Orlando Area Residential Real Estate Snapshot for November 2021
State of the Market
New data from Orlando Regional REALTOR® Association reveals slowing sales, as median home price continues to climb for seventh straight month
State of the Market
November’s median home price was recorded at $330,000, a new record high and increasing once again after October’s median home price was recorded at $325,000.
Overall sales in November dropped by 2.55%, with a total of 3,664 sales.
Homes spent an average of 28 days on the market in November, up slightly from October 2021 when the average was 27.
Inventory continues to drop in November, decreasing by 10.57% from October to November, for a total of 3,046 homes on the market in November.
After the number of new listings continuously increased from March 2021 to July 2021, new listings have since been dropping, resulting in just 3,226 new listings for November 2021.
“New listings tend to decrease over the holidays and that’s what we’re seeing here with the drop in November,” says Tansey Soderstrom, 2021 Orlando Regional REALTOR® Association President. “With lower inventory, we once again see the median home price increase – keeping the housing market competitive.”
Interest rates showed a slight decrease, as the average interest rate in November 2021 was 2.95%, a decrease of 1.83% over October 2021.
ORRA members sold 3,664 homes in November 2021, a decrease of 2.55% from 3,760 homes sold in October 2021. Sales were still 13% higher than November 2020.
24 distressed homes (bank-owned properties and short sales) accounted for .6% of all home sales in November 2021. That represents a 35% drop over November 2020, when 37 distressed homes sold.
Orlando area inventory decreased by 10.57% from October 2021 to November 2021 from 3,406 homes to 3,046 homes. Inventory in November 2021 was 45% lower than in November 2020.
The supply of homes remained at nearly one month in November 2021. A balanced market is six months of supply.
The number of new listings decreased in November 2021 from October 2021 by 18.12% from 3,940 homes to 3,226 homes.