State of the Market
- January’s median home price was recorded at $335,000, a slight decrease of 1.47% following December 2021’s record high of $340,000.
- Overall sales in January dropped by 20.6%, with a total of 3,033 sales compared to 3,820 sales in December 2021.
- Homes spent an average of 32 days on the market in January, up slightly from December 2021 when the average was 31.
- Inventory continued to drop in January, decreasing by 8% from December 2021 to January 2022, for a total of 2,379 homes on the market in January.
- New listings have gone up by 27.7% from December 2021 to January 2022, with a total of 3,574 new homes on the market in January.
- “Overall sales dipped in January, which is expected during winter months. We predict sales to increase during the spring season and remain competitive throughout 2022,” says Tansey Soderstrom, 2022 Orlando Regional REALTOR® Association President. “While interest rates slightly increased, we are still seeing very low percentages across the board. If you’re considering buying, now is the time to take advantage.”
Market Snapshot
- Interest rates continue to slightly increase as the average interest rate for January 2022 was recorded at 3.38% compared to December 2021 when it was at 3.07%.
- ORRA members sold 3,033 homes in January 2022, a decrease of 20.60% from 3,820 homes sold in December 2021.
- 19 distressed homes (bank-owned properties and short sales) accounted for .63% of all home sales in January 2022. That represents a 32.14% drop over December 2021, when 28 distressed homes sold.
Inventory
- Orlando area inventory decreased by 8% from December 2021 to January 2022 from 2,586 homes to 2,379 homes. Inventory in January 2022 was 44% lower than in January 2021.
- The supply of homes remained at nearly one month in January 2022. A balanced market is six months of supply.
- The number of new listings increased in January 2022 from December 2021 by 27.78% to 3,574 homes.
This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.
ORRA REALTOR® sales represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively – located in Orange and Seminole counties. Note that statistics released each month of be revised in the future as new data is received.
Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.
Sources: