Orlando Florida Housing Market Update | February 2023
Kristine McKinley here with The Real Estate Chicks.
I’m going to come to you and bring you the data for this month’s Market Update.
This is some interesting stuff. This is not an opinion of mine. This is not what I think the market’s going to go. There’s so much noise out there right now in the real estate industry. All the headlines, they all say different things. So, I’m just going to come to you with the data. We’ve been tracking numbers, and ultimately, that’s what’s going to tell you the truth in what’s really, REALLY going on. Now, this data is for homes located in Seminole County, Winter Park, and Maitland. So, the majority of my past clients, that’s exactly where you guys are all at. The numbers are pretty much on board for the whole nation, but I’m just letting you know that these are the numbers from this area. So, let’s get into it. I’m going to share you my screen right now and I’m going to show you how we have been tracking this data. This is a very interesting graph we have right here on the right. I want to come and break it down to you before I go through and get into nitty-gritty. My analytical folks, you guys are going to love this data so if you want a copy of this, just let me know! My people who don’t care about numbers, just listen to me talk for another minute and I explain it all to you and make it super simple. So, we have been tracking this data since July of 2022. That’s really when the market changed. The market probably started to change in June, getting all that super frenzy seller’s market and back to a stable market. It’s still a great time to sell, great time to buy. But really July is, when we started tracking, that’s when the market really started to shift out of the frenzy. So, you can see here, this blue one is the number of Active Homes ion Seminole County, in Winter Park and Maitland. The red one represents the number of homes that went Pending those days. And the yellow one is the number of homes that went Closed or Sold on that day. Now, the two lines I really want you to focus on are the blue and red lines. You can see that after inventory has pretty much stayed the same. And right here at the beginning of November, it’s start to trickle off. So, inventory was actually, HAS actually been reducing. A lot of people are saying “Oh my Gosh!” you know, “Homes are lasting on that. They’re staying on the market so much longer because there more to choose from”. No, they’re not. No, they’re not. There’s not a lot to choose from. This is just the data. This is not an opinion. The red line is the number of homes that have gone pending, right? So, this number’s been decreasing, which tells me there’s been less buyer demands. Less buyers are out there writing offers. Less buyers are out there looking at our listings. That has been decreasing until about the middle of January here and then it skyrockets. So that’s very interesting right here. This has gone up so much. So, I really want to talk to my sellers here. The sellers who felt like you missed the market in 2020, 2021, the beginning of 2022, the market’s really coming back a little bit. I mean, to a certain extent, it is. During the craziness and whatever was, you know, you’d put a house on a market and you’d sell it within 24 hours with multiple offers way above asking, that’s market looked like. This red line was way above the blue line. There was more buyer demand than there were active listings. So, they have less to choose from and there were all battling over the same homes. The same number of homes. So, as you can see right here at the beginning of February, this line it intersects, and the amount of buyer demand is higher than the amount of our active listings because this number is still going down. So, we’re going to keep tracking this, were going to keep seeing what’s actually going on and we’re not just going to pay attention to the headlines and then regurgitate that to you guys, to our clients. We’re going to track the actual data and we’re going to see what’s really going on and get to the bottom of it. But, you know, interest rates have come down a little bit so as far as buyers, it’s still a good time to purchase. And I think that there’s a little bit of urgency right now if you thought about purchasing because these numbers, they might keep going apart. So, this red line might keep going up and the blue line might keep going down. Now, I am hoping that for the sake of my buyers, in the last two years, who have just had a hard time with all the competition that there’s been. So, I hope for your sake that this doesn’t happen. Now, my sellers, you guys need to be paying attention because if you feel like you missed those frenziness, now might be a really good time to sell. Buyer demand is up. It’s up higher than it’s been the last 8 months by a good amount. So, this is very interesting data. If you guys have any questions about it, if you want to talk through more of it, just let me know. And again, this is for all of Seminole, County, Winter Park, and Maitland. So, if you want to know what’s going on in just Oviedo, just Winter Springs. Just message me and I’ll get you those numbers also.