By Michael Cordero, Ember Realty
The Orlando housing market rebounded impressively in February 2024, as evidenced by the latest data from the Orlando Regional REALTOR® Association, and this period marked a notable turnaround with a surge in overall sales and median home prices, alongside an increase in new listings and inventory, signaling a robust start to the spring homebuying season.
A Significant Uptick in Sales and Prices
February witnessed a remarkable 26.5% increase in overall home sales, rising to 2,174 from 1,719 in January. This positive shift ends a previous trend of eight months of declining sales. The median home price was also resurgent, climbing to $377,000 from $360,000 in January, breaking a three-month trend of decreasing prices.
Listings and Inventory on the Rise
New listings also experienced growth, with a 7.8% rise from January to February, bringing the count to 3,799 new homes on the market. The total inventory of available homes followed suit, increasing by 4.5% to 8,589. These figures represent a growing opportunity for buyers entering the market.
Market Conditions
Despite the positive momentum in sales and listings, the interest rate slightly increased to 6.6% in February, up from 6.5% in January. The average time homes spent on the market remained steady at 57 days, indicating a stable transaction pace.
Rose Kemp, President of the Orlando Regional REALTOR® Association, attributed the surge in market activity to the impact of the Super Bowl weekend, traditionally seen as the kickoff to the spring buying season. Kemp noted, “We had a lot of pending sales in January finalized in February, causing home sales to jump as we approach this busy time for the market. Inventory and pending sales increased from January to February, meaning we can expect another active sales month in March now that buyers have more options.”
Looking Ahead
The Orlando housing market’s performance in February suggests a vibrant and dynamic environment heading into the busy spring season. With interest rates relatively stable and inventory levels rising, March is anticipated to be another active month for sales. This upward trend offers buyers and sellers ample opportunities to engage in the market, suggesting a promising outlook for Orlando’s residential real estate in the coming months.
