We are approaching the spring selling market, and you all are asking, "Jennifer what are you seeing in the market?"

Being a part of the Orlando Regional Realtors Association, I have access to the month by month housing data, which goes back TWENTY YEARS!! And you know how I revel in data. So here are the FACTS:

January 2023 vs January 2022

Inventory is UP 157% (We had 6,115 active listings vs 2,379 active listings this time last year)
Contracts are DOWN 13%
Days on Market is UP. We saw average days on market at 57 days in January of 2023 vs 32 days on average in 2022
Closed sales are DOWN 45% from this time last year
We have 3.65% months of supply, compared to less than a months worth of supply in January 2022
Average sale prices of a home in Orlando is UP 10%

So what's the data pointing to?

Well it's all a strong indicator that the Orlando housing market is continuing to balance. Sales are steadily slowing.

The good news for buyers? You will have significantly MORE options moving forward, which means less competition and more negotiating power.

The good news for sellers? You will still sell for more & net more from the sale of your home than you would have this time last year, as the average sold price is up 10%. You just need to account for more days on market (please be patient) & your home's condition.

Have we entered into a buyer's market?

The short answer? No. As a general rule, a 3-6 months supply of housing inventory is considered to be a normal or balanced market, which is where we are at. Once we see inventory exceeding demand and we have over a 6 month supply of inventory, we have then entered into a buyer's market.

For the past 2 years + sellers have gotten so used to properties flying off the market in a matter of a weekend regardless of it's condition. This is just not the case anymore. As inventory continues to infiltrate our housing market, buyer's will have more options in their home search. Which means they can be pickier. Which means, CONDITION MATTERS!

So if you are thinking of selling, check out my spring cleaning checklist which will help you to prep your house for the market.

Homeowners Spring Cleaning Checklist

Remove Clutter: less is more! Box it up, donate it!
Clean the Windows, including those grimy sills!
Touch Up or Repaint the Walls, get the home a fresh and neutral look.
Deep Clean the Carpet & Grout, I got a guy for you :)
Change Burned Out Light Bulbs, Lighting is everything for listing photos & showings!
Dust Crown Molding, Baseboards and Ceiling Fans, nobody likes those dust bunnies
Clean up the landscaping, Spring is the perfect time to enhance that first impression!
Service your AC unit & replace the filter!
Consult with yours truly. Let's chat about this ever changing market & how I can come alongside you to help market & sell your home for top dollar.

Questions about the current market, or ready to make your next move? I’d love to chat!