Orlando Housing Market: A Detailed Analysis for September 2024
The Orlando, FL metro area housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in the region stands at $400,000, reflecting a slight decline of 1.9% year-over-year (YoY). This decrease in sales price suggests a cooling in the market compared to the previous year.
Conversely, the Median List Price has seen a modest increase of 0.6% YoY, reaching $419,000. This indicates that sellers are maintaining their pricing expectations despite the dip in sales prices. The median Price Per Square Foot is relatively stable at $226.76, with a minimal YoY increase of 0.2%, while the Median List Price per square foot has risen by 1.2% to $234.45.
In terms of sales activity, the number of Homes Sold has decreased by 2.6% YoY, totaling 3,186 units. Pending Sales have also experienced a decline of 2.1% YoY, with 3,613 transactions awaiting closure. New Listings have dropped by 3.6% YoY, amounting to 4,111, which could indicate a tightening in the supply of available homes.
Inventory levels have surged by 39.1% YoY, reaching 12,616 homes. This significant increase in inventory, coupled with a 120.0% rise in Months of Supply to 4.0 months, suggests that the market is shifting towards a more balanced state, potentially favoring buyers in the near future.
The Median Days on Market have increased by 15.0% YoY, now averaging 41 days. This extended time on the market may reflect the growing inventory and the need for sellers to adjust their expectations in a more competitive environment.
The average sale to list ratio has slightly decreased by 0.6% YoY to 97.4%, indicating that homes are selling closer to their list prices. The percentage of Homes Sold above list price has dropped by 6.7% YoY to 11.1%, further emphasizing the shift in market dynamics.
Price Drops have become more common, with a 1.8% YoY increase, now affecting 32.9% of listings. Additionally, the percentage of homes going off the market within two weeks has decreased by 12.9% YoY to 25.0%, suggesting that buyers are taking more time to make purchasing decisions.
Overall, the Orlando housing market in September 2024 is characterized by a cooling in sales prices and activity, alongside an increase in inventory and supply. These trends indicate a potential shift towards a more balanced market, with opportunities for both buyers and sellers to navigate the evolving landscape.
