Central Florida Real Estate Market Update - October 2022

Central Florida Real Estate Market Update - October 2022

Are you hearing about or feeling the housing shift and want to know what’s really going on?

We’re definitely starting to feel the impacts of higher interest rates in Central Florida, even with more homes coming on the market for sale, Buyers now have many more options available to them, but they are taking a step back and are able to be more cautious before making a decision when buying a home. This has resulted in fewer home sales in the past month. Personally, I’m having an easier time getting Buyers offers accepted, which is encouraging news! If you’re a Seller, this means there’s more competition for your home, so you need to price it right to begin with, to attract the most amount of Buyers.

The amount of homes for sale increased by 122 properties from the previous month, giving us 6,884 homes available for sale right now which is a 1.8% increase since last month and a 87.9% increase since last year at this time. That’s a huge jump year over year with so many more options for Buyers now, than they had just a few months ago.

In September 2022, there were 2,717 properties sold and closed with 3,318 new properties going on the market for sale. A year ago in September, there were 3,789 properties sold and 4,026 new listings on the market. That’s a decrease of 28.3% in sales year over year.
The median sales price last month for all types of properties was up 15% year over year and the median sales price for single family homes was up 15% over September 2021 but Sales of single family homes was down 28% year over year. This is the 3rd month in a row that the median sales price has fallen.
The median sales price for condos was up 23% year over year and condo sales were down 32% year over year.
Properties are staying on the market an average of 31 days before going under contract and it would take just over 2.5 months to sell all of the available properties for sale, if no others come on the market.
Fannie Mae, Freddie Mac, the National Association of Realtors, are predicting home values to increase every so slightly at an average of 0.2% in 2023.
Even though interest rates have gone up, it’s still a great time to sell your home and there are serious Buyer out there looking right now! If you’re thinking about downsizing or moving up, now is the best time to take advantage of the demand for your home, I’d love to be your Realtor of choice. Send me a message and let’s start the conversation.