Residential News » Orlando Edition | By WPJ Staff | February 20, 2023 8:55 AM ET
According to new data from the Orlando Regional Realtor Association, overall home sales fell 24.9% from December 2022 to January 2023. There were 1,674 sales in January and 2,230 sales in December. This is the lowest number of monthly home sales since February 2009.
Overall sales in January 2023 were 44.8% lower than January 2022 when there were 3,033 sales. The median home price for January was recorded at $350,000, down from $353,200 in December. This is the third straight month median home price has fallen.
Homes spent an average of 57 days on the market (DOM) in January, up from 49 days in December. This is a 78.1% increase compared to January 2022 when homes spent an average of 32 days on the market.
Inventory dropped slightly from 6,351 homes in December to 6,115 homes in January. Inventory in January 2023 (6,115) was 157.0% higher compared to January 2022, when it was recorded at only 2,379 homes.
New listings increased by 33.2% from December to January, with 2,911 new homes on the market in January.
"With significant year-over-year changes, January's data is a strong indicator that Orlando's housing market is continuing to balance out," said Lisa Hill, Orlando Regional Realtor Association President. "Orlando's housing market remains in correction mode as sales have been steadily slowing down over the past 12 months. The great news for buyers is that they have significantly more options compared to last year. For sellers, home values remain stable."
Interest rates held steady at 6.1% in January. This is 81.5% higher than January 2022 when interest rates were 3.4%.
Pending sales increased by 43.8%, from 2,402 in December to 3,453 in January.
ORRA also reports 14 distressed homes (bank-owned properties and short sales) accounted for 0.8% of all home sales in January. That represents a 17.6% decrease from December, when 17 distressed homes sold.
The supply of homes increased to 3.65 months in January. This is the highest months' supply of homes since November 2016. A balanced market is six months of supply.