Orlando Area Residential Sales Down 18 Percent Annually in June
According to the latest market data from the Orlando Regional Realtor Association (ORRA), the real estate market in the Orlando metropolitan area remains robust. In June 2023, the median home price increased to $385,000, up from $378,000 in May, and has shown consistent monthly growth throughout the year. Interestingly, the median home price in June 2023 was nearly on par with the figure from June 2022, which was recorded at $387,000.
New listings in June saw a notable increase of 7.1% compared to May, with 3,703 new homes entering the market. Additionally, homes in Orlando spent an average of 41 days on the market in June, down from 45 days in May. However, this figure is significantly higher than the average of 20 days recorded in June 2022, indicating a shift in market dynamics.
Despite the strong performance, overall sales experienced a slight decline of 0.8% from May to June 2023, with 3,124 sales in June. This was also down 18% compared to June 2022, which recorded 3,793 sales. Similarly, pending sales also saw a dip, with 4,304 in May and 3,964 in June 2023.
The report also highlights that distressed homes, including bank-owned properties and short sales, accounted for 0.9% of all home sales in June, representing a 33.3% increase from May.
Inventory levels in June 2023 were recorded at 5,450, reflecting a 5.8% increase from May’s inventory of 5,149. Compared to June 2022, inventory was slightly higher by 0.2%, with 5,437 homes available.
Lisa Hill, President of the Orlando Regional Realtor Association, expressed optimism about the market’s strength as the year progresses. She predicts that more inventory and favorable home prices will continue, benefitting both buyers and sellers in the area.
