August 2024 Central Florida Real Estate Market Review

The Central Florida real estate market, including Orange, Osceola, and Polk counties, exhibited several key trends in August 2024:

• Number of Single-Family Homes Sold: Sales increased by 3%, from 3,401 in August 2023 to 3,501 in August 2024, signaling steady demand.

• Average Sale Price: The average price of sold homes experienced a slight decline of less than 1%, dropping from $378,900 in August 2023 to $376,416 in August 2024.

• Days on Market: Homes are spending more time on the market, with the average days on market rising 28%, from 42 days in August 2023 to 54 days in August 2024, suggesting a cooling trend.

• Sale Price to List Price Ratio: The sale price ratio to the original list price was 97.1%, indicating that homes are selling close to their asking prices.

• New Listings and Inventory: The number of new listings stood at 5,020, with 4 months of inventory available, pointing to a balanced market.

Prices in Different Areas

Here’s how average home prices for existing 3-bedroom, 2-bathroom houses (without a pool) look in various places:

• St. Cloud: The average home price decreased to $267,174.

• Kissimmee: The average home price increased to $215,015.

• Celebration: The average home price rose to $390,000.

• Poinciana: The average home price dropped to $250,507.

• Davenport: The average home price remained stable at $287,419.

• Champions Gate: The average home price increased to $297,583.

• Haines City: The average home price decreased to $238,572.

• Winter Haven: The average home price dropped to $259,731.

• Lake Wales: The average home price rose to $252,875.

• Orlando: The average home price decreased to $265,751.

• Lake Nona: The average home price increased significantly to $597,500.

• Deltona: The average home price rose to $301,359.

The real estate market in August 2024 exhibited diverse performance in different regions. While Lake Nona, Deltona, and Celebration witnessed price growth, St. Cloud, Poinciana, and Orlando saw declines, ultimately leading to the overall stability of the local real estate market.

Key Action Items for Sellers:

1. Enhance Home Staging: With homes spending an average of 54 days on the market, investing in professional home staging can help your property stand out and attract serious buyers more quickly.

2. Adjust Pricing Strategies: Given the slight decline in average home prices and varying trends across areas, consider adjusting your listing price to be competitive in your specific market.

3. Optimize Online Listings: Use high-quality photos and detailed descriptions that highlight your home's features to improve visibility and appeal to potential buyers.

4. Work with a Local Real Estate Agent: A knowledgeable local agent can provide insights into current market conditions and help set the right price to achieve a quick sale.

Key Action Items for Buyers:

1. Monitor Market Trends: Keep an eye on local market trends, including price fluctuations in specific areas like Lake Nona and Deltona, to make informed buying decisions.

2. Evaluate Homes Thoroughly: With an increased average days on market, take the time to evaluate potential homes thoroughly and negotiate effectively to get the best value.

3. Secure Financing: Ensure you have pre-approval for a mortgage to streamline the buying process and demonstrate your readiness to sellers.

4. Explore Various Neighborhoods: Different areas are experiencing varied price changes. Consider exploring multiple neighborhoods to find the best fit for your budget and preferences.

By staying informed and working with professionals, both buyers and sellers can navigate the current market conditions effectively and achieve their real estate goals.

Schedule time today for your own consultation to understand how today's market impacts you as a future buyer or seller.