Orlando, FL Metro Area Housing Market Analysis - August 2024
The Orlando, FL metro area housing market in August 2024 presents a nuanced picture, reflecting both stability and shifts in various metrics. The Median Sales Price stands at $407,990, showing a slight decrease of 0.5% year-over-year (YoY). Similarly, the Median List Price is $419,700, down by 0.1% YoY. These figures suggest a relatively stable pricing environment with minor downward adjustments.
In terms of Price Per Square Foot, the market has seen an increase. The median Price Per Square Foot is $230.22, up by 2.1% YoY, while the Median List Price per square foot is $235.46, reflecting a 2.5% YoY increase. This indicates a growing valuation of property on a per-square-foot basis, despite the overall slight decline in median sales and list prices.
Sales activity has experienced some declines. The number of Homes Sold in August 2024 is 3,483, which is a 1.9% decrease YoY. Pending Sales have dropped more significantly, with 3,885 Pending Sales, marking a 10.2% decline YoY. On the other hand, New Listings have increased by 3.1% YoY, reaching 4,688. This influx of New Listings contributes to the overall inventory, which has surged by 49.2% YoY to 12,477 homes.
The Months of Supply, a critical indicator of market balance, has risen dramatically by 120.0% YoY to 3.60 months. This substantial increase suggests a shift towards a more balanced market, potentially favoring buyers as inventory grows and sales activity slows.
The Median Days on Market have increased by 17.0% YoY to 39 days, indicating that homes are taking longer to sell compared to the previous year. The average sale to list ratio is 97.6%, down by 0.8% YoY, suggesting that homes are selling slightly below their list prices. Additionally, the percentage of Homes Sold above list price has decreased by 7.6% YoY to 11.9%, further highlighting a cooling in competitive bidding.
Price Drops have become more common, with 36.2% of listings experiencing price reductions, up by 3.2% YoY. The percentage of homes going off the market within two weeks has decreased by 11.8% YoY to 27.8%, indicating a slower pace in market activity.
Overall, the Orlando, FL metro area housing market in August 2024 shows signs of stabilization with slight declines in median prices and sales activity, coupled with increased inventory and longer market times. These trends suggest a shift towards a more balanced market, providing opportunities for both buyers and sellers to navigate the evolving landscape.
