Looking back at December, the year ended with 2,230 homes for sale which is lower than how we ended the year before. However, sales are up month over month and that’s normal for this time of year. There’s usually a peak in December since people want to move for tax reasons or because they have time off due to the holidays. There was also a decline in the number of listings available but the number of listings is double what it was in 2021. That supply difference is a huge driving factor in our market this is what makes it shift so to speak. If we have more supply and less demand then the market will turn.
Having roughly 6,000 listings is still not a lot to choose from in an entire Orlando regional metro area and that puts us with 2.85 months of inventory available so we are still technically in a sellers market. However, The list to sales price ratio did go down so there are buyers out there shopping! In fact, last week we had four deals go pending and all of them had multiple offers. We just didn’t see 10-30 offers there was 3-5 on each property and thats still a lot of people shopping that didn’t get a house. So, we still have an inventory issue for this area but buyers aren’t making as strong of offers as they used to. Part of which is not the market itself its that their buying power has changed and they really can’t make the same kind of offer that they did before because the interest rates are higher.
Interest rates did kind of level off so we’re seeing rates in the high 5’s and low 6’s depending on credit scores. Those are still historically great rates but it has changed the affordability that people were seeing in the 3’s and 2’s. You will definitely see multiple offers in highly popular areas with homes that are in that average price range of 400-500k. Higher price points 880k-1 million and over are in a different market. Theres less buyers for that price range and there’s actually quite a bit of inventory so if you look at those numbers it really is more of a balanced buyers market depending on the area.
If you have a real estate need give us a call and we’ll help navigate you through these market changes and fill you in on what to expect 407-982-7240 . We look forward to serving you in 2023!