Central Florida Real Estate Recap of January 2024
State of the Market
- New listings rose 46.3% from December to January, with 3,524 new homes on the market in January, compared to 2,409 in December.
- Inventory for January was recorded at 8,217, up 4.8% from December when inventory was recorded at 7,838.
- The median home price for January was recorded at $360,000, down from $367,250 in December. This is the third month in a row that median price fell. Median price has dropped $17,000 since October 2023.
- January’s interest rate was recorded at 6.5%, down slightly from 6.6% in December. This is the third month in a row that rates have fallen.
- Overall sales fell 13.3% from December to January. There were 1,719 sales in January, down from 1,982 sales in December. This is the eighth month in a row that home sales have fallen.
- Pending sales increased by 32.4%, with 2,495 in December and 3,303 in January.
- Homes spent an average of 57 days on the market (DOM) in January, up from 49 days in December.
- “We closed out 2023 with the healthiest market we’ve had in years, and this made both buyers and sellers optimistic for 2024,” said Rose Kemp, Orlando Regional REALTOR® Association President. “Rates have begun to fall, and many sellers are happy with the equity they have earned in their existing homes. January data shows a spike in new listings as many buyers and sellers who had been waiting on the sidelines felt confident to enter the market and make a move.”
Market Snapshot
- Interest rates fell from 6.6% in December to 6.5% in January. This is 6.2% higher than January 2023 when interest rates were 6.1%.
- Pending sales rose 32.4%, with 2,495 in December and 3,303 in January.
- 22 distressed homes (bank-owned properties and short sales) accounted for 1.3% of all home sales in January. That represents a 69.2% increase from December, when 13 distressed homes sold.
Inventory
- Orlando area inventory increased 4.8% from December to January. Inventory in December was 7,838, and inventory in January was 8,217.
- The supply of homes increased to 4.78 months in January, up 20.9% from 3.95 months in December. A balanced market is six months of supply. The last time the supply of homes was this high was January 2016.
- The number of new listings increased from December to January by 46.3% – from 2,409 homes to 3,524 homes.
Year over Year Changes
Courtesy of Orlando Regional Realtor Association
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