Well Spring is officially here and we are analyzing the numbers to see what’s going on in the Orlando real estate market. The ThinkLiveBe team is very analytical. We review stats for a 25 mile radius from Downtown Orlando every week and the stats for the Metro Orlando market monthly. Knowing our numbers helps us guide our clients and customers through these tricky waters!

The monthly stats come out around the 15th of the month. We are looking at how February 2024 compared to the same time last year. Read more below or Watch the Video

The number of sales declined slightly year over year. Last year in February 66 less homes sold. Not a significant difference there. Month over month we are up. There was a drop in sales at the end of last year and into January of 2024 due to the peak in interest rates in late fall. As rates have started to come down, sales have picked back up. The number of pending sales is down slightly as well.

The big difference is the number of available homes for sale. The listing inventory is up to just over 8,500 homes for sale; meaning buyers have more options than they have since 2017.

Supply and demand are what drive prices and although we finally have more supply than we have in a long time, demand is still decent relative to that supply. Although headlines would lead most people to believe prices are dropping, those are asking prices. The median and average sales price is up compared to the same time last year. The median price for February 2024 is 5.31% more than February 2023. Anywhere between 3-5% is considered a normal appreciation rate.

As we head into the Spring and summer selling seasons, all indicators point to more sales as buyers make their seasonal moves. The only factor that’s still up in the air is the interest rate. If the rates go down, more buyers will flock to the market. If they go up or remain the same we still expect to see a strong market through summer here in Central Florida.

If you are thinking of selling:

Good news – prices are up from last year. You just have to be realistic. Buyers are being picky, especially during inspections. They have more options available to them now and negotiations are key to keeping deals together.

If you are thinking of buying:

You will find the rates have declined since the peak in October 2023. No one really knows when they’ll go down further or how far they’ll go. Waiting on the sidelines is exactly what everyone else is doing. You have your best chance of negotiating a good deal now before the market picks up for spring and summer. The number of showings is up 27% in the last 3 months, more buyers are getting out there. Now might be the time to strike before that goes up even more.

And as always everyone’s situation is unique, give us a call if you have any real estate needs at 407-982-7240.