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Exploring Orlando’s Real Estate Market – March 2024 Update

The real estate market in the Orlando – Kissimmee – Sanford Metropolitan Statistical Area (MSA) has always been vibrant, reflecting the dynamic nature of Central Florida itself. The March 2024 statistics provide a snapshot of the current trends shaping the housing landscape in this region, and there’s plenty to dissect for those looking to engage with the market.

Closed Sales Indicate a Shift

The number of closed sales for single-family homes has experienced a 9.3% decrease from the previous year, totaling 2,622. This shift could suggest a cooling in the market, offering potential buyers less competition and more room to negotiate.

Steady Growth in Dollar Volume

Despite the decrease in closed sales, the total dollar volume has risen slightly by 0.5%, reaching $1.5 billion. This suggests that the homes being sold may be fetching higher prices, balancing out the reduced volume in sales.

Median Sale Price Rises

The median sale price in the Orlando MSA has climbed by 5.5% to $444,000 compared to last year. For sellers, this is a positive indicator of property value growth. Buyers, on the other hand, may face more challenges finding affordable options but can also interpret this as a sign of a potentially good investment.

New Listings on the Market

The market has welcomed 3,270 new listings, marking a 3.4% increase from the previous year. This increment suggests that while the market might be slowing in terms of sales, homeowners are still eager to sell.

A Significant Surge in Active Inventory

A standout statistic for this period is the 34% increase in active inventory, with 6,806 homes available. This dramatic rise provides buyers with a greater selection of properties and possibly more leverage in price negotiations.

New Pending Sales Show a Decrease

Reflecting a trend similar to closed sales, new pending sales—properties under contract but not yet sold—have dropped by 4.6% to 2,762. This decrease may indicate that while there is a larger inventory, buyers are taking a more measured approach before making offers.

What This Means for You

For buyers, the expanded inventory and decreased competition could mean a more favorable market to enter. There’s potential for better deals, especially if you’re prepared to negotiate and act decisively when you find the right property.

For sellers, the key will be to stand out in a crowded market. With an increased inventory, it’s important to price your home competitively and ensure it’s presented in the best possible light to attract serious buyers.

Expert Insight for a Complex Market

In a nuanced market such as Orlando’s, aligning with knowledgeable real estate professionals is invaluable. Experts like Andres Garcia of CitySide Investments Inc can provide the insights necessary to navigate the current landscape, whether you’re buying or selling.

Final Thoughts

As we move further into 2024, the Orlando MSA real estate market continues to evolve. This March has shown that while there are fewer sales, the value and number of homes on the market are on the rise. Keeping abreast of these trends is crucial for making informed decisions in this lively market.

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