Central Florida Real Estate Weekly Market Report: October 15 - October 21, 2023

 

The weekly sales of single-family homes increased from the prior week and is approximately the same as this week last year (428 vs 425) and less than this week in 2021 (428 vs 592).  Year-to-date, 2023 is less than 2022 and 2021.

The median sale price of single-family homes decreased to $420,000.  Down from the median sale price for the prior week of $422,500.  For the same week last year, the median sale price was $396,000 and for 2021 it was $375,100.

The inventory of single-family homes currently sits at 5,187 and continues to rise week-over-week.  This week last year, the inventory was 5,264 and for 2021 was 2,750.  Even as inventory increases this year, the median sale price continues to exceed $400,000 for most of the year.

The days of inventory, or absorption rate 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 85 days of inventory on the market.  This week last year, there was 87 days, and for 2021 there was 33 days.