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Orlando Luring Residents from Miami, New York

February 23rd, 2024 by tisner


A growing number of in-state and out-of-state residents are moving to Orlando, drawn by the cheaper housing prices and attractive amenities.

ORLANDO – The City Beautiful is looking more attractive every day.

While Miami and Fort Lauderdale remain the top spots for Florida newcomers, Orlando is growing more attractive. Census data show that between July 2021 and July 2022 about 730,000 people moved to Florida, with the largest number of migrants from the millennial generation – many from New York and California.

Moving company Pods found that Orlando ranked No. 3 in long-distance moves in 2023, up from No. 9 in 2022. Census data show that more than 100,000 people moved to Orange County, where Orlando is located, between 2017 and 2021, and 50,000 of those movers were from other parts of Florida.

Orlando’s population has grown steadily to 307,573 in 2020, and the University of Florida’s Bureau of Economic and Business Research ranked the city No. 5 in terms of population change, with the addition of 19,415 residents from 2020 to 2023.

Homes in Orlando are more affordable than other cities at $394,950 on average, compared to $500,000 in Miami. A September 2023 Zillow report also found that Orlando ranked in the top six housing markets gaining the most value, rising 72.3% since 2019 to $382 billion as of June 2023.

Freddie Smith, a real-estate agent who moved from Los Angeles to Orlando in 2022, said Orlando is a big draw because there are cheaper homes than other parts of Florida with the same amenities. such as nearby beaches, entertainment and recreational opportunities.

“When it comes to people who can’t get a starter home in South Florida, they’re coming to Orlando. You can still grab one for $375,000-ish, maybe $350,000 if you’re lucky. That’s a huge difference compared to $700,000 in South Florida,” he told Business Insider.

Source: Business Insider (02/06/24) Pandy, Jordan

©2024 Smith Bucklin

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Orlando State of the Market January 2024

February 16th, 2024 by tisner

New Orlando Regional REALTOR® Association data shows spike in listings kicking off the new year

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.

ORRA’s full State of the Market Report for December can be found here.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively – located in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Orlando State of the Market December 2023

January 17th, 2024 by tisner

Orlando Regional REALTOR® Association releases overall 2023 data, revealing that rising interest rates were the biggest factor affecting housing market in 2023, slowing sales and boosting inventory.

December 2023 Summary

State of the Market

  • “The housing market in 2023 continued to stabilize from the frenzy we saw during COVID-19. Many buyers chose to wait on
    buying a home amid rising interest rates,” said Rose Kemp, 2024 Orlando Regional REALTOR® Association President. “Interest
    rates fell near the end of 2023, which enticed buyers who were waiting on the sidelines. Looking ahead, these rates will continue
    to be the biggest factor in the market.”
  • The overall median home price in 2023 was recorded at $370,500, an all-time high and a slight increase of 1.5% compared to
    2022 when the overall median home price was recorded at $365,000.
  • Overall sales in December decreased slightly – 0.7% – from November, with 1,982 sales recorded. Overall sales in 2023 decreased
    by 20.1% with a total of 30,499 sales. Overall sales in 2022 were recorded at 38,162.
    Single family home sales decreased in 2023 by 19.6% for a total of 22,530 sales compared to 28,022 sales in 2022.
    Condo sales decreased in 2023 by 22.5% for a total of 4,007 sales compared to 5,168 sales in 2022.
    Townhome sales decreased by 19.7% in 2023 for a total of 2,853 sales compared to 3,551 in 2022.
  • In November 2023, inventory was recorded at 8,202 – 4.11 months of supply. This was the highest inventory in the Orlando area
    since January 2019. (The real estate market is considered balanced when there is 6 months of supply.) Closing the year, inventory
    was recorded at 7,838 in December – 3.95 months of supply.
  • Interest rates rose nearly every month in 2023. In October 2023, interest rates reached 7.8%, their highest point in more than 22
    years. Interest rates began to fall in the two subsequent months, closing out the year at 6.6%.
  • New listings dropped in December, with 2,409 new listings, compared to 3,188 new listings in November.

2023 Annual Market Recap

(Cumulative 2023 totals compared to cumulative 2022 totals)

  • The overall median home price in 2023 was recorded at $370,500, an all-time high and a slight increase of 1.5% compared to 2022 when the overall median home price was recorded at $365,000.
  • Overall sales in 2023 decreased by 20.1% with a total of 30,499 sales. Overall sales in 2022 were recorded at 38,162.
    • Single family home sales decreased in 2023 by 19.6% for a total of 22,530 sales compared to 28,022 sales in 2022.
    • Condo sales decreased in 2023 by 22.5% for a total of 4,007 sales compared to 5,168 sales in 2022.
    • Townhome sales decreased by 19.7% in 2023 for a total of 2,853 sales compared to 3,551 in 2022.
  • “The housing market in 2023 continued to stabilize from the frenzy we saw during COVID-19. Many buyers chose to wait on buying a home amid rising interest rates,” said Rose Kemp, 2024 Orlando Regional REALTOR® Association President. “Interest rates fell near the end of 2023, which enticed buyers who were waiting on the sidelines. Looking ahead, these rates will continue to be the biggest factor in the market.”

Market Snapshot

  • Interest rates rose nearly every month in 2023. In October 2023, interest rates reached 7.8%, their highest point in more than 22 years. Interest rates began to fall in the two subsequent months, closing out the year at 6.6%.
  • The average interest rate in 2023 was 6.8%.

Inventory

  • At the start of the year, inventory was recorded at 6,115 – 3.65 months of supply. Supply dipped in the following months before rising again.
  • In November 2023, inventory was recorded at 8,202 – 4.11 months of supply. This was the highest inventory in the Orlando area since January 2019. (The real estate market is considered balanced when there is 6 months of supply.)
  • Closing the year, inventory was recorded at 7,838 in December – 3.95 months of supply.
  • The average monthly inventory for 2023 was 6,243. The average monthly inventory for 2022 was recorded at 4,997.

ORRA’s full State of the Market Report for December can be found here.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively – located in Orange and Seminole counties. Note that statistics released each month September be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Orlando State of the Market November 2023

December 21st, 2023 by tisner

New Orlando Regional REALTOR® Association data shows inventory spikes as interest rates reach new heights.

State of the Market

  • Inventory for November was recorded at 8,202, up 5.0% from October when inventory was recorded at 7,813. This is the eighth month in a row inventory has risen.
  • Overall sales fell 17.8% from October to November. There were 1,996 sales in November, down from 2,429 sales in October. This is the sixth month in a row that home sales have fallen. A double-digit drop in sales from October to November is not out of the ordinary heading into the holiday season.
  • November’s interest rate was recorded at 7.3%, down from 7.8% in October, when rates reached their highest level in more than 22 years.
  • The median home price for November was recorded at $375,000, down slightly from $377,000 in October.
  • Homes spent an average of 46 days on the market (DOM) in November, up from 44 days in October.
  • New listings fell 7.8% from October to November, with 3,188 new homes on the market in November, compared to 3,456 in October.
  • “A balanced market is a six-month supply of homes. In November, for the first time since January 2019, we have more than four months of supply,” said Lisa Hill, Orlando Regional REALTOR® Association President. “With an increase in inventory and with interest rates showing signs of coming down, we have conditions for a strong, healthy market heading into 2024.”

Market Snapshot

  • Interest rates fell from 7.8% in October to 7.3% in November. This is 10.3% higher than November 2022 when interest rates were 6.6%.
  • Pending sales fell 3.6%, with 2,900 in October and 2,796 in November.
  • 21 distressed homes (bank-owned properties and short sales) accounted for 1.1% of all home sales in November. That represents a 16.0% decrease from October, when 25 distressed homes sold.

Inventory

  • Orlando area inventory increased 15.6% from September to October. Inventory in September was 6,758, and inventory in October was 7,813.
  • The supply of homes increased to 3.22 months in October, up 21.8% from 2.64 months in September. A balanced market is six months of supply.
  • The number of new listings decreased from September to October by 2.5% – from 3,545 homes to 3,456 homes.

ORRA’s full State of the Market Report for September can be found here.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively – located in Orange and Seminole counties. Note that statistics released each month September be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Fed’s Waller: Interest Rates to Remain Steady

November 30th, 2023 by tisner


Federal Reserve Gov. Christopher Waller signaled confidence in the slowing economy, saying inflation is slowly moving in the right direction.

WASHINGTON – A key Federal Reserve official raised the possibility Tuesday that the Fed could decide to cut its benchmark interest rate as early as spring if inflation keeps declining steadily.

The official, Christopher Waller, a member of the Fed’s Board of Governors, cautioned that inflation is still too high and that it’s not yet certain if a recent slowdown in price increases can be sustained. But he sounded the most optimistic notes of any Fed official since the central bank launched its aggressive streak of rate hikes in March 2022, and he signaled that the central bank is likely done raising rates.

Waller is regarded as a relatively “hawkish” official, meaning that he typically favors higher rates to combat inflation rather than low rates to boost job growth. But he has also become somewhat of a bellwether for the Fed’s overall rate-setting committee.

f inflation continues to cool “for several more months – I don’t know how long that might be – three months, four months, five months – that we feel confident that inflation is really down and, on its way, you could then start lowering the policy rate just because inflation is lower,” Waller said in remarks at the American Enterprise Institute, a Washington, D.C.-based think tank. “It has nothing to do with trying to save the economy or recession.”

Fed officials have previously suggested that eventually, cooling inflation would lead the Fed to cut rates. That’s because, adjusted for inflation, the central bank’s benchmark rate effectively rises as inflation falls.

And because the Fed’s key rate affects rates on consumer and business loans, like mortgages and credit cards, it becomes more of a drag on the economy. That’s why as inflation slows, the Fed could reduce its benchmark rate just to keep its inflation-adjusted level stationary.

Still, Waller’s remarks were a more explicit suggestion that such a scenario could occur as early as spring. Waller also said he thought the Fed’s short-term rate, which is at 5.4%, the highest in 22 years, is likely high enough to keep inflation headed down to the central bank’s 2% target.

“I am increasingly confident,” he said, that the Fed’s interest rate policies are “currently well-positioned to slow the economy and get inflation back to 2%,” Waller said.

Waller’s remarks Tuesday suggested that the Fed’s outlook for interest rates may have decisively shifted in the past few months. In September, the Fed’s policymakers had signaled that they expected to raise their key short-term rate once more this year. At their most recent meeting, which ended Nov. 1, they kept the rate unchanged. Now, with signs that inflation is cooling, the officials are considered virtually certain to keep rates steady again at their final meeting of the year, Dec. 12-13.

Waller’s remarks follow Chair Jerome Powell’s more cautious comments earlier this month, when Powell said “we are not confident” that the Fed’s key short-term interest rate was high enough to fully defeat inflation. The Fed has raised its rate 11 times in the past year and a half.

Inflation, measured year over year, has plunged from a peak of 9.1% in June 2022 to 3.2% in October. Waller said October’s inflation report, which showed prices were flat from September to October, “was what I want to see.”

In a speech in October, Waller noted that inflation had cooled rapidly even as the economy continued to grow at a healthy pace. “Something’s got to give,” he said, meaning that either the economy would have to slow or inflation might re-accelerate.

“I am encouraged by what we have learned in the past few weeks – something appears to be giving, and it’s the pace of the economy,” he said Tuesday.

Still, Waller cautioned that, given the uncertainties surrounding the outlook for the economy, “I cannot say for sure whether” the Fed has done enough to conquer inflation.

Skanda Amarnath, executive director at Employ America, an advocacy group, and a former Fed economist, said the Fed will be particularly attentive to inflation data at the beginning of 2024, because prices spiked in the first couple of months of the year in 2022 and 2023.

“If we get through the (first quarter) of this upcoming calendar year and inflation has not reared its head in quite the same ugly way we saw the previous few ones, I think the Fed will have a lot more confidence,” Amarnath said, which could “also mean the Fed is interested in possibly lowering interest rates.”

Waller noted that recent data on hiring, consumer spending, and business activity suggested that economic growth was cooling from its torrid 4.9% annual pace in the July-September quarter. Slower spending and hiring, he said, should help further cool inflation.

Last month’s figures “are consistent with the kind of moderating demand and easing price pressure that will help move inflation back to 2%, and I will be looking to see that confirmed in upcoming data releases,” Waller said.

Also Tuesday, another member of the Fed’s board, Michelle Bowman, who has long taken a more hawkish stance on inflation, said there were still too many uncertainties surrounding inflation and the economy to be sure that the Fed is done hiking rates.

“My baseline economic outlook continues to expect that we will need to increase (the Fed’s key) rate further,” Bowman said in a speech in Salt Lake City to the Utah Banker’s Association. “We should keep in mind the historical lessons and risks associated with prematurely declaring victory in the fight against inflation, including the risk that inflation may settle at a level above our 2% target.”

Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Orlando State of the Market October 2023

November 16th, 2023 by tisner

New Orlando Regional REALTOR® Association data shows inventory spikes as interest rates reach new heights.

State of the Market

  • October’s interest rate was recorded at 7.8%, up from 7.3% in September. This is the highest interest rate in the Orlando area since April 2001.
  • Inventory for October was recorded at 7,813, up 15.6% from September when inventory was recorded at 6,758. This is the seventh month in a row inventory has risen and the largest monthly percentage increase in 2023 so far.
  • Overall sales fell 5.0% from September to October. There were 2,429 sales in October, down from 2,558 sales in September. This is the fifth month in a row that home sales have fallen.
  • The median home price for October was recorded at $377,000, up from $370,000 in September. This breaks a three-month streak of the median home price falling.
  • New listings fell 2.5% from September to October, with 3,456 new homes on the market in October, compared to 3,545 in September.
  • Homes spent an average of 44 days on the market (DOM) in October, up from 41 days in September. This is 15.8% higher than October 2022 when homes spent an average of 38 days on the market.
  • “Sales were down and inventory was up in October as interest rates reached their highest level in more than 22 years,” said Lisa Hill, Orlando Regional REALTOR® Association President. “Even as rates climb, demand is keeping home prices high, creating challenges for buyers this fall. Early reports from November show rates falling, so we will have to wait and see if this offers buyers some reprieve.”

Market Snapshot

  • October 2022 when interest rates were 7.0%.
  • Pending sales fell 12.7%, with 3,322 in September and 2,900 in October.
  • 25 distressed homes (bank-owned properties and short sales) accounted for 1.0% of all home sales in October. That represents a 56.3% increase from September, when 16 distressed homes sold.

Inventory

  • Orlando area inventory increased 15.6% from September to October. Inventory in September was 6,758, and inventory in October was 7,813.
  • The supply of homes increased to 3.22 months in October, up 21.8% from 2.64 months in September. A balanced market is six months of supply.
  • The number of new listings decreased from September to October by 2.5% – from 3,545 homes to 3,456 homes.

ORRA’s full State of the Market Report for September can be found here.

his representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively – located in Orange and Seminole counties. Note that statistics released each month September be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Orlando State of the Market September 2023

October 17th, 2023 by tisner

New Orlando Regional REALTOR® Association data shows rates reach highest level in over 20 years, contributing to market slowdown this fall.

State of the Market

  • September’s interest rate was recorded at 7.3%, up from 6.6% in August. This is the highest interest rate since March 2002.
  • Inventory for September was recorded at 6,758, up 10.5% from August when inventory was recorded at 6,115. This is the sixth month in a row inventory has risen.
  • Overall sales fell 8.4% from August to September. There were 2,558 sales in September, down from 2,792 sales in August. This is the fourth month in a row that home sales have fallen.
  • The median home price for September was recorded at $370,000, down from $375,000 in August. This is the third month in a row that median home price has fallen.
  • New listings fell 2.1% from August to September, with 3,545 new homes on the market in September, compared to 3,620 in August.
  • Homes spent an average of 41 days on the market (DOM) in September – the same as in August. This is 32.3% higher than September 2022 when homes spent an average of 31 days on the market.
  • “Rising rates in September contributed to continued rising inventory, falling sales and falling median home price,” said Lisa Hill, Orlando Regional REALTOR® Association President. “Home sales during the fall are typically slower than sales during the spring or summer, and this may be especially prevalent this season with rates reaching their highest level in over 20 years. High interest rates have been the No. 1 factor affecting buyers this year, and it’s evident this challenge will persist.”

Market Snapshot

  • Interest rates rose from 6.6% in August to 7.3% in September. This is 15.3% higher than September 2022 when interest rates were 6.3%.
  • Pending sales fell 8.9%, with 3,647 in August and 3,322 in September.
  • 16 distressed homes (bank-owned properties and short sales) accounted for 0.6% of all home sales in September. That represents a 23.8% decrease from August, when 21 distressed homes sold.

Inventory

  • Orlando area inventory increased 10.5% from August to September. Inventory in August was 6,115 and inventory in September was 6,758.
  • The supply of homes increased to 2.64 months in September, up 20.6% from 2.19 months in August. A balanced market is six months of supply.
  • The number of new listings decreased from August to September by 2.1% – from 3,620 homes to 3,545 homes.

ORRA’s full State of the Market Report for September can be found here.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively – located in Orange and Seminole counties. Note that statistics released each month August be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Orlando State of the Market August 2023

September 22nd, 2023 by tisner

New Orlando Regional REALTOR® Association data shows market continues to cool as fall season approaches


State of the Market

  • Inventory for August was recorded at 6,115, up 6.9% from July when inventory was recorded at 5,720.
  • New listings rose 6.1% from July to August, with 3,620 new homes on the market in August, compared to 3,413 in July.
  • The median home price for August was recorded at $375,000, down from $380,000 in July. This is the second month in a row that median home price has fallen.
  • Median home price in August 2023 was extremely close to August 2022, when it was recorded at $377,750.
  • Overall sales fell slightly – 2.1% – from July to August. There were 2,792 sales in August, down from 2,852 sales in July. Sales in August 2023 were also 16.0% lower than August 2022, when there were 3,324 sales.
  • Homes spent an average of 41 days on the market (DOM) in August, up from 39 days in July. This is 51.9% higher than August 2022 when homes spent an average of just 27 days on the market.
  • August’s interest rate was recorded at 6.6%, down from 6.8% in July. Interest rates in August 2022 were 5.3%.
  • In a July survey of ORRA members, 48% said they are seeing signs of the market cooling off.
  • “As we near the fall season, we typically see a slowdown in sales, and we are beginning to witness this in the Central Florida market,” said Lisa Hill, Orlando Regional REALTOR® Association President. “Fall can have its benefits for buyers. With our market cooling off, fall homebuyers will face less competition, find more inventory, and see median home price pull back a bit.”

Market Snapshot

  • Interest rates decreased from 6.8% in July to 6.6% in August. This is 24.5% higher than August 2022 when interest rates were 5.3%.
  • Pending sales fell 4.2%, with 3,808 in July and 3,647 in August.
  • 21 distressed homes (bank-owned properties and short sales) accounted for 0.8% of all home sales in August. That represents a 16.0% decrease from July, when 25 distressed homes sold.

Inventory

  • Orlando area inventory increased 6.9% from July to August. Inventory in July was 5,720 and inventory in August was 6,115.
  • The supply of homes increased to 2.19 months in August, up 9.2% from 2.01 months in July. A balanced market is six months of supply.
  • The number of new listings increased from July to August by 6.1% – from 3,413 homes to 3,620 homes.

ORRA’s full State of the Market Report for August can be found here.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Fla.’s July Housing: Prices Up, Inventory Improves

August 25th, 2023 by tisner

Florida Realtors: Higher mortgage rates still a factor; single-family home median price at $415K, 2.8 months’ supply. Condo median price at $319K, 3.6 months’ supply.

ORLANDO, Fla. – In July, Florida’s housing market reported improving inventory levels (active listings) and statewide median sales prices consistent with values of a year ago, according to Florida Realtors®’ latest housing data.

“Buyers and sellers in Florida continue be challenged by higher mortgage rates, which have been fluctuating around 7%,” says 2023 Florida Realtors® President G. Mike McGraw, a broker-associate with RE/MAX Central Realty in Orlando. “In recent months, we’ve seen active listings start to increase and inventory levels improving, though we’re still below what would be considered a balanced market.

“However, more active listings would mean a wider selection of homes and more options for buyers, which could help moderate the pace of rising prices and ease affordability issues.”

Last month, closed sales of existing single-family homes statewide totaled 22,198, down 6.4% year-over-year, while existing condo-townhouse sales totaled 8,463, down 9.4% from July 2022, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“High mortgage rates this summer have continued to slow the annual rate of home price growth,” says Florida Realtors Chief Economist Dr. Brad O’Connor. “The median sale price for single-family homes in July was $415,000, a 0.7% percent increase over last July’s median of about $412,000. This price growth is slightly greater than what we’ve seen in recent months, but not by much. The median sale price for condos and townhouses, meanwhile, was up 4.6% to $319,000, which was its largest year-over-year gain since April.”

The median is the midpoint; half the homes sold for more, half for less.

Looking at the overall housing data, “Interest rates were on the rise throughout 2022, and as they increased, housing market activity declined,” says O’Connor. “So, the deeper we get into 2023, the more favorable the numbers will look compared to 12 months ago. The real story so far this year is the housing market hasn’t been in any big hurry to improve.”

On the supply side of the market, single-family existing homes were at a 2.8-months’ supply in July while condo-townhouse properties were at a 3.6-months’ supply.

Source: www.floridarealtors.orgBy Marla Martin

Orlando State of the Market June 2023

July 20th, 2023 by tisner


State of the Market

  • The median home price for June was recorded at $385,000, up from $378,000 in May. Median home prices have increased every month this year.
  • Median home price in June 2023 was close to June 2022, when it was recorded at $387,000.
  • New listings rose 7.1% from May to June, with 3,703 new homes on the market in June, compared to 3,459 in May.
  • Homes spent an average of 41 days on the market (DOM) in June, down from 45 days in May. This is 105.0% higher than June 2022 when homes spent an average of 20 days on the market.
  • Overall sales fell 0.8% from May to June. There were 3,124 sales in June, down from 3,150 sales in May.
  • June’s interest rate was recorded at 6.7%, up slightly from 6.6% in May.
  • Inventory for June was recorded at 5,450, up 5.8% from May when inventory was recorded at 5,149.
  • Inventory in June 2023 (5,450) was 0.2% higher compared to June 2022, when it was recorded at 5,437 homes.
  • “Now that we’re officially halfway through the year, Orlando’s housing market remains strong,” said Lisa Hill, Orlando Regional REALTOR® Association President. “June’s housing data is a strong indication of what the rest of the year will look like – we can expect to continue to see more inventory and great prices for homes, which is good news for buyers and sellers.”

Market Snapshot

  • Interest rates increased from 6.6% in May to 6.7% in June. This is 20.6% higher than June 2022 when interest rates were 5.5%.
  • Pending sales fell, with 4,304 in May and 3,964 in June.
  • 28 distressed homes (bank-owned properties and short sales) accounted for 0.9% of all home sales in June. That represents a 33.3% increase from May, when 21 distressed homes sold.

Inventory

  • Orlando area inventory increased 5.8% from May to June. Inventory in May 2023 was 5,149 and inventory in June was 5,450.
  • The supply of homes increased to 1.74 months in June, up 6.7% from 1.63 months in May. A balanced market is six months of supply.
  • The number of new listings increased from May to June by 7.1% – from 3,459 homes to 3,703 homes.

ORRA’s full State of the Market Report for June can be found here.

Access Teri’s one-stop Orlando FL home search website.Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

By: www.orlandorealtors.org

Teri Isner, CIPS, CRS, GRI
Keller Williams At-The-Lakes
1170 Celebration Blvd
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Celebration, Fl 34747

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