ORRA Reports Home Values Trending Downward in its January 2023 State of the Market Report


Orlando Regional Realtor® Association reports another decline in the median home value in Central Florida in its January 2023 “State of the Market” Report for sales data from December 2022. December’s median home value of $353,200 is well off of its $387,000 high recorded in June 2022. Signs of a shift in market conditions were also evidenced by a 145.6% increase in total supply of inventory, 58% increase in average days-on-market, & 320% increase in months supply of inventory, year-over-year from Dec. 2021 to Dec. 2022. Pending sales & closed sales have both fallen by 40% & 41.6%, respectively, year-over-year. Also, year-over-year, the average mortgage rate has more than doubled from 3.07% to 6.12%. The next Federal Reserve interest rate decision is scheduled for February 1st & will continue to play a key role in the future course of mortgage rates & home affordability in 2023 & beyond. The full State of the Market report is available here: January 2023 Market Report

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ORRA Reports Housing on the Decline in its State of the Market for November 2022 Sales

Orlando Regional Realtor® Association’s most recent State of the Market for sales from November 2022 shows a shift in the Central Florida housing market with the median home value continuing to decline from its peak. Although home values are up 9.1% year-over-year from November 2021 to 2022, median value of $360,000 is a 7% decline from the June 2022 record high of $387,000. During the past 18 months, the average mortgage rate has risen from a historical low of 2.9% to 6.5%, an increase of 123%. Further evidence of a slowdown in housing is demonstrated by a 333% rise year-over-year in the months’ supply of homes available, 53% increase in avg. days-on-market, 136% increase in total inventory; complemented by 40% decline in contracts and 45.5% decline in sales. Although CPI or inflation has curbed slightly from a 9.1% high in June 2022 to 7.1% in November, 40-year high inflation remains the center of attention for a hawkish Federal Reserve. Analysts believe historical highs in inflation & interest rates will potentially lead to a recession on the horizon as “the Fed” slams the brakes on the US economy. The unprecedented 2010’s boom in housing, on the heels of the 2008-2009 Great Recession, will be tested by fear and uncertainty going forward into 2023 and beyond. Full article is available here: State of the Market for November 2022 Sales

Mortgage Rates Reach 20-Year High as reported by ORRA in its November 2022 State of the Market

Orlando Regional Realtor® Association’s November 2022 State of the Market reports home values up 12.3% year-over-year, but prices flattening on a month-over-month basis. Data is collected from sales occurring in October 2022. The average mortgage rate of 7% reaches a 20-year high causing homebuyers to look at different price points to find a more comfortable monthly mortgage payment. Year-over-year, October 2021 to Oct. 2022, total inventory surging by 109.3% & months-supply of inventory up to 189.7%, from approx. 3 weeks supply to 2.6 months. New contracts, pending listings, & closed sales all on the decline year-over-year, falling in the ranges of 27%-50%. Previously strong housing market indicating signs of a shift in conditions & possible cracks in the foundation as we head into end of 2022. Full article is available here: November 2022 State of the Market Report

Orlando Home Values Fall for the 3rd Straight Month as reported by ORRA in its monthly “State of the Market” October 2022

The Orlando Regional Realtor® Association reports that year-over-year, from September 2021 to 2022, average mortgage rate has skyrocketed by 121%, rising from 2.9% to 6.3%. During same timeframe, Orlando-area inventory of homes skyrockets by 88% & months-supply of homes rises 162% from less than 1 month to 2.5 months. Month-to-month, the median home value for Orlando falls by 3.4% to $377,750, for 3rd straight month, & number of sales down by 18.3%. The next Federal Reserve meeting is on November 2nd & analysts are expecting further interest rate hikes to help mitigate record levels of inflation, 8.2% year-over-year as reported in September by US Bureau of Labor Statistics. The full report is available here: State of the Market October 2022 (for September data)

Orlando Housing Inventory nearly Doubles as Reported by ORRA in its September 2022 “State of the Market Report”

Orlando Regional Realtor® Association reports inventory up over 85% year-over-year in its September 2022 State of the Market report (data from August 2022 sales.) Sales are also declining year-over-year down 16.9% from Aug. 2021-2022, as the average mortgage rate has skyrocketed by 85.9% during the same timeframe (2.8% to 5.3%.) The Central Florida median home value of $377,750 has fallen for a 2nd straight month down by 0.8% month-over-month. Another important indicator of the health of the housing market is Average Days-on-Market, which has increased from 21 to 27 days month-over-month, July to August 2022, an increase of 28.6%. The rapid swelling of inventory, rising marketing timeframes & declines in sales & median home value are all signs pointing to a slowdown in housing. The Federal Reserve has maintained its stance on tightening monetary policy in order to combat historically high inflation & is forecasted to continue to raise interest rates through the remainder of 2022 & possibly into 2023. Higher mortgage rates will certainly press the breaks on housing & how severe the impact is still yet to be seen. The full report is available here: September 2022 State of the Market

ORRA Reports Decline in Home Values in its August 2022 State of the Market Report

Orlando Regional Realtor® Association reports decline in the median home value for 1st time in 6 months, in its August 2022 State of the Market report (data from July 2022 sales.) The Central Florida median home value of $380,900 is a decrease of 1.6% month-over-month from June 2022. Also month-over-month, inventory jumped by almost 20% as approx. 1,000 more homes became available. As compared to July 2021, inventory has increased by 85% & months supply of homes has also increased from 0.84 months in July 2021 to 1.97 months in July 2022, an increase of 134%. Additionally since July 2021, the avg. mortgage rate has risen from 2.8% to 5.4%, which is an increase of 89.2%. Central Florida real estate is continuing to show signs of cooling off & moving towards a more balanced market between buyers and sellers. In July 2022, distressed sales (REO/short sale) only accounted for 18 out of 3,309 sales, equating to ½% of all sales. Full Report is here: August 2022 State of the Market

355 S Echo Drive, Lake Alfred, FL 33850 — Listed For Rent

Beautifully renovated 2 bedrooms/1 bathroom, water-front home only blocks from Downtown Lake Alfred. Lake-front property with unobstructed lake-front views of Lake Echo. Interior has been renovated with new flooring, new kitchen, new paint, new stainless steel appliances, new windows, new light fixtures, new blinds, & newer A/C system. Features spacious Florida Room with lake-front views. Home is one story with carport & attached utility room. Home has central A/C, ceiling fans, new windows, new blinds/curtains & plenty of natural lighting. Washer & dryer are incl. Utility/laundry room is accessible via the attached 1 car carport. Lake Echo is approx. 70 acres circular fresh water lake with a public boat ramp. Motor boats are permissible & other activities include water skiing, fishing, canoeing, kayaking & other water sports. The Chain of Lakes jogging trail is located w/in blocks. Legoland is approx. 20 minutes south. Please note, property does NOT have a dock, however there’s a public dock nearby, as well as a city playground. House is on city water & sewer. Routine yard maintenance service is included with rent. Applications are required for any occupants over the age of 18. All prospective residents subject to 50-state background check & credit check. Security Deposit $1750. Min. lease term of 12-months. There’s a 2 minute video walk-through/virtual tour available. Unfortunately, due to past issues, no dogs are being permitted. No smoking.

  • One Story SFH
  • 2 Beds/1 Bath
  • 1156 sqft.
  • Built 1958
  • 1 Car Carport
  • Attached Utility Room with Washer/Dryer Incl.
  • 1/8 acre lot
  • Lake-front home with frontage to Lake Echo
  • In 2019, completely renovated with new kitchen, new bathroom, new flooring, new paint, new A/C system, new windows, new appliances, new light fixtures, new window treatments & more!
  • Routine lawn mowing service is included with rent
  • Brokers Protected – $400 Lease Agent Fee payable by owner
  • Rent of $1499/month
  • $1750 Security Deposit
  • Application fee of $75/adult over 18
  • One Pet allowed per household under 35 lbs. in weight
  • No Pet Deposit. Pet rent is $50/month in addition to monthly lease amount.
  • Minimum 1-year lease term
  • MLS ID: o6049567
  • Listing courtesy of Jason Crane Real Estate, LLC
  • Available for move-in August 4, 2022

ORRA Reports “Surging inventory” in its July 2022 State of the Market Report

Orlando Regional Realtor® Association reports Central Florida median home value of $387,000 in June 2022 setting a new record high for the 5th month in a row. Overall, Central Florida home values are up 22.9% year-over-year from June 2021 to June 2022. However, also year-over-year, inventory surged 75.5% with over 2,300 more homes becoming available (3,100 homes to 5,400 homes.) On a monthly basis, inventory spiked 44.2% from May to June 2022, which is a sign that the market is starting to level-off. Despite rising inventory, the most notably change in market conditions is the 87.5% jump in average mortgage rates from June 2021 to June 2022, skyrocketing from 2.9% to 5.5%, as the Federal Reserve engages in quantitative tightening to combat 40-year record levels of inflation. Only 23 out of nearly 3,800 sales in June 2022 were distressed properties (REO/short sale) accounting for ½ of a percent of sales. The seller’s market appears to be in the early stages of balancing supply and demand and certainly a sign that the hot summer market will be cooling off heading into the Fall & Winter seasons. Full report is available for you here: ORRA State of the Market Report

309 N Normandale Ave, Orlando, FL 32835 – Listed For Sale

Fixer-upper. Attention home rehabbers & investors! Here’s your chance for this nice-sized, 2-story Metrowest/Orlo Vista suburban home located on 1/3 acres lot! Property features over 1800 ft. of living space, selected kitchen appliances, screened/covered patio, 2 utility sheds, fenced yard, & garage conversion. Flooring is a mix of ceramic tile, wood & wall-to-wall carpeting. No known HOA. Property is conveniently located only blocks from SR-408 ramps, W Colonial Drive, Kirkman Road & Florida Turnpike access. Only approx. 15 minutes drive to downtown Orlando & Universal Orlando theme parks. Other attractions in the vicinity include Orlo Vista Park, Valencia West Campus, Metrowest Golf Club, Central Florida Fairgrounds & Eagle Nest Park. US Post Office, county libraries, banking, big box stores, grocery, convenience stores & shopping centers all within minutes by car. Property is a handyman special & in need to a lot of TLC, but has potential & is a rare remodeling opportunity in a low supply market! Sold as-is, where-is. No Seller’s disclosures. Seller is making no warranties or representations of property condition.

Single Family Home

2 Floors

1824 Sqft., per Public Records

Built 1960

1/3 Acres Lot

Selected Kitchen Appliances

2 Utility Sheds

Screened/Covered Patio

No HOA

Broker’s Protected 3% Commission (Seller does not pay commissions on concessions or seller paid buyer’s closing costs)

Subject to REO special addendum & REO procedures

Offer Management Platform charges buyer’s agent $150 technology fee payable at closing

MLS ID: o6047476

REO/Bank-owned

No Seller’s Disclosures

Listing Courtesy of Jason Crane Real Estate, LLC

Jason Crane Real Estate, LLC is a licensed real estate brokerage in Florida

3 min. Video Walk-through/Virtual Tour available

Listed for only $269,360

More information with approx. 30 photos available on JasonCraneRE.com

189 Angel Trumpet Way, Oviedo, FL 32765 — Listed for Sale

Beautiful, contemporary Arborview Park townhome in Oviedo available with serene view of pond & well maintained in great condition. Interior features list of upgrades including hard surface countertops, stainless steel appliances, recessed lighting, 42″ wood cabinets, 1 car garage & screened patio. Other features include inside utility with washer/dryer, half bath on first floor, several built-ins, garden tub in master suite, walk-in closet, & split floor plan. First floor has spacious open layout with peaceful view of pond in rear & screened patio perfect for entertaining. Exterior front is has nicely manicured landscaping, parking pad with 1 car garage, & located on quiet side street with sidewalks. Kitchen appliances & W/D convey. Community amenities include recreational facilities, community pool, playground & visitor parking. Centrally located in Oviedo within minutes of the Oviedo Mall, University of Central Florida, Seminole State College, Tuscawilla Country Club, schools, banking, dining, shopping centers & quick convenient access to SR-417 via Red Bug Lake Rd! There’s a 3-minutes online video walkthrough (link available upon request.) Townhome has been meticulously maintained & is turn-key, move-in ready!

3 Bedrooms/2.5 Bathrooms

Built 2009

1644 Square Feet heated/2000 Total square feet

HOA Mandatory $515/Quarter incl. community amenities

2 Story Townhome

Split Floorplan

Stainless Steel Kitchen appliances included – Refrigerator, dishwasher, oven/range & microwave hood

Washer/Dryer included

1 Car Garage

Rear Screened Patio

Serene View of Pond in rear

Features include walk-in closet, hard surface countertops, recessed lighting, 42” wood cabinets, garden bath, & built-ins

Brokers Protected

MLS ID: o6044836

Sellers’ Disclosures Available

3 min. Video Walk-through/Virtual Tour available

Listed by Jason Crane Real Estate, LLC. Licensed Broker in Florida.

Listed for only $349,900

30+ Photos & more information available on JasonCraneRE.com