The November stats have posted and we are finally seeing the numbers reflect what we have been feeling in the Central Florida real estate market. The general market has shifted to what we consider balanced. The inventory has increased and compared with demand we now have 4.11 months of available homes for sale.

The rising rates over the last few months have slowed and cooled the market quite a bit compared to a few years ago. However the actual number of homes sold last month was the exact same as 2022 at the same time. The number of pending sales is about the same as well (just slightly lower).

The one thing that has caused the shift is the rising inventory. There were more homes available for sale than last year and actually more than we have had available since 2019. More homes and options with the same sales means a more balanced market.

Despite the changes in the balance of the market, the prices have gone up. The average price is about $25,000 more than the same time last year.

If you are thinking of selling, you can ensure you will get top dollar but that it will take longer and may feel like you are taking less because you will have to negotiate. Buyers make an offer, seller counters, and we find an agreeable price.

As a buyer, you will find the rates have declined since even a month ago and we expect them to slowly decline into 2024 if inflation continues to remain steady or decline. There’s opportunity to get into the market now before the rest of the buyers who are on the fence jump in the market come spring and summer!

And as always everyone’s situation is unique, give us a call if you have any real estate needs at 407-982-7240.