Central Florida Real Estate Weekly Market Report: September 10 - September 16, 2023
Updated: 17 hours ago
The weekly sales of single-family homes increased from the prior week and continues to remain lower than the same week last year (398 vs 501) and 2021 (398 vs 593). Sales of single-family homes in 2023 has been consistently lower than the prior two years.
The median sale price of single-family homes decreased to $410,000 from the prior week of $425,000. For the same week in 2022, the median sale price was $419,900. The median sale price for 2023 is up significantly from 2021 when the median sale price was $360,000.
The inventory of single-family homes currently sits at 4,767 and has been on the rise since the week of April 23, 2023. This week last year, the inventory of single-family homes was 5,162 and for 2021 was 2,916.
The days of inventory, or absorption rate, has decreased from the prior week. 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 on the market. There is currently 84 days of inventory compared to 72 days last year and 34 days in 2021.