February 2022 Recap

State of the Market

• Overall sales in February increased by 5.44%, with a total of 3,198 sales compared to 3,033 sales in January 2022.
• February’s median home price was recorded at $345,000, an increase of 2.99% compared to January 2022 and setting a new record high, surpassing December 2021’s record high of $340,000. The median home price in February 2021 was $280,000.
• Homes spent an average of 30 days on the market in February, down slightly from January 2022 when the average was 32.
• Inventory continued to drop in February, decreasing by 2.77% from January 2022 for a total of 2,313 homes on the market in February.
• New listings increased by 3.13% from January 2022 to February 2022, with a total of 3,686 new homes on the market in February.
• “In February, we saw an increase across the board in overall sales, pending sales, and new listings in Central Florida,” says Tansey Soderstrom, 2022 Orlando Regional REALTOR® Association President. “This is the strong start to the spring selling season that we expected. We anticipate the competitive housing market to continue throughout the spring.”

Market Snapshot

• Interest rates continue to slightly increase as the average interest rate for February 2022 was recorded at 3.87% compared to January 2022 when it was at 3.38%.
• ORRA members sold 3,198 homes in February 2022, an increase of 5.44% from 3,033 homes sold in January 2022. 
• 26 distressed homes (bank-owned properties and short sales) accounted for .81% of all home sales in February 2022. That represents a 4% increase over January 2022, when 25 distressed homes sold. 

Inventory

• Orlando area inventory decreased by 2.77% from January 2022 to February 2022 from 2,379 homes to 2,313 homes. Inventory in February 2022 was 32% lower than in February 2021.
• The supply of homes remained at nearly one month in February 2022. A balanced market is six months of supply. 
• The number of new listings increased in February 2022 from January 2022 by 3.13% to 3,686 homes. 

Year over Year Changes

Courtesy of Orlando Regional Realtor Association

Homes for Sale in Davenport FL

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$175,000

490 Taft Drive, DAVENPORT

4 Beds 2 Baths 1,767 SqFt Residential MLS® # O6327270

$205,000

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484 Lily Lane, DAVENPORT

3 Beds 2 Baths 1,535 SqFt Residential MLS® # P4935704

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