Residential Real Estate News
Orlando Experiences Slowest Home Sales in 4 Years in November
According to new data from the Orlando Regional Realtor Association, overall home sales significantly fell from October to November 2022.
There were 1,996 sales in November 2022 - down 26.5% from 2,716 sales in October. This is the lowest number of monthly home sales in nearly four years, dating back to January 2019. Overall sales in November 2022 were 45.5% lower than November 2021 when there were 3,664 sales.
Inventory in November 2022 was 136.3% higher compared to November 2021, when it was recorded at only 3,046 homes. Inventory rose slightly, from 7,128 homes in October to 7,197 homes in November. This is the ninth straight month of inventory increases.
The median home price for November was recorded at $360,000, down from $365,000 in October.
November's interest rate was recorded at 6.6%, a slight decrease from October when the interest rate was 7.0%.
"The housing market typically experiences a slowdown during the holiday season, and with high interest rates and economic uncertainty, this season's slowdown may be especially significant," said Tansey Soderstrom, Orlando Regional Realtor Association President. "While there is a lot of uncertainty with where the housing market is headed, buyers in the Orlando area have twice as many homes to consider than they did a year ago, and for sellers, home values and prices continue to remain steady."
Homes spent an average of 43 days on the market (DOM) in November, up from 38 days in October.
New listings decreased by 14.6% from October to November, with 2,597 new homes on the market in November.
Pending sales decreased by 3.9% from October to November for a total of 2,801 pending sales. 9 distressed homes (bank-owned properties and short sales) accounted for 0.5% of all home sales in November. That represents a 55.0% decrease from October, when 20 distressed homes sold.
Orlando area inventory slightly increased by 1.0% from October to November from 7,128 homes to 7,197 homes. Inventory in November 2022 was 136.3% higher than in November 2021, when it was recorded at 3,046 homes.
The supply of homes increased to 3.61 months in November. This is the first month since May 2020 with over three months of supply. A balanced market is six months of supply. The number of new listings decreased from October to November by 14.6% - from 3,041 homes down to 2,597 homes.
