HTH HomeBuyers Townhall -
Florida Real Estate December Market Update with Adriana Montes Your Power is Now VIP Agent and Host with Florida Dreams Realty
December’s median home price was recorded at $353,200, down from November’s median home price of $360,000.
Overall sales in December increased by 11.7% from November, with 2,230 sales recorded.
Homes spent an average of 49 days on the market in December, up from November when the average was 43.
Inventory dropped in December, decreasing by 11.8% from November, for a total of 6,351 homes on the market.
New listings dropped in December, with 2,186 new listings, compared to 2,597 new listings in November.
Interest rates decreased for the second month in a row – 6.1% in December compared to 6.6% in November.
Market Snapshot
Interest rates decreased from 7.0% in October to 6.6% in November. This is 122.9% higher than November 2021 when interest rates were 3.0%.
Pending sales decreased by 3.9% from October to November for a total of 2,801 pending sales.
9 distressed homes (bank-owned properties and short sales) accounted for 0.5% of all home sales in November. That represents a 55.0% decrease from October, when 20 distressed homes sold.
Inventory
Orlando area inventory slightly increased by 1.0% from October to November from 7,128 homes to 7,197 homes. Inventory in November 2022 was 136.3% higher than in November 2021, when it was recorded at 3,046 homes.
The supply of homes increased to 3.61 months in November. This is the first month since May 2020 with over three months of supply. A balanced market is six months supply.
The number of new listings decreased from October to November by 14.6% – from 3,041 homes down to 2,597 homes.
