State of the Market

• Overall sales rose 31.1% from February to March. There were 2,936 sales in March, up 696 from the 2,240 sales recorded in February.
• Overall sales in March 2023 were 28.4% lower than March 2022 when there were 4,100 sales.
• Inventory dropped 9.1% – from 5,555 homes in February to 5,052 homes in March.
• Inventory in March 2023 (5,052) was 103.9% higher compared to March 2022, when it was recorded at only 2,478 homes.
• New listings spiked 22.1% from February to March, with 3,442 new homes on the market in March, compared to 2,820 in February.
• The median home price for March was recorded at $365,000, up from $358,000 in February. This is the second month in a row with rising median home prices.
• March’s interest rate was recorded at 6.7%, up from 6.4% in February. This is the fourth straight month with rising rates.
• Homes spent an average of 57 days on the market (DOM) in March, down from 62 days in February. This is 111.1% higher than March 2022 when homes spent an average of 27 days on the market.
• “Spring has sprung in the Central Florida housing market. March data shows increases in new listings, home prices and overall sales, and a reduction in inventory as buyer activity picked up significantly,” said Lisa Hill, Orlando Regional REALTOR® Association President. “The good news for buyers is that they have plenty more options to choose from. There were twice as many homes on the market in March compared to this time last year, and the median home price was only slightly higher than it was a year ago.”

Market Snapshot

• Interest rates increased from 6.4% in February to 6.7% in March. This is 59.4% higher than March 2022 when interest rates were 4.2%.
• Pending sales held steady, with 4,184 in February and 4,220 in March.
• 28 distressed homes (bank-owned properties and short sales) accounted for 1.0% of all home sales in March. That represents a 27.3% increase from February, when 22 distressed homes sold.

Inventory

• Orlando area inventory decreased by 9.1% from February to March – from 5,555 homes to 5,052 homes. Inventory in March 2023 was 103.9% higher than in March 2022.
• The supply of homes decreased to 1.72 months in March, down from 2.48 months in February. A balanced market is six months of supply.
• The number of new listings increased from February to March by 22.1% – from 2,820 homes to 3,442 homes.

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

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By: www.orlandorealtors.org

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