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Unlock Your Orlando Dreams: Why Now is the Perfect Time to Buy or Sell Your Home

By
Real Estate Agent with Re/Max Town & Country Realty BK560717

Unlock Your Orlando Dreams:
Why Now is the Perfect Time to Buy or Sell Your Home?

 

Recap of the Market Trends in 2023

In 2023, the typical home price went up to a record high of $370,500, showing a small increase of 1.5% from 2022 when it was $365,000. The total number of home sales in 2023 dropped significantly by 20.1%, reaching 30,499 sales, compared to 38,162 sales in 2022. Specifically, sales of single-family homes decreased by 19.6% in 2023 to 22,530, down from 28,022 in 2022. Condo sales also went down by 22.5% in 2023, totaling 4,007 sales, compared to 5,168 in 2022. Townhome sales decreased by 19.7% in 2023, totaling 2,853 sales, compared to 3,551 in 2022.

Rose Kemp, the President of the Orlando Regional REALTOR® Association in 2024, commented on the housing market in 2023, highlighting its ongoing stabilization following the earlier frenzy caused by COVID-19. Many buyers chose to postpone their home purchases due to increasing interest rates. However, towards the end of 2023, interest rates dropped, attracting buyers who had been waiting on the sidelines. Looking forward, Kemp emphasized that these interest rates would continue to play a crucial role in shaping the market.

 

Market Pulse

In 2023, interest rates consistently increased each month, reaching their highest point in over 22 years at 7.8% in October. Subsequently, in the following two months, they began to decline, concluding the year at 6.6%. The average interest rate for the entire year of 2023 was 6.8%.

 

Market Glance

At the beginning of the year, the recorded inventory was 6,115, representing a 3.65-month supply. Afterward, the supply decreased in the following months before making a recovery. In November 2023, the inventory reached 8,202, indicating a 4.11-month supply—this marked the highest inventory level in the Orlando area since January 2019. (It's worth noting that the real estate market is generally considered balanced when there is a 6-month supply.)

As the year came to a close, the inventory was recorded at 7,838 in December, indicating a 3.95-month supply. The average monthly inventory for 2023 was calculated at 6,243, representing an increase compared to the average monthly inventory for 2022, which was recorded at 4,997.

 

January 2024

For the second consecutive month, interest rates declined, dropping to 6.6% in January from 7.3% in December. The median home price for January decreased to $367,250, down from the December figure of $375,000. In terms of market activity, homes spent an average of 49 days on the market in January, showing a slight increase from the 46 days recorded in December.

The inventory saw a reduction in January, experiencing a 4.4% decrease from December, resulting in 7,838 homes on the market. Overall sales in January recorded a slight decrease of 0.7% compared to December, with a total of 1,982 sales. Additionally, new listings declined in January, with 2,409 new listings as opposed to the 3,188 new listings recorded in December.

Discover a stable Orlando real estate market with lower interest rates, affordable homes, and reduced competition. Whether you're a buyer seeking your dream home or a seller aiming for maximum value, now is the time to make your move. Dive into this report and turn your Orlando real estate dreams into reality!"

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About Realtor Scott Garrison:

Bringing over 36+ years of experience as a local Orlando Realtor, Top Central Florida Realtor SCOTT GARRISON at ReMax Town & Country Real State has helped perhaps more Orlando-Area families and investors buy and sell Central Florida Residential Real Estate than any other of the #19,000+ Orlando Realtors currently working in the Central Florida area! 

 

Living in Oviedo and with RE/MAX Real Estate offices in both WINTER SPRINGS, Florida and WINTER PARK, FL, Top Realtor SCOTT GARRISON actively serves your best Residential Real Estate needs virtually anywhere you’d want to be in Central Florida… including Orange, Seminole, Volusia, Osceola, Brevard, and Lake Counties. Scott has lived here in the Central Florida local Orlando-Area for nearly all of his life, attending the local Winter Park High School and graduating with several degrees from the nearby University of Central Florida. 

 

As a Top Seminole & Orange County Real Estate Agent, Realtor Scott Garrison also has extensive experience in Residential Sales and Purchases, Vacant Land and in helping clients with Foreclosures and Short Sales!  He owns multiple Rental Property right here in the area, and over the years, has done many “flips” by buying “ugly houses” and making them Pretty for a new buyer, so he also understands the Real Estate Investor mindset!  Call Scott today to find out why “This Realtor WORKS!”