New Orlando Regional REALTOR® Association data shows highest inventory in nearly ten years.
State of the Market
Inventory for September was recorded at 11,560, up 0.4% from August when inventory was recorded at 11,511. This is the ninth month in a row inventory has risen. The last time inventory was this high was September 2015.
Inventory in September 2024 was 71.1% higher than in September 2023.
September’s interest rate was recorded at 5.9%, down from 6.1% in August. This is the lowest interest rates have been since August 2022.
Homes spent an average of 58 days on the market (DOM) in September – up slightly from 57 in August.
This is a 41.5% increase compared to September 2023 when homes spent an average of 41 days on the market.
The median home price for September was recorded at $380,000, down from $384,500 in August.
Overall sales decreased by 15.3% from August to September. There were 2,655 sales in August and 2,249 sales in September.
Pending sales fell by 1.9%, with 3,556 in August and 3,490 in September.
New listings fell 8.5% from August to September, with 3,530 new homes on the market in September, compared to 3,856 in August.
“Lower interest rates and rising inventory levels are setting the stage for a balanced Orlando housing market as we enter Q4,” said Rose Kemp, President of the Orlando Regional REALTOR® Association. “With the Federal Reserve’s recent interest rate cuts and a significant increase in available homes, many buyers who have been waiting on the sidelines are now finding opportunities to achieve the American dream of homeownership.”
Market Snapshot
Interest rates fell from 6.1% in August to 5.9% in September.
Pending sales fell 1.9%, with 3,556 in August and 3,490 in September.
17 distressed homes (bank-owned properties and short sales) accounted for 0.8% of all home sales in September. This is a 54.5% increase from August, when 11 distressed homes sold.
Inventory
Orlando area inventory rose 0.4% from August to September. Inventory in August was 11,511, and inventory in September was 11,560.
The supply of homes rose to 5.14 months in September, up 18.6% from 4.34 months in August. A balanced market is six months of supply.
This is the highest supply of homes has been since January 2015.
The number of new listings decreased from August to September by 8.5% – from 3.856 homes to 3,530 homes.
ORRA’s full State of the Market Report for September can be found here.
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.
Every Monday, ORRA’s Monday Morning Quarterback Report gives you a snapshot of the previous week’s market activity, including sales, prices, days on market, and much, much more.
Monday Morning Quarterback for October 6th, 2024 – October 12th, 2024
Single-family existing homes
Sales of single-family homes decreased to 142 during the week of October 06, from 452 the week prior
The median price of single family homes increased to $439,950 a change of 3.5%
The number of single-family home foreclosure transactions decreased to 2 from 5 the week prior
The number of single-family short-sale transactions decreased to 0 from 3 the week prior
Single-family inventory decreased by 119, and now sits at 7,542.
Condos, townhomes, and villas
Sales of condos, townhomes, and villas decreased to 42 during the week of October 06, from 123 the week prior
The median price of condos, townhomes, and villas decreased to $282,500 a change of -5.8%
The number of condo, townhome, and villa foreclosure transactions remains constant at 0
The number of condo, townhome and villa short-sale transactions remains constant at 0
Condo inventory decreased by 13, and now sits at 3,720.
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.
When you have started considering buying a new home, the first thing you will need to work on is a down payment. While many lenders offer different programs with variable down payment amounts, saving as much as you can is necessary. Check out these tips and start saving now!
It is important to know, realistically, how much house you can afford, and start shooting for a 20% down payment of that amount.
Turn your $4.50-per-day cup of coffee into $90/month in the piggy bank. Add up similar purchases, decide what you can live without, and move that money (set up automatic transfers) every day from your checking to a hands-off savings account.
Sign up with your employer to deposit a portion of your pay into a down payment savings account. Most of the time, if you do not see it, you do not miss it.
If a pay raise comes your way, save that unexpected pay: stay on your old budget, and have the difference in old and new pay direct deposited into your down payment account.
When non-salary payments such as bonuses or even a tax refund come in, sock them away and give your savings a boost.
Did you know that family members can gift money towards your down payment? Make certain you document these gifts correctly for your lender and the IRS. Mortgage Reports shares more information about down payment gifts.
A part-time job may provide enough each week to add to your down payment savings. Your well-being is important, however, so do not go into a second job unless you are certain it will be a benefit.
If you have investments in stocks or bonds, plan on liquidating those assets when the time comes to purchase your house. Make sure you document these sales.
You can always borrow from your 401k or IRA, but make sure you will not have to pay penalties. Talk with your account holder before making any withdrawals.
Do not let that 20% ideal down payment stop you before you even get started. However, if it seems impossible for you, do your research. There are many first-time buyer programs available, as well as lower-than-20% down payment options through the USDA, the VA, and state-specific programs. Learn more about low down payment guidelines and opportunities to help you get started. Planning will help you keep your eyes on the prize of homeownership!
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.
Every Monday, ORRA’s Monday Morning Quarterback Report gives you a snapshot of the previous week’s market activity, including sales, prices, days on market, and much, much more.
Monday Morning Quarterback for September 29th, 2024 – October 5th, 2024
Single-family existing homes
Sales of single-family homes increased to 452 during the week of September 29, from 392 the week prior
The median price of single family homes increased to $424,900 a change of 1.2%
The number of single-family home foreclosure transactions increased to 5 from 1 the week prior
The number of single-family short-sale transactions increased to 3 from 2 the week prior
Single-family inventory increased by 37, and now sits at 7,66.
Condos, townhomes, and villas
Sales of condos, townhomes, and villas increased to 123 during the week of September 29, from 111 the week prior
The median price of condos, townhomes, and villas increased to $300,000 a change of 17.6%
The number of condo, townhome, and villa foreclosure transactions decreased to 0 from 1 the week prior
The number of condo, townhome and villa short-sale transactions remains constant at 0
Condo inventory decreased by 18, and now sits at 3,733.
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.
It’s the time of year to check not only your battery-operated smoke alarm, but anything you have in your home that could start a fire if not properly used and maintained. This is also the time to talk with your family about your emergency plan in case of a fire. These tips will get you started:
Every kitchen should have an easily-accessed fire extinguisher. If you don’t have one, purchase one, and if your old one hasn’t been serviced recently, call an official inspector to make sure yours is in good working order.
Smoke alarms are a must! Older smoke detectors can be sensitive and go off while someone is cooking, and we inadvertently disconnect the battery to stop that, and forget to reconnect them. More recently-produced types have a sensitivity button that can reduce that problem for a set period of time and return to normal after the time is up.
Homes with more than one story should have an escape ladder close to an easily-accessed window on the upper floor. Safewise.com has a list of their best-rated ladders, and offers tips for choosing the right ladder for your home.
Don’t overload electrical outlets, and use extension cords only on a temporary basis. If you need more outlets, call an electrician to install them. The cost of this greatly outweighs the cost of a fire.
A visit from an electrician is also warranted if you have outlets that spark when you use them, lights that flicker, or a circuit breaker that trips regularly.
Clean your dryer’s lint screen after each load, and keep the vent and back of the dryer clean from lint build-up.
Have chimneys and furnaces checked out before you use them to make sure they’re clean and in good working order. If you use a wood fireplace, make sure the screen protector has no holes, and use only a flame-retardant rug in front of the hearth.
While cooking, don’t leave the kitchen, and even though your children may like to help, have their station set up far from any hot items. Keep towels and paper products away from anything hot, and don’t leave cooking oil unattended.
Although it isn’t very common, lightning can cause a house fire. Lightning rods may seem like an outdated tool, but they are not only helpful for redirecting lightning and prohibiting a fire, they can save your electronics from lightning damage.
Most importantly, you need a family fire plan, and everyone should be familiar with this plan. For tips and a guideline to setting up your own fire escape plan, consult this page from the National Fire Protection Association, where you can find free printable tools to make your planning process go smoothly. No amount of time taken to put a plan into place and practice is too much when it comes to protecting your home and family from a fire.
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.
New Orlando Regional REALTOR® Association data shows August’s interest rate was recorded at 6.1%, down from 6.6% in July. This is the lowest interest rates have been since August 2022.
State of the Market
“Interest rates have dropped to their lowest level since August 2022, providing much-needed relief for buyers,” said Rose Kemp, President of the Orlando Regional REALTOR® Association. “This decrease can significantly reduce monthly mortgage payments by hundreds of dollars. Additionally, buyers have more leverage and options, with homes staying on the market longer and inventory increasing. Now is the perfect time to explore the market, find your dream home, and secure a favorable rate.”
The median home price for August was recorded at $384,500, down from $390,000 in July.
Overall sales held steady from July to August. There were 2,655 sales in August, compared to 2,652 sales in July.
Inventory for August was recorded at 11,511, up 3.2% from July when inventory was recorded at 11,158. This is the eighth month in a row inventory has risen. The last time inventory was this high was September 2015. Inventory in August 2024 was 88.2% higher than in August 2023.
August’s interest rate was recorded at 6.1%, down from 6.6% in July. This is the lowest interest rates have been since August 2022.
11 distressed homes (bank-owned properties and short sales) accounted for 0.4% of all home sales in August. This is a 56.0% decrease
from July, when 25 distressed homes sold.
New listings fell 5.2% from July to August, with 3,856 new homes on the market in August, compared to 4,067 in July.
Interest rates: The average interest rate for a 30-year fixed mortgage in September was 5.9%, down from 6.1% in August. This marks the lowest rate since early 2023.
Increasing inventory: The number of homes for sale in September rose to 11,825, up from 11,511 in August. This is the ninth consecutive month of inventory growth.
Stable prices: The median home price in September was $383,000, slightly down from $384,500 in August.
You can find ORRA’s full State of the Market Report for August 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.
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.
The weather is cooler, but the days are still long enough to get some regular Fall maintenance done. Get your home prepped for cooler weather now so it won’t be a problem later.
Clean gutters before the leaves fall so they won’t get clogged. Consider installing some gutter protectors so the coming leaf drop won’t cause further problems.
Raking leaves is a job many don’t care for, but if you do, and plan on burning them, check with your local government offices or HOA guidelines to make certain it’s allowed. If not, it’s best to bag them for curbside pick-up, or find a gardening neighbor that would appreciate the extra composting material.
After you’ve mowed and raked one last time, fertilize the lawn. The roots are still active, and the extra nutrients will help the grass overwinter safely.
Speaking of using the lawnmower one last time, drain the fuel and oil from gas-powered equipment, and clean them well. This Old House offers some excellent tips on putting up the lawn mower for Winter.
Give the roof a good look and replace broken or missing shingles.
Check windows and doors–inside and out–for drafts and apply weather-stripping or caulking where it’s needed. Today’s Homeowner has a video that shows us how to apply caulk around our windows.
Call your HVAC serviceperson, and have the heater checked and serviced, if necessary. Go ahead and make sure your filters are new–buying them in bulk keeps you from having to remember to get one every couple of months and saves you money.
If you use wood for heating, hopefully it’s already cut and seasoned. Store it at least 30 feet from the house, covered, unless you bring it in a few days before you burn it.
Turn off your sprinkler system timer, shut water off at the main, and drain the system. If you’re not able to drain it yourself, it may be worth the money to hire a pro to blow the pipes out and drain the sprinkler heads.
It may take a couple of weekends to get all of these done, but all are important to do, and hopefully save you from a headache and spending a lot of money later in the Winter. Some of these chores could be done by a teenager looking to earn a few extra dollars, and they can learn something in the process. You’re never too young to learn about taking care of your home.
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.
Every Monday, ORRA’s Monday Morning Quarterback Report gives you a snapshot of the previous week’s market activity, including sales, prices, days on market, and much, much more.
Monday Morning Quarterback for September 8th, 2024 – September 14th, 2024
Single-family existing homes
Sales of single-family homes increased to 405 during the week of September 08, from 331 the week prior
The median price of single family homes increased to $425,000 a change of 1.2%
The number of single-family home foreclosure transactions decreased to 1 from 2 the week prior
The number of single-family short-sale transactions increased to 1 from 0 the week prior
Single-family inventory increased by 95, and now sits at 7,544.
Condos, townhomes, and villas
Sales of condos, townhomes, and villas decreased to 105 during the week of September 08, from 120 the week prior
The median price of condos, townhomes, and villas decreased to $268,000 a change of -6.6%
The number of condo, townhome, and villa foreclosure transactions increased to 1 from 0 the week prior
The number of condo, townhome and villa short-sale transactions remains constant at 0
Condo inventory increased by 69, and now sits at 3,726.
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.
When selling your home, the kitchen can be a make-or-break selling point. While a total overhaul is not necessary, you want the kitchen to look its very best so house hunters are wowed when they walk into the room.
Install new hardware on drawers and cabinets. Classic styles are best for a kitchen that will soon be on the market, and less expensive.
Spruce up the cabinets! White and other neutrals give a clean look and brighten up the space, and all work well with pops of trendy color around the kitchen.
Give your sink a makeover simply by replacing the faucet and the handles.
Refurbish with new cabinet doors. This can be a little more expensive, but not as costly as replacing all of the cabinetry. Something as simple as adding trim to create a paneled door-look can make your cabinets look custom! Find other great cabinet makeovers from Better Homes & Gardens®.
Adding a tile backsplash gives a whole new look to your kitchen, and it is an easy DIY task. Ask This Old House shows step-by-step how to use adhesive mats and mosaic tile sheets for this kitchen improvement.
If the countertops are dated and unattractive, upcycle them with laminate if you have intermediate carpentry skills. If not, hire a pro for the job. Styles of laminate sheeting include look-alike marble and faux granite and can be purchased or ordered from your local home center.
Flooring is important in the kitchen, and in case you have spruced up the cabinets or added a new backsplash and the floors simply do not work well anymore, there are some affordable ways to improve it. The Spruce offers four types of flooring that look great and will not break the bank.
Whether you decide to make just one change, (or several!), create a budget, stick to it, and stretch the makeover out over a few months to keep from overspending. For potential buyers to come in and see a clean, new-looking kitchen shows them you care enough about the future owners to improve this much-used space. If your budget does not allow for a lot of improvements, remember that a simple update can make a big impact.
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.
Every Monday, ORRA’s Monday Morning Quarterback Report gives you a snapshot of the previous week’s market activity, including sales, prices, days on market, and much, much more.
Monday Morning Quarterback for September 1st, 2024 – September 7th, 2024
Single-family existing homes
Sales of single-family homes decreased to 331 during the week of September 01, from 501 the week prior
The median price of single family homes remains constant at $420,000
The number of single-family home foreclosure transactions remains constant at 2
The number of single-family short-sale transactions remains constant at 0
Single-family inventory increased by 78, and now sits at 7,449.
Condos, townhomes, and villas
Sales of condos, townhomes, and villas decreased to 120 during the week of September 01, from 148 the week prior
The median price of condos, townhomes, and villas decreased to $287,000 a change of -7.6%
The number of condo, townhome, and villa foreclosure transactions remains constant at 0
The number of condo, townhome and villa short-sale transactions remains constant at 0
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.
