Thank you for taking the time out of your day to read the monthly housing market update for the central Florida area. The housing market is always changing, and it goes through cycles. That's why it's important to stay in the know about what matters.
In this report, I will cover important information to help you understand how the market is doing and what to expect if you are selling or buying a home during the spring or summer. If you have questions about this information, please comment, and I'll be more than happy to get back to you.
These are the specific neighborhoods I'll be talking about in this report.
• Kissimmee
• Buenaventura Lakes
• Poinciana
• Orlando
• Lake Nona
• Windermere Town
• Bay Hill
• Lake Butler
• Williamsburg
• Belle Isle
• Meadow Woods
• St. Cloud
• Dr. Phillips
• Hunter s Creek
• South Chase
• Davenport
• Winter Garden
• Celebration
Let's start with the latest Nationwide News.
Pending Home Sales:
After the second consecutive month of growth, pending home sales were up 8.1% from December 2022. Contract signings were higher in all four major U.S. regions on a month-to-month basis but lower compared to one year ago in all regions.
Existing Home Sales:
Despite a 12-month decline, existing-home sales surged 14.5% in February to an annual rate of 4.58 million - the highest monthly increase since July 2020. Though compared to last year, sales dropped 22.6%. The median existing-home price decreased by 0.2% to $363,000 from Last year. And inventory held steady at 980,000 for 2.6 months' supply at the current pace.
Now let's talk about Our beloved Sunshine State,
I'm going to give you the summary of the most relevant matrix for the state of Florida so you have an idea of how the housing market is doing in our state.
Next, let's touch briefly on our Metropolitan market:
And Now, let's go over the neighborhood by neighborhood and review the latest stats.
In this market update summary, we will compare the month of Feb 23 to Feb 22. These are the topics we will go over in each neighborhood and why they are important to you. Closed Sales: We are reviewing the closed sales because this is the evidence that will support future sales prices. So if you are looking to sell, pay close attention. But why is this important? Because if you sell to a buyer who is financing, they will have an appraisal contingency. If you are thinking you want to sell to a cash buyer, you can, of course, but here is what the numbers of cash sales in the neighborhood were in February and the change compared to last year.
The median Sale Price:
The median sales price gives you an idea of what homes are selling for now compared to last year. This gives you a better idea of what home prices are today. % of List Price Received: This is good information to know because you are looking at the buyer's direct response to home prices. Media Days to contract: This answers the question, "how long will it take to get an offer on my home?" I will go a little further and tell you how long it took for a home to sell in February; with this information, you can get realistic expectations and plan accordingly.
New Listings: Let's talk about your competition. There are # of active homes for sale. Last month alone, we had # new listings.
Months Supply of Inventory: Inventory supply is important because the lower the inventory, the better chances you have to get what you want for your home (within reason).
The information provided in this report is based on Single Family Homes only. If you want to know the stats of other types of homes, please get in touch with me, and I'll be more than happy to get back to you. If you plan to buy or sell a home soon here is my recommendation. Start with a Home Buying/Selling Consultation, it's free.
