orlando real estate market results.