In Orlando, Florida, the real estate market for single-family homes is showing resilience and promise.
Year-over-year Trends in Orlando Q1 2024
Over the past year, the average sale price has increased by an impressive 12.4%, reaching $544K, indicating sustained demand and the enduring appeal of the city. Similarly, the average price per square foot has experienced steady appreciation, rising by 8% to $260/sf, reflecting strong market fundamentals and investment potential.
Despite these price gains, homes are selling just as fast at approximately 45 days on market.
Negotiation dynamics remain stable, with the sale price to list price ratio holding steady at 98%. Put another way, homes are selling at 2% discount on average.
While there's been a slight dip in the number of homes sold year-over-year, indicating moderated transaction volume, a decrease of 6.54% in listing inventory accompanies this, potentially contributing to heightened competition among buyers. Encouragingly, pending transactions have surged by 11.74%, highlighting increased buyer interest.
There is roughly 2 months of inventory in Orlando. Overall, Orlando presents promising opportunities for both buyers and sellers, with a market that's dynamic and full of potential.
Quarter-over-Quarter Trends for Orlando (Q4 2023 to Q1 2024)
In the transition from Q4 of 2023 to Q1 of 2024, several notable trends have emerged in the real estate market.
The average sale price has increased by 3.77%, while the average price per square foot has seen a 1.66%.
The number of sales or sale price to list price ratios have remained steady.
Notably, the number of homes pending sale has surged significantly by 71.39%, indicating increased buyer interest and potential market activity.
