Central Florida Market Recap of November 2021

Posted by Florida Realty Marketplace on Tuesday, December 21st, 2021 at 9:25am

 

November’s median home price was recorded at $330,000, a new record high and increasing once again after October’s median home price was recorded at $325,000.

 

 


November 2021 Recap

State of the Market

  • November’s median home price was recorded at $330,000, a new record high and increasing once again after October’s median home price was recorded at $325,000.
  • Overall sales in November dropped by 2.55%, with a total of 3,664 sales.
  • Homes spent an average of 28 days on the market in November, up slightly from October 2021 when the average was 27.
  • Inventory continues to drop in November, decreasing by 10.57% from October to November, for a total of 3,046 homes on the market in November.
  • After the number of new listings continuously increased from March 2021 to July 2021, new listings have since been dropping, resulting in just 3,226 new listings for November 2021.
  • “New listings tend to decrease over the holidays and that’s what we’re seeing here with the drop in November,” says Tansey Soderstrom, 2021 Orlando Regional REALTOR® Association President. “With lower inventory, we once again see the median home price increase – keeping the housing market competitive.”

Market Snapshot

  • Interest rates showed a slight decrease, as the average interest rate in November 2021 was 2.95%, a decrease of 1.83% over October 2021. 
  • ORRA members sold 3,664 homes in November 2021, a decrease of 2.55% from 3,760 homes sold in October 2021. Sales were still 13% higher than November 2020. 
  • 24 distressed homes (bank-owned properties and short sales) accounted for .6% of all home sales in November 2021. That represents a 35% drop over November 2020, when 37 distressed homes sold. 

Inventory

  • Orlando area inventory decreased by 10.57% from October 2021 to November 2021 from 3,406 homes to 3,046 homes. Inventory in November 2021 was 45% lower than in November 2020.
  • The supply of homes remained at nearly one month in November 2021. A balanced market is six months of supply. 
  • The number of new listings decreased in November 2021 from October 2021 by 18.12% from 3,940 homes to 3,226 homes. 

Year over Year Changes

Market Snapshot

Courtesy of Orlando Regional Realtor Association

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