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

In November, we experienced a drop with less than 2,000 sales at the end of the month. This isn’t surprising since the last few months we have been seeing the market slowly cool down. We also saw a drop in the number of buyers available. It’s less than what it used to be due to the rise in interest rates that have priced some people out of the market. We also had fewer pending sales this month. Pending sales are an indicator of what the market is going to look like. So you can expect to see fewer sales than what you might normally see this time of year when we usually see a peak.

This is all driven by two things: interest rates being higher than last year and consumer confidence. If people believe that prices or rates will go down so that it would be more beneficial for them in the future to purchase a home they will sit on the sidelines and wait. However, there are plenty of buyers out there still shopping and will continue in the new year because there is a demand in our area. We have thousands of people moving to Central Florida every month and those people need housing. This is creating a shift in the type of market you’ll experience when you go to buy or sell. We have just about 7,000 homes available for sale which is more than we have had in a long time. Yet we are technically still in a seller’s market.

At the end of the month we went up to 3.6 months of inventory which is the most that we’ve had in a long time! This is still a very strong market for sellers and now we are moving more towards a balanced market and that’s most likely what you would experience if you were to start shopping for a home right now. As a buyer, you can get a good price on a home without having to pay over asking. As a seller, you could get up to 9% more for your home today than you did last year. Keep in mind though that rate of appreciation is going down. Does that mean that prices are dropping down? No, it just means that the rates are coming down. A lot of people ask me “What is the best time of year to sell?” Here’s the thing if you need to move do so now because if the market is shifting you want to sell at a higher point of appreciation. Don’t wait for seasonality to take place because you might end up in a worse spot before the market turns in the buyer’s favor.

Contact us today for your specific analysis and we’ll help you move through this shift in the market! (407)982-7240