Central Florida Real Estate Recap of February 2024

State of the Market

• Overall sales rose 26.5% from January to February. There were 2,174 sales in February, up from 1,719 sales in January. This comes after eight months of falling sales.
• The median home price for February was recorded at $377,000, up from $360,000 in January. This comes after three months of falling median home price.
• Pending sales increased by 17.8%, with 3,303 in January and 3,891 in February.
• New listings rose 7.8% from January to February, with 3,799 new homes on the market in February, compared to 3,524 in January.
• Inventory for February was recorded at 8,589, up 4.5% from January when inventory was recorded at 8,217.
• February’s interest rate was recorded at 6.6%, up slightly from 6.5% in January.
• Homes spent an average of 57 days on the market (DOM) in February – the same as in January.
• “Super Bowl weekend is considered the unofficial kick-off to the spring homebuying season, and we definitely saw an uptick in the market this month,” said Rose Kemp, Orlando Regional REALTOR® Association President. “We had a lot of pending sales in January that finalized in February, causing home sales to jump as we approach this busy time for the market. Inventory and pending sales both increased from January to February, meaning we can expect to see another active sales month in March now that buyers have more options.”

Market Snapshot

• Interest rates rose from 6.5% in January to 6.6% in February.
• Pending sales rose 17.8%, with 3,303 in January and 3,891 in February.
• 25 distressed homes (bank-owned properties and short sales) accounted for 1.1% of all home sales in February. That represents a 13.6% increase from January when 22 distressed homes sold. 

Inventory

• Orlando area inventory increased 4.5% from January to February. Inventory in January was 8,217, and inventory in February was 8,589.
• The supply of homes fell to 3.95 months in February, down 17.3% from 4.78 months in January. A balanced market is six months of supply.
• The number of new listings increased from January to February by 7.8% – from 3,524 homes to 3,799 homes.
  
  

Year over Year Changes 

 Courtesy of Orlando Regional Realtor Association

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$175,000

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315 East Magnolia Street, DAVENPORT

5 Beds 3 Baths 2,300 SqFt Residential MLS® # O6294922

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2025 St George Drive, DAVENPORT

1 Bed 1 Bath 481 SqFt Residential MLS® # O6258334

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