Market Pulse
In June, the number of homes available for sale jumped to 10,282, which is a 9.7% increase from May when there were 9,376 homes on the market. This marks the fifth consecutive month we've seen an increase in inventory. The last time we had this many homes for sale was back in September 2016. Compared to June 2023, inventory is nearly double, up by 99.7%.
On the sales front, we saw a rise of 5.4% from May to June, with 2,909 homes sold in June compared to 2,759 in May. This makes it the fourth month in a row that sales have gone up.
The median home price in June was $385,000, a slight drop from May's $388,500, which was the highest we've ever seen in the Orlando area.
Interest rates fell a bit in June, averaging 6.6%, down from May's 6.9%.
However, pending sales took a small dip, decreasing by 1.8% from 4,379 in May to 4,298 in June.
New listings went up by 6.9%, with 4,521 new homes hitting the market in June, compared to 4,230 in May. Homes were on the market for an average of 54 days in June, the same as in May.
"Even though we saw a slight increase in inventory in June, our market remains very active," said Rose Kemp, President of the Orlando Regional REALTOR® Association. "There are a few more homes to choose from compared to the last few months, but with high sales volumes, homes are still selling quickly. Since inventory levels are still below the six-month supply that’s considered balanced, buyers need to be ready to act fast if they find a home they like. With consistent sales growth over the past four months, I expect this trend to continue into the summer, making inventory an important factor for buyers."
Market Glance
Interest rates dropped from 6.9% in May to 6.6% in June, offering a bit of relief to buyers.
Pending sales saw a slight decline of 1.8%, going from 4,379 in May to 4,298 in June.
In terms of distressed properties, which include bank-owned homes and short sales, there were 17 sold in June, making up just 0.6% of all home sales. This is a significant decrease of 34.6% from May when 26 distressed homes were sold.
Inventory
In the Orlando area, inventory increased by 9.7% from May to June. In May, there were 9,376 homes available, and this number jumped to 10,282 in June.
The supply of homes rose to 3.53 months in June, up 4.0% from 3.40 months in May. A balanced market is typically considered to have about six months of supply.
The number of new listings increased from May to June by 6.9%, rising from 4,230 homes to 4,521 homes.Additionally, the number of new listings surged by 8.6% from March to April, with 3,799 homes listed in March compared to 4,124 homes listed in April.
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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!”
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