July 2024 Central Florida Real Estate Market Review

In July 2024, the real estate market in Orange, Osceola, and Polk Counties displayed several notable trends:

• Number of Homes Sold: A total of 3,597 single-family homes were sold, marking a 2% increase compared to the 3,427 homes sold in July 2023. This growth highlights sustained demand in the local market.

• Average Home Price: The average price of sold homes increased by 2%, rising from $362,780 in July 2023 to $368,598 in July 2024. This reflects continued buyer interest and a competitive housing market.

• Time on Market: Homes are spending more time on the market, with the average days on market increasing by 32%. In July 2024, homes were on the market for an average of 54 days, compared to 41 days in July 2023. This suggests a slower pace in the buying process, potentially due to market conditions or buyer caution.

• Ratio of Closed Price to Original List Price: The ratio of closed price to the original list price stands at 97.1%, indicating that homes are selling slightly below their original listing prices, which could be a sign of buyers negotiating more aggressively or sellers adjusting their expectations.

• New Listings: There were 5,020 new listings in July 2024, contributing to the overall market activity and giving buyers more options.

• Months of Inventory: The market currently has 4 months' worth of inventory, which indicates a balanced market, with neither buyers nor sellers having a distinct advantage.

Overall, the July 2024 market in these counties reflects a balanced but cautious environment, with steady sales and price growth, yet with homes taking longer to sell and a slight decrease in the sales-to-list price ratio.

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: $279,175 (down from last year)

• Kissimmee: $235,893 (up from last year)

• Celebration: Not Available

• Poinciana: $265,004 (up from last year)

• Davenport: $290,926 (same as last year)

• Champions Gate: $190,671 (same as last year)

• Haines City: $291,750 (up from last year)

• Winter Haven: $270,290 (up from last year)

• Lake Wales: $249,925 (down from last year)

• Orlando: $287,928 (up from last year)

• Lake Nona: $498,059 (up from last year)

• Deltona: $269,842 (down from last year)

Overall, the July 2024 market in these counties reflects a balanced but cautious environment, with steady sales and price growth, yet with homes taking longer to sell and a slight decrease in the sales-to-list price ratio. Additionally, the performance across different cities and neighborhoods varied, with some areas experiencing price increases while others saw declines or remained stable.

Key Action Items for Sellers:

1. Optimize Listing Price: Given the 97.1% ratio of closed price to the original list price, consider pricing your home competitively to attract serious buyers while leaving room for negotiation.

2. Enhance Property Appeal: With homes now spending an average of 54 days on the market, invest in staging and high-quality photography to make your property stand out.

3. Monitor Market Trends: Stay informed about local real estate trends and adjust your strategy accordingly to ensure your home remains attractive to buyers.

4. Leverage New Listings: With 5,020 new listings this month, differentiate your property by highlighting unique features and improvements to capture buyer interest.

Key Action Items for Buyers:

1. Negotiate Wisely: The ratio of closed price to the original list price at 97.1% indicates potential for negotiation. Don’t hesitate to make offers below the asking price if the home has been on the market for a while.

2. Evaluate Market Timing: With an average time on market of 54 days, plan your home search strategically to avoid losing out on desirable properties due to extended market time.

3. Research Local Areas: Pay attention to regional price variations. For example, prices in Lake Nona have increased significantly, while areas like St. Cloud and Lake Wales have seen declines.

4. Understand Inventory Levels: With 4 months of inventory, the market is balanced. Utilize this to your advantage by exploring a range of properties and not rushing into decisions.

By taking these actions, both buyers and sellers can better navigate the current market conditions and achieve their real estate goals effectively.

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