Orlando Area Residential Real Estate Snapshot for September 2021
New data from Florida Realtors.org reveals a slowing of sales.
State of the Market
- Orlando’s median home price dropped by $2,000 from last month. September’s median home price was recorded at $318,000, down a slight drop from the record high of $320,000 set in August 2021. The median home price has steadily been increasing over the last 11 months when it was recorded at $269,950 in October 2020.
- Overall sales in September dropped by 5.25%, with a total of 3,879 sales.
- Homes spent an average of 27 days on the market in September, an 8% increase from August.
- Inventory edged upward for the fifth straight month, rising by 0.8% from August to September, for a total of 3,667 homes on the market in September.
- “With the median price slightly dropping and inventory continuing to trend upward, we’re seeing signs of things leveling off after months of this market being on fire,” said Natalie Arrowsmith, 2021 Orlando Regional REALTOR® Association President, NextHome Arrowsmith Realty. “The market is still heavily in favor of sellers, but is showing some signs of returning to become more balanced.”
Market Snapshot
- ORRA members sold 3,789 homes in September 2021, a decrease of 5.25% from 3,999 homes sold in August 2021. Sales were still 9% higher than September 2020.
- Interest rates showed little change, as they remain low. The average interest rate in September 2021 was 2.86%, an increase of .7% over August 2021.
- 27 distressed homes (bank-owned properties and short sales) accounted for .7% of all home sales in September 2021. That represents a 37% drop over September 2020, when 43 distressed homes sold.
Inventory
- Orlando area inventory increased .8% from August 2021 to September 2021 from 3,638 homes to 3,667 homes. Inventory in September 2021 was 39% lower than in September 2020.
- The supply of homes ticked up to nearly one month in September 2021. A balanced market is six months of supply.
- The number of new listings decreased in September 2021 from August 2021 by 7.9% from 4,375 homes to 4,026 homes.
At Vacay & Co Real Estate we are proud Members of the Association of Florida Realtors & Members of the National Association of Realtors. We are proud to be part of these Association and also Orlando Regional Realtors Association. We take very seriously the integrity and professional of working hard for our buyers and sellers.
Thanks to Vacay & Co for taking care of the sale of our home. They handled everything from start to finish. We had multiple offers and they achieved $25,000 over the listing price for us! They even emptied our owner’s closet and took out our sentimental items and packaged them up and mailed them to us in the UK. Nothing has been too much trouble for the Team at Vacay & Co. I will be recommending them to all our vacation home friends because they go above and beyond and extremely professional and friendly! Thanks Team Vacay & Co! From McCoy Family, UK