Central Florida Real Estate Weekly Market Report: September 17 - September 23, 2023

The weekly sales of single-family homes decreased from the prior week and continues to remain lower then the same week last year (359 vs 509) and 2021 (359 vs 568).  Sales of single-family homes in 2023 has been consistently lower than the prior two years.

The median sale price of single-family homes increased to $420,000 from the prior week of 4410,000.  for the same week in 2022, the median sale price was $400,000.  For this week in 2021, the median sale price for single-family homes was $350,000.

The inventory of single-family homes currently sits at 4,785 and has been rising since April 23, 2023.  This week last year, inventory was 5,171 and for 2021 was 2,891.

The days of inventory, or absorption rate, has increased 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 93 days of inventory on the market.  this week last year, there was 71 days, and for 2021 there was 36 days.