Central Florida Real Estate Weekly Market Report: August 6 - August 12, 2023

The weekly sales of single-family homes in 2023 dipped back below the number of weekly sales for the same week of 2022 (416 vs 446). The weekly number of sales has consistently been lower in 2023 with exception of the prior week when 2023 sales were slightly higher than the prior year.

The median sale price for single family homes last week was $426,250 which is a decrease from the prior week of $435,000. For the same week last year, the median sale price $416,000.

The inventory of single-family homes currently sits at 4,278 which is up from the prior week of 4,149. This time last year, the inventory of single-family homes was 4,995.

The days of inventory, or absorption rate, has increased from the prior week as the number of sales decreased and inventory increased. The absorption rate is a function of the current inventory of single-family homes divided by the average number of daily sales. The result tells us how many days it will take to sell the inventory available of the market. There is currently 72 days of inventory compared to 78 days this week last year.