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Orlando State of the Market October 2022

November 17th, 2022 by tisner

Orlando Area Residential Real Estate Snapshot for October-2022

State of the Market

  • October’s interest rate was recorded at 7%, a 10% increase from September when the interest rate was 6.3%. The last time interest rates were this high was May 2002.
  • That 7% interest rate in October 2022 was 131% higher compared to October 2021 when the interest rate was recorded at just 3%.
  • Inventory rose 3.5% from September to October, from 6,884 to 7,128. This is the eighth straight month of inventory increases.
  • Inventory in October 2022 was 109.3% higher compared to October 2021, when it was recorded at 3,406 homes.
  • Homes spent an average of 38 days on the market in October, up from 31 days in September.
  • New listings decreased by 8.3% from September to October, with 3,041 new homes on the market in October.
  • Overall sales in October held steady from September. There were 2,716 sales in October – down one sale from September.
  • The median home price for October was recorded at $365,000, the same median home price recorded in September. This comes after three consecutive months of decreasing median home prices.
  • “We have the perfect storm of economic uncertainty in the U.S. accompanied by the highest interest rates Orlando has seen in more than 20 years,” said Tansey Soderstrom, Orlando Regional REALTOR® Association President. “Rapidly rising interest rates are having a huge impact on buying power. Home Prices and sales are flat from September to October, but rising rates are causing buyers to look at different price points in order to find a monthly mortgage payment that they are comfortable with.”

Market Snapshot

  • Interest rates increased as the average interest rate for October was recorded at 7%. This is 131% higher than October 2021 when interest rates were 3%.
  • Pending sales decreased by 24% from September to October for a total of 2,915 pending sales.
  • 20 distressed homes (bank-owned properties and short sales) accounted for 0.7% of all home sales in October. That represents a 66.7% increase from September, when 12 distressed homes sold.

Inventory

  • Orlando area inventory increased by 3.5% from September to October from 6,884 homes to 7,128 homes. Inventory in October 2022 was 109.3% higher than in October 2021, when it was recorded at 3,406 homes.
  • The supply of homes increased to 2.62 months in October. This is the third month since June 2020 with over two months of supply. A balanced market is six months of supply.
  • The number of new listings decreased from September to October by 8.3% down to 3,041 homes.

ORRA’s full State of the Market Report for September 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.

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By: www.orlandorealtors.org

Orlando State of the Market September 2022

October 27th, 2022 by tisner

Orlando Area Residential Real Estate Snapshot for September-2022

New Orlando Regional REALTOR® Association data shows interest rates surge as home sales see biggest drop since January 2022

State of the Market

  • September’s interest rate was recorded at 6.3%, a 19.5% increase from August when the interest rate was 5.3%.
  • Overall sales in September dropped by 18.3% for a total of 2,717 sales compared to 3,324 sales in August.
  • Overall sales dropped 28.3% in September 2022 compared to September of last year.
  • The median home price for September 2022 was recorded at $365,000, a decrease of 3.4% compared to August’s median home price, $377,750. This is the third month in a row that the median home price has fallen.
  • Inventory rose 1.8% in September, from 6,762 to 6,884. This is the fifth straight month of inventory increases.
  • Homes spent an average of 31 days on the market in September, jumping 14.8% from August when the average was 27 days.
  • New listings decreased by 27.1% from August to September, with 3,318 new homes on the market in September.
  • “We are starting to feel the impacts of rising interest rates on the Orlando housing market as they have more than doubled over the past 12 months,” said Tansey Soderstrom, Orlando Regional REALTOR® Association President. “Rising interest rates are causing buyers to be more cautious, resulting in fewer Orlando home sales for the month of September. This cooling off in sales does have an upside for buyers, as they now have the luxury of being more patient when looking for a home.”

Market Snapshot

  • Interest rates increased as the average interest rate for September was recorded at 6.3%. This is 120.9% higher than September 2021 when interest rates were 2.9%.
  • Pending sales decreased by 8% from August to September for a total of 3,838 pending sales.
  • 12 distressed homes (bank-owned properties and short sales) accounted for 0.4% of all home sales in September. That represents a 100% increase from August, when 6 distressed homes sold.

Inventory

  • Orlando area inventory increased by 1.8% from August to September from 6,762 homes to 6,884 homes. Inventory in September 2022 was 87.9% higher than in September 2021, when it was recorded at 3,664 homes.
  • The supply of homes increased to 2.53 months in September. This is the second month since June 2020 with over two months of supply. A balanced market is six months of supply.
  • The number of new listings decreased in September from August by 27.1% down to 3,318 homes.

ORRA’s full State of the Market Report for September 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.

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By: www.orlandorealtors.org

Orlando State of the Market August 2022

September 22nd, 2022 by tisner

New Orlando Regional REALTOR® Association data shows median home price falls for second consecutive month as homes spend more days on the market

State of the Market

  • The median home price for August 2022 was recorded at $377,750, a slight decrease of 0.8% compared to July’s median home price, $380,900. This is the second month in a row that the median home price has fallen.
  • Inventory rose 3.7% in August, from 6,518 to 6,762. This is the fourth straight month of inventory increases.
  • Homes spent an average of 27 days on the market in August, jumping 28.6% from July when the average was 21 days.
  • Interest rates remained relatively flat – 4% in July vs. 5.3% in August.
  • Overall sales in August also remained flat, with a 0.5% increase for a total of 3,324 sales compared to 3,309 sales in July.
  • Overall sales dropped 16.9% in August 2022 compared to August of last year.
  • New listings decreased by 4.1% from July to August, with 4,550 new homes on the market in August.
  • “With a drop in median home price and another inventory increase, we are seeing the Orlando housing market level out as we continue to move away from a period of volatility and enter a period of stability,” said Tansey Soderstrom, Orlando Regional REALTOR® Association President. “This is good for both buyers and sellers, as they can take a slower, more measured approach to buying or selling a home.”

Market Snapshot

  • Interest rates fell slightly as the average interest rate for August was recorded at 5.3%. This is 86.1% higher than August 2021 when interest rates were 2.8%.
  • Pending sales increased by 3.5% from July to August for a total of 4,171 pending sales.
  • 6 distressed homes (bank-owned properties and short sales) accounted for 0.2% of all home sales in August. That represents a 66.7% decrease from July, when 18 distressed homes sold.

Inventory

  • Orlando area inventory increased by 3.7% from July to August from 6,518 homes to 6,762 homes. Inventory in August 2022 was 85.9% higher than in August 2021, when it was recorded at 3,638 homes.
  • The supply of homes increased to 2.03 months in August. This is the first month since June 2020 with over two months of supply. A balanced market is six months of supply.
  • The number of new listings decreased in August from July by 4.1% down to 4,550 homes.

 

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.

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By: www.orlandorealtors.org

FHFA: U.S. 2Q Prices Up 17.7% – But Over 26% in Fla.

September 15th, 2022 by tisner


Of 100 metros tracked by government-backed mortgages, 8 Fla. cities hold top-11 spots, with Sarasota-Bradenton (up 36.5%) and Cape Coral-Fort Myers (36.0%) at the top.

WASHINGTON – It’s hard to underestimate the strength of Florida’s current home price increases in the second quarter of 2022 based on the Federal Housing Finance Agency House Price Index (FHFA HPI).

Index scores are based on mortgages – more than half of all in the U.S. – backed by Fannie Mae and Freddie Mac.

Of the 100 cities the index tracks, almost all Florida metros anchored the top 10 for year-over-year price increases, including two metros in the first and second spots. Only one Florida city, Miami-Miami Beach-Kendall, didn’t make the top 10, and it was No. 11.

Overall U.S. house prices rose 17.7% year-to-year in the second quarter (4.0% quarter-to-quarter), but no Florida metro area had an increase less than 26%.

Top 100 rank of Florida metros and year-to-year price increase

1. North Port-Sarasota-Bradenton: 36.5%

2. Cape Coral-Fort Myers: 36.0%

4. Tampa-St. Petersburg-Clearwater: 29.6%

5. Jacksonville: 29.0%

8. Fort Lauderdale-Pompano Beach-Sunrise: 26.9%

9. West Palm Beach-Boa Raton-Boynton Beach: 26.4%

10. Orlando-Kissimmee-Sanford: 26.3%

11. Miami-Miami Beach-Kendall: 26.1%

Overall, however, the nation started seeing a slowdown in the rate of home-price increases.

“Housing prices grew quickly through most of the second quarter of 2022, but a deceleration has appeared in the June monthly data” says William Doerner, Ph.D., supervisory economist in FHFA’s Division of Research and Statistics. “The pace of growth has subsided recently, which is consistent with other recent housing data.”

Other 2Q findings

  • U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.
  • House prices rose in all 50 states and the District of Columbia year-to-year. The five areas with the highest annual appreciation were: Florida 29.8%, Arizona 25.5%, North Carolina 25.2%, Montana 24.9% and Tennessee 24.3%
  • The areas with the lowest annual appreciation were the District of Columbia 5.2%, North Dakota 10.6%, Louisiana 10.8%, Minnesota 11.3% and Maryland 12.0%.
  • House prices rose in all of the top 100 largest metropolitan areas over the last four quarters greatest in North Port-Sarasota-Bradenton (up 36.4%) and weakest in Washington-Arlington-Alexandria (up 9.1%).

© 2022 Florida Realtors®

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.

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Source: https://www.floridarealtors.org/news-media/news-articles/2022/08/fhfa-us-2q-prices-177-over-26-fla

Possible Rent Relief Coming for 3 Fla. Cities

August 25th, 2022 by tisner


Miami is slated to get almost 20K new apartments this year as multifamily construction cranks up. Also on the top 20 list for newly built units: Orlando and Tampa.

NEW YORK – According to RentCafe, U.S. apartment construction is at a 50-year high, and new units debuting this year may offer some relief to tenants struggling to find a place to live.

The listing service estimates that 420,000 apartments should be delivered nationwide this year, with a construction explosion particularly notable in Southern cities like Dallas and Miami, where many Americans migrated during the pandemic.

In Florida, Miami, Orlando and Tampa made RentCafe’s top 20 list for new apartment units expected to debut this year. Half of the top 20 metropolitan areas ranked by construction should reach five-year highs in apartment deliveries this year.

Total new apartments debuting this year

  1. New York: 28,153
  2. Dallas: 23, 571
  3. Miami: 19,125
  4. Austin, Texas: 18, 288
  5. Houston: 17,759
  6. Phoenix: 15,988
  7. Seattle: 15,341
  8. Atlanta: 12, 838
  9. Washington, D.C.: 12,176
  10. Los Angeles: 11,536
  11. Orlando: 11,388
  12. Denver: 10,570
  13. Nashville: 9,620
  14. Raleigh, N.C.: 9,104
  15. Charlotte: 8,732
  16. Chicago: 8,573
  17. Portland, Oregon: 8,476
  18. San Francisco: 7,399
  19. Minneapolis-St. Paul: 6,266
  20. Tampa: 6,092

The pandemic exacerbated the nation’s housing inventory due to labor shortages and supply-chain disruptions, but RentCafe says apartment developers were generally able to ramp up the pace of construction in the past 18 months or so.

“The construction industry is finally returning to pre-pandemic levels of activity but is still being hampered by three familiar challenges: labor shortages, material costs and availability, and supply chain issues,” says Doug Ressler at Yardi Matrix.

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.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Source: https://www.floridarealtors.org/news-media/news-articles/2022/08/possible-rent-relief-coming-3-fla-cities?utm_campaign=8-24-22+Florida+Realtors+News&utm_source=iPost&utm_medium=email

Orlando State of the Market July 2022

August 18th, 2022 by tisner

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.

Get Orlando Daily News delivered to your inbox! Subscribe here!

By: www.orlandorealtors.org

Hot Housing Market Keeps Foreclosures at Bay

August 11th, 2022 by tisner

Homeowners who have hit hard times face foreclosure, but most now also have lots of equity and they’re selling rather than going into foreclosure.

NEW YORK – The hot housing market keeps many delinquent mortgage borrowers from being foreclosed, with their home values often exceeding their mortgage principal. As a result, strong home prices and tight inventory frequently give homeowners the option to sell before facing foreclosure. In addition, federal forbearance programs and other safeguards offer them some breathing room.

Although foreclosure starts have risen since the moratorium ended last July, the current number is still roughly half of what it was for the same period in 2019 and about a tenth of the peak during the 2007-09 recession, according to ATTOM Data Solutions.

The S&P CoreLogic Case-Shiller National Home Price Index estimated that single-family home prices in major metros climbed around 33% in the two years ended February; price drivers included urban renters moving to buy more spacious suburban homes, long-term government stimulus, and a rapid economic rebound following COVID-19 lockdowns.

The National Association of Realtors (NAR) forecasts a 9% annual decline in housing demand, although home prices are unlikely to fall due to limited housing supply caused by labor shortages and limitation of buildable lots.

ATTOM’s Rick Sharga noted the pandemic-fueled job losses disproportionately impacted younger, lower-wage non-homeowners, while the persistence of elevated inflation means lower-income mortgage borrowers with little financial buffers could face a higher risk of default.

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.

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Source: Wall Street Journal (06/19/22) Matsuda, Akiko
https://www.floridarealtors.org/

U.S. Housing Market Collapse? Nowhere in Sight

August 4th, 2022 by tisner


The housing market has taken a few hits, such as a doubling of mortgage rates in 2022, but it remains solid even if legitimate news providers suggest doom and gloom.

NEW YORK – The rock-hard foundation of the U.S. housing market is suffering some cracks, but an outright collapse is nowhere in sight.

Regardless, sensational news headlines are reverberating like seismic tremors around the country. Here are recent inflammatory headlines from legitimate websites:

  • “U.S. home prices are about to tumble as demand for new houses ‘craters,’ an economist warns.” (BusinessInsider)
  • “Homebuilder confidence suffers near-record plunge” (Newsweek)
  • “Scary times: builders are slashing home prices and slowing construction as buyers pull back, survey shows” (MarketWatch)
  • “The housing market is entering the ‘most significant contraction in activity since 2006,’ says Freddie Mac economist” (Fortune)

Gloomy reports like these can be enough to make builders halt building. Or to prompt homebuyers to delay buying. Or to discourage mortgage brokers from lending.

In an unintentional collaboration, depressing news can have a chilling effect on the housing market. They create a negative tone.

In recent years, however, the real estate market has been resilient, through the ups and downs of the U.S. economy, through pandemics. On a national level, home prices soared 40% over the past two years, according to the Case-Shiller Price Index.

These price increases have been even bigger in Northeast Florida. And even more so in trendy places like Amelia Island, where a hearty demand outstrips a limited supply of houses and condominiums and raw land.

A new complication has clouded the housing picture in recent months, however. It’s the almighty Fed.

With its eye on cooling down inflationary prices, the Federal Reserve has embarked on a campaign of interest rate hikes. Therefore, borrowing costs have inevitably increased for homebuyers.

Meanwhile, the U.S. economy is sputtering, bordering on the brink of a mild recession. Inflation rages at the hottest pace in 40 years. However, employment is still healthy – contrary to most recessions. So there are mixed economic signals.

With U.S. stocks dipping into bear market territory, the economic backdrop for real estate has ultimately darkened. Homebuilding stocks have also cratered – a leading indicator of what potentially lies ahead.

“The market is adjusting to a new reality, with much lower sales volumes and far more inventory,” says Ian Shepherdson, chief economist at Pantheon Macro. “Prices, therefore, have to adjust to the downside, likely quite substantially.”

With Federal Reserve’s recent moves, mortgage rates have doubled from previous levels. As expected, mortgage applications have dropped off a cliff – to the lowest level since 2000.

The same level of decline has been seen in homebuilder confidence. A measure of this confidence dropped precipitously in July. Consequently, prices of new homes should follow a similar downward path, although the trajectory is the question.

The number of home listings remains low nationally. However, new listings increased at the fastest pace in five years, according to Realtor.com. And listing prices are being reduced in some red-hot markets (Austin, Las Vegas, Nashville).

But all these measures and statistics and sensational headlines must be put into context. Home prices are still near record levels, in most places. Here in Nassau County, prices are still at record levels, especially around Amelia Island.

Cracks in a foundation will usually spread over time. And only time will tell how the housing market endures, through the obstacles and challenges.

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.

Get Orlando Daily News delivered to your inbox! Subscribe here!

By: www.floridarealtors.org and Steve Nicklas

Orlando State of the Market June 2022

July 21st, 2022 by tisner

Orlando Area Residential Real Estate Snapshot for June 2022

State of the Market

  • Inventory increased by 41.2% from May 2022 to June 2022, with 1,586 more homes on the market in June compared to May. This is the second month in a row with a surge in inventory, following May’s increase of 44.2%.
  • Inventory increased by 75.5% from June 2021 to June 2022, jumping from 3,098 homes in June 2021 to 5,437 in June 2022.
  • June’s median home price was recorded at $387,000, an increase of 1.9% compared to May 2022; this sets a record high for the fifth month in a row. This is a 22.9% increase from June 2021 to June 2022, when the median home price was recorded at $315,000 in June 2021.
  • Interest rates increased from 5.3% in May 2022 to 5.5% in June 2022. This is the highest interest rates in the Orlando area have been since November 2008.
  • Overall sales in June 2022 decreased by 3.9%, with a total of 3,793 sales compared to 3,946 sales in May 2022. This is a 14.1% decrease compared to June 2021 when overall sales were recorded at 4,414.
  • Homes spent an average of 20 days on the market in June, down slightly from May 2022 when the average was 21 days.
  • New listings increased by 11.3% from May 2022 to June 2022, with a total of 5,367 new homes on the market in June.
  • “A balanced housing market has a six-month supply of homes,” said Tansey Soderstrom, Orlando Regional REALTOR® Association President. “In June, with rising interest rates and surging inventory, we had over a one-month supply of homes for sale for the first time since February 2021. While it’s still a sellers’ market, we’re continuing to see signs that the market is starting to level out, which is good news for buyers.”

Market Snapshot

  • Interest rates continue to increase as the average interest rate for June 2022 was recorded at 5.5%. This is an 87.5% increase from June 2021 when interest rates were at 2.9%.
  • Pending sales decreased by 8.9% from May 2022 to June 2022 for a total of 4,231 pending sales.
  • 23 distressed homes (bank-owned properties and short sales) accounted for 0.6% of all home sales in June 2022. That represents a 4.2% decrease from May 2022, when 24 distressed homes sold.

Inventory

  • Orlando area inventory increased by 41.2% from May 2022 to June 2022 from 3,851 homes to 5,437 homes. Inventory in June 2022 was 75.5% higher than in June 2021.
  • The supply of homes increased to 1.43 months in June 2022. This is the first time the supply has been over one month since February 2021. A balanced market is six months of supply.
  • The number of new listings increased in June 2022 from May 2022 by 11.3% to 5,367 homes.

 

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.

Get Orlando Daily News delivered to your inbox! Subscribe 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 of 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.

Orlando State of the Market May 2022

June 16th, 2022 by tisner

Orlando Area Residential Real Estate Snapshot for May- 2022

State of the Market

  • Inventory increased by 44.2% from April 2022 to May 2022, with over 1200 additional homes hitting the market in May compared to April – this is the highest monthly increase in Orlando inventory to date
  • May’s median home price was recorded at $379,950, an increase of 2.7% compared to $370,000 in April 2022; this sets a record high for the fourth month in a row.
  • Interest rates increased from 4.9% in April 2022 to 5.3% in May 2022. This is the highest interest rates in the Orlando area have been since 2009. This is also the first time Orlando’s interest rates have gone above 5% since April 2010, when they were recorded at 5.1%.
  • Overall sales in May increased by 3.8%, with a total of 3,946 sales compared to 3,800 sales in April 2022. This is a 1.9% increase compared to May 2021 when overall sales were recorded at 3,872.
  • Homes spent an average of 21 days on the market in May, down 12.5% from April 2022 when the average was 24.
  • New listings increased by 10.7% from April 2022 to May 2022, with a total of 4,822 new homes on the market in May.
  • “This new surge in inventory is a sign that the Orlando housing market is beginning to level out, which is good news for both buyers and sellers,” said Tansey Soderstrom, Orlando Regional REALTOR®Association President. “Buyers will find more homes to choose from and sellers are still getting top dollar as Orlando’s median home price continues to rise.”
  • Market Snapshot
  • Interest rates continue to increase as the average interest rate for May 2022 was recorded at 5.3%. This is a significant rise compared to May 2021 when interest rates were at 3%.
  • Pending sales decreased by 7.9% from April 2022 to May 2022 for a total of 4,645 pending sales.
  • 24 distressed homes (bank-owned properties and short sales) accounted for 0.6% of all home sales in May 2022. That represents a 7.7% decrease over April 2022, when 26 distressed homes sold.
  • Inventory
  • Orlando area inventory increased by 44.2% from April 2022 to May 2022 from 2,670 homes to 3,851 homes. Inventory in May 2022 was 36.5% higher than in May 2021.
  • The supply of homes remained at nearly one month in May 2022. A balanced market is six months of supply.
  • The number of new listings increased in May 2022 from April 2022 by 10.7% to 4,822 homes.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.

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Teri Isner, CIPS, CRS, GRI
Keller Williams At-The-Lakes
1170 Celebration Blvd
Suite 200
Celebration, Fl 34747

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