Market Pulse
Inventory for November was recorded at 11,357, marking a 1.8% decrease from October’s 11,560. This ends a nine-month streak of increasing inventory. However, inventory in November 2024 is still 45.4% higher than it was in November 2023.
November’s interest rate rose to 6.4%, up from 5.9% in October.
The median home price for November increased to $388,990, compared to $380,000 in October.
Homes spent an average of 60 days on the market (DOM) in November, slightly up from 58 days in October.
Overall sales dropped by 7.3% from October to November, with 2,085 sales in November compared to 2,249 in October.
Pending sales saw a significant decline, falling 20.7% from 3,490 in October to 2,767 in November.
New listings also fell, decreasing by 7.6% from October to November, with 3,260 new homes hitting the market in November, down from 3,530 in October.
“We saw a break in the nine-month streak of rising inventory in November as interest rates climbed back into the 6.0s,” said Rose Kemp, President of the Orlando Regional REALTOR® Association. “While inventory has shifted slightly, it’s still a significant improvement from last year, offering more choices for buyers. As we approach the holiday season, the market typically slows, but it will be interesting to see how conditions evolve. With the election period now behind us, we’ll also keep an eye on its potential impact on the market moving forward.”
Market Glance
Interest rates increased from 5.9% in October to 6.4% in November.
Pending sales dropped by 20.7%, with 3,490 in October compared to 2,767 in November.
In November, 17 distressed homes (bank-owned properties and short sales) made up 0.8% of all home sales, the same as in October.
Inventory
Orlando area inventory dropped by 1.8% from October to November. Inventory in October stood at 11,560, while in November, it declined slightly to 11,357.
The supply of homes increased to 5.45 months in November, a 6.0% rise from 5.14 months in October. A balanced market typically has about six months of supply, making this the highest level since January 2015.
New listings fell by 7.6% from October to November, with 3,260 new homes hitting the market in November, down from 3,530 in October.
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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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