Here is what is happening with Central Florida real estate.
You’ve likely heard or seen terms such as market slowdown, market shift, or possibly even recession referenced toward real estate in recent weeks on different news and media channels.
While I am a fan of exciting news, I remind myself often that big news outlets often dramatize or exaggerate their titles of articles to influence more readership or views. Unfortunately, the people start seeing enough of this they may start repeating and hearing people saying it in passing. This ultimately does have an effect on the public’s perception and confidence in economies, real estate included.
The Problem with big news and statistics - Publications reference data that is often too old to be relevant. They will use broad area averages and worse reference a single Realtor's personal business. The media tends to use sale price averages and numbers of sales which are only part of the overall picture and too dated to be relevant today because the sales they are referencing went under contract 1 to 3 months prior.
While macro trends are important to consider we can not afford to forget that real estate is always hyperlocal. Because it takes the larger data compiling companies too long to compile all the data and deliver it to us in a nice presentation, I regularly pull the data myself. When timing is important, I share it with you on this blog, my newsletter, and social media channels.
The answers to the following questions help give us a better view of where the Orlando Real Estate Market is now and where it is trending:
Are more or fewer homes being sold?
Are home prices going up, going down, or staying level?
Are more or fewer people putting homes under contract?
Are there more or fewer listings coming on the market?
Are supply and demand changing?
If you prefer video format, check the various YouTube, Instagram, or TikToks that I have created around this data.
Here is my fact-checked data around greater Orlando real estate where we explore the following:
Current figures for Central Florida Counties (Orange, Seminole, Osceola, and Lake) and popular areas of Orlando including the City of Orlando, Winter Park, Lake Nona, Windermere, Winter Garden, Lake Mary, and Oviedo. Then comparing trends in the listed places from 6 months ago (Jan 2022), one year ago (July 2021), and two years ago (July 2020).
The graphs and charts of Orlando Real Estate posted here have more details.
The number of homes sold in the month of July 2022 increased by 4.1% from 6 months on average across Central Florida counties. This varies depending on the area as seen the above graph. There was a 6% decrease in sold homes in the city of Orlando. Home sales in July are down 25% YoY and down 20% from this time in 2020 in Central Florida. The change in the number of home sales in each central Florida city varies with some cities seeing a decrease while others had an increase.
The average sale price has increased by 17% in Orange County, 20% in Seminole County, and 7% in Lake County, but decreased by 3 % in Osceola County from 6 months ago. Average Sale Prices are up 16% on average YoY and up 41% on average from this time in 2020.
The number of homes that have gone under contract or pending sale is down 10% on average from 6 months ago. Pending Sales are down about 19% YoY and from this time in 2020 on average across Central Florida Counties.
The number of new listings is up significantly for the month of July - up 30% from 6 months ago. They were similar amounts of new listings entering the market this time in 2021 and 2020.
Demand has not changed much while there has been a noticeable increase in new listings. It appears that buyers have not been deterred by the uncertain economy and recent increase in interest rates. The increase in inventory coupled with a slight dip in demand has cooled the pace of the market in greater Orlando, however, it is still a far way from a balanced market or buyers market. Orlando is still in a seller's market with about 2 to 3 months of inventory depending on the location.
Current Inventory by location in Central Florida
You may see my prediction of where the market is going in my YouTube video.
My team and I are available to help you determine accurate pricing for your home and navigate our local market. Please email kris.kennedy@compass.com for inquiries and quotes for real estate market trends.
