According to recent data from the Orlando Regional Realtor ® Association, the total sales of homes dropped significantly in October – November 2022.
This November, 1,996 transactions were made in the Orlando residential property market, which is 26.5% fewer than 2,716 deals in October. This is actually the worst monthly housing sales performance in almost four years, starting from January 2019. The total sales in November 2022 were 45.5% lower than in November 2021, when 3,664 homes were sold.
The supply was 136.3% higher this November compared to the same month in 2021, when only 3,046 homes were listed. The supply increased slightly from 7,128 houses in October to 7,197 houses in November. It has been growing for nine months in a row.
The average value of residential properties reached $360,000 this November compared to $365,000 in October.
The interest rate was 6.6% in November, slightly down from the 7.0% in October.
Tansey Soderstrom, President, Orlando Regional Realtor ® Association, remarks that the housing market usually slows down during the resort season, and this season’s slowdown could be particularly severe due to the high interest rates and economic uncertainty. No one seems to know for sure where the housing market is moving but the supply has doubled compared to last year and the value of homes remains stable for the sellers.
In November, listed homes spent an average of 43 days in the market, compared to 38 days in October.
Pending sales reduced by 3.9% from October to November, down to 2,801 deals. 0.5% of all November housing sales were “problematic properties” – those owned by banks, or short sales, which is 55.0% less than in October, with 20 problematic houses.