Central Florida Real Estate Market Recap - October 2021

Posted by Florida Realty Marketplace on Thursday, November 18th, 2021 at 10:33am

October’s median home price was $325,000. This is an increase after a slight drop in September to $318,000.

 

 


October 2021 Recap

State of the Market

  • October’s median home price was recorded at $325,000, increasing once again after a slight drop in September to $318,000. Orlando saw a 10-month steady increase in the median home price prior to September when the record high hit $320,000 in July (maintained in August).
  • Overall sales in October dropped by 0.77%, with a total of 3,760 sales.
  • Homes spent an average of 27 days on the market in October, the same amount as September 2021.
  • Inventory dropped for the first time in six months, decreasing by 7.12% from September to October, for a total of 3,406 homes on the market in October.
  • “The market traditionally slows down during the winter months and that’s what we’re seeing with the drop in inventory in October – the first decrease in 6 months,” says Tansey Soderstrom, 2021 Orlando Regional REALTOR® Association President. “While the inventory is dropping, the median home price remains steady, still over 20% compared to 2020.”

Market Snapshot

  • Interest rates showed a slight increase, as the average interest rate in October 2021 was 3.01%, an increase of 5.14% over September 2021. 
  • ORRA members sold 3,760 homes in October 2021, a decrease of 0.77% from 3,789 homes sold in September 2021. Sales were still 3% higher than October 2020. 
  • 26 distressed homes (bank-owned properties and short sales) accounted for .6% of all home sales in October 2021. That represents a 61% drop over October 2020, when 67 distressed homes sold. 

Inventory

  • Orlando area inventory decreased by 7.12% from September 2021 to October 2021 from 3,667 homes to 3,406 homes. Inventory in October 2021 was 42% lower than in October 2020.
  • The supply of homes remained at nearly one month in October 2021. A balanced market is six months of supply. 
  • The number of new listings decreased in October 2021 from September 2021 by 2.14% from 4,026 homes to 3,940 homes. 

Courtesy of Orlando Regional Realtor Association

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