Orlando Florida Housing Update | Spring 2023
Hello everyone, Kristine McKinley here with the Real Estate Chicks. Today, I'm excited to share another market update with you, focusing on the latest data from Seminole County, Maitland, and Winter Park, up until the end of April 2023.
Firstly, let me clarify that I'll only be discussing the factual data in this update, rather than the emotional side of the real estate market. So let's dive into the graph. The blue line represents the number of active homes coming on the market daily, the red line shows the number of pending homes, and the yellow line indicates the number of closed homes each day.
It's important to note that Florida is a unique market when it comes to supply and demand. Florida is experiencing a high influx of people relocating, particularly to areas such as Seminole County, thanks to the excellent school zones. Therefore, it's essential to focus on hyper-local data such as these graphs, rather than nationwide statistics.
The data shows that the active number of homes coming on the market has decreased but has stabilized over the past month. Meanwhile, the number of pending homes has steadily increased, which indicates that more buyers are entering the market. This leads to the absorption rate, which means that the active number of homes on the market is being absorbed faster when the red line is higher than the blue line.
This trend also means that homes that have been on the market for a long time, such as 30-45 days, are now selling due to the increased number of buyers. As a result, the inventory is still low, which confirms that we're back in a seller's market.
On our end, we've noticed a lot of cash in the marketplace, and many cash closings, which is an excellent sign. Some of these cash closings are still asking for an appraisal, so they're getting a private appraiser to come out, which isn't a big deal. We're also seeing multiple offers for homes listed at market value, especially those with a pool.
Homes in areas with excellent school zones, such as Oviedo and Winter Springs, will continue to have high values. In conclusion, we're not here to tell you what to do. We want to provide you with the data so that you can make the best decision for your family and financial future.
If you have any questions or concerns about your specific neighborhood or city, please reach out to us, and we'll be happy to help. Thank you for tuning in, and we'll see you in the next update.