State of the Market

• Overall sales rose 33.8% from January to February. There were 2,240 sales in February and 1,674 sales in January.
• Overall sales in February 2023 were 30.0% lower than February 2022 when there were 3,198 sales.
• Inventory dropped from 6,115 homes in January to 5,555 homes in February.
• Inventory in February 2023 (5,555) was 140.2% higher compared to February 2022, when it was recorded at only 2,313 homes.
• The median home price for February was recorded at $358,000, up from $350,000 in January. This comes after three straight months of declining median home prices.
• February’s interest rate was recorded at 6.4%, up from 6.1% in January.
• Homes spent an average of 62 days on the market (DOM) in February, up from 57 days in January. This is a 106.7% increase compared to February 2022 when homes spent an average of 30 days on the market.
• New listings decreased slightly from January to February, with 2,820 new homes on the market in February, compared to 2,911 in January.
• “In February, we saw a spike in sales due to closings that started during the holiday season. After the New Year, we tend to see those contracts close as home buying and selling activity rises,” said Lisa Hill, Orlando Regional REALTOR® Association President. “The Orlando housing market continues to look positive as we look ahead to a strong spring selling season.”

Market Snapshot

• Interest rates increased from 6.1% in January to 6.4% in February. This is 64.5% higher than February 2022 when interest rates were 3.9%.
• Pending sales increased by 21.2%, from 3,453 in January to 4,184 in February.
• 22 distressed homes (bank-owned properties and short sales) accounted for 1.0% of all home sales in February. That represents a 57.1% increase from January, when 14 distressed homes sold.

Inventory

• Orlando area inventory decreased by 9.2% from January to February – from 6,115 homes to 5,555 homes. Inventory in February 2023 was 140.2% higher than in February 2022, when inventory reached a record low.
• The supply of homes decreased to 2.48 months in February, down from 3.65 months in January. A balanced market is six months of supply.
• The number of new listings decreased from January to February by 3.1% – from 2,911 homes to 2,820 homes.

ORRA’s full State of the Market Report for February can be found here.

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By: www.orlandorealtors.org

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