Central Florida Real Estate Weekly Market Report: October 1 - October 7, 2023

 

The weekly sales of single-family homes decreased from the prior week and is less than the same week last year (351 vs 479) and 2021 (351 vs 575).  Sales have consistently been lower in 2023 when compared to the prior two years.  The only exception was last week when sales in 2022 dropped due to hurricane Ian.

The median sale price of single-family homes decreased to $409,000 from the prior week of $424,500.  For the same week in 2022, the median sale price was $415,000.  For this week in 2021, the median sale price was $363,000.

The inventory of single-family homes currently sits at 4,917 and has been consistently rising since April 23, 2023.  This week last year, inventory was 4,948 and for 2021 was 2,827.

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 98 days of inventory on the market.  This week last year, there was 72 days, and for 2021 there was 34 days.