Central Florida Real Estate Weekly Market Report: September 24 - September 30, 2023

 

The weekly sales of single-family homes increased from the prior week to 442.  for the same week in 2022, sales decreased significantly from the prior week due to hurricane Ian.  I am unable to determine what caused the significant increase in sales for 2021.

The median sale price of single-family homes increased to $424,500 from the prior week of $420,000.  For the same week in 2022, the median sale price was $405,000.  for 2021, the median sale price was $365,000.

The inventory of single-family homes currently sits at 4,813 and has been rising since April 23, 2023.  This week last year, the inventory was 5,014 and for 2012 it was 2,877.

The days or 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 76 days of inventory on the market.  The significant increase in 2022 is due to the decline in sales because of hurricane Ian.