Residential Real Estate News
Orlando Area Home Sales Down 27 Percent Annually in April
Greater Orlando area overall home sales in April 2023 were 27.2% lower than April 2022 when there were 3,800 sales. On a month-to-month basis, sales fell 5.8% from March to April. There were 2,766 sales in April, down from 2,936 sales in March.
There were 18 distressed homes (bank-owned properties and short sales) accounted for 0.7% of all home sales in April. That represents a 35.7% decrease from March, when 28 distressed homes sold. Yet pending sales rose, with 4,220 in March and 4,485 in April.
Inventory also rose 1.9% - from 5,052 homes in March to 5,148 homes in April 2023. Housing inventory in April 2023 (5,148) was 92.8% higher compared to April 2022, when it was recorded at only 2,670 homes.
ORRA also reports the median home price for April 2023 was recorded at $370,000, up from $365,000 in March. Median home prices have increased every month this year. Median home price in April 2023 was the same as recorded in April 2022 at $370,000.
April's interest rate was recorded at 6.4%, down from 6.7% in March. This comes after three straight months with rising rates.
New listings fell 6.4% from March to April, with 3,220 new homes on the market in April, compared to 3,442 in March. Additionally, homes spent an average of 52 days on the market (DOM) in April, down from 57 days in March. This is 116.7% higher than April 2022 when homes spent an average of 24 days on the market.
"April data showed a slight uptick in Orlando inventory as home sales slowed, indicating the spring selling season may be starting to balance out," said Lisa Hill, Orlando Regional Realtor Association President. "Orlando's median home prices are still climbing as sellers continue to get competitive offers. The good news for buyers is that interest rates in Orlando dropped slightly, giving them extra buying power."
