The Orlando real estate numbers are in and we have analyzed the data for you.

The Central Florida real estate market is starting to shift, what does this mean? 

The interest rates that went up over the summer are starting to impact affordability and it’s creating the situation that we’re in now. The number of homes that went pending & sold last month are down year over year.  Since pending sales are an indicator of future sales we can expect that the next month or two there will probably be a little bit of a decline in sales. At the end of the year is when we will probably see the usual seasonal peak. 

The one thing that matters rights now is the number of available homes for sale. We have 6,762 available homes for sale at the end of August. That’s almost double what was available last year! Lack of inventory is what’s been driving this historically strong sellers market that we’ve been in these last two years. Now we’re finally starting to have some available homes for sale compared to demand. That’s also what is shifting things slightly. We ended the month with just about two months of homes available for sale and the median sales price was up 18% since last year so we’re still seeing double digit gains. 

Real estate is hyper local!Nowadays you might read headlines that say “the market is crashing” or “things are shifting”; it’s important to understand that yes, the market is changing but it’s still also a very strong market. Anything below 4 or 5 months of inventory available is still a sellers market. It’s not as crazy of a sellers market as we’ve been in but sellers will usually still have the negotiating power or at least they’ll be able to get top dollar.

Now is your time to get back out there if you’ve been looking over the last two years and struggled to get an offer accepted. You’ll want to look for homes that have been sitting for couple of weeks because you’ll have more negotiating power on those. It’s still a great market for anybody if you’re buying, selling, or investing. Theres always opportunity its just about finding the right location. 

If you have any real estate needs were always here to help navigate these changing times. Give us a call at (407)982-7240