Residential Real Estate News
Orlando Area Home Sales Down 28 Percent Annually in March
Yet, month over month sales jumped 31 percent in March
Based on new data from the Orlando Regional Realtor Association, overall Central Florida sales rose 31.1% from February to March. There were 2,936 sales in March, up 696 from the 2,240 sales recorded in February 2023. Conversely, overall sales in March 2023 were 28.4% lower than March 2022 when there were 4,100 sales.
ORRA also reports inventory dropped 9.1% - from 5,555 homes in February to 5,052 homes in March. Inventory in March 2023 (5,052) was 103.9% higher compared to March 2022, when it was recorded at only 2,478 homes.
New listings spiked 22.1% from February to March, with 3,442 new homes on the market in March, compared to 2,820 in February. Pending sales also held steady, with 4,184 in February and 4,220 in March, as 28 distressed homes (bank-owned properties and short sales) accounted for 1.0% of all home sales in March. That represents a 27.3% increase from February, when 22 distressed homes sold.
The median home price for March was recorded at $365,000, up from $358,000 in February. This is the second month in a row with rising median home prices.
Homes spent an average of 57 days on the market (DOM) in March, down from 62 days in February. This is 111.1% higher than March 2022 when homes spent an average of 27 days on the market.
ORRA also reports March's interest rate was recorded at 6.7%, up from 6.4% in February. This is the fourth straight month with rising rates.
"Spring has sprung in the Central Florida housing market. March data shows increases in new listings, home prices and overall sales, and a reduction in inventory as buyer activity picked up significantly," said Lisa Hill, Orlando Regional Realtor Association President. "The good news for buyers is that they have plenty more options to choose from. There were twice as many homes on the market in March compared to this time last year, and the median home price was only slightly higher than it was a year ago."
