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Real Estate Market Report: January – May 2024
This real estate market report is localized for the 32828 zipcode, (Avalon Park, Waterford Lakes, and surrounding areas.) Avalon Park and the surrounding area are desirable areas to live in. The data range provided by the Orlando Stella MLS is between January 1, 2024 – May 29, 2024.
1. The number of existing homes listed for sale during 2024 is substantially higher than in 2024. This is good news for prospective buyers as it offers them more choices.
2. Number of Days: The increase in the number of days to sell indicates a buyer’s market. The number of days to sell in 2024 has increased since 2023. This indicates the market is moving towards buyers. If you’re considering selling your home preparation and patience will be key. Price, location, and condition are factors affecting how long it takes for your home to sell.
3. Existing Home Sales can be used as an indicator of how comfortable the consumer is to spend. It’s strongly affected by interest rates. Even with the elevated interest rates this year the number of homes sold in the same period as in 2023 is about the same. If we see a slight reduction in interest rates I expect to see an increase in sales.
4. Average Sales Price: We can see from the graph below the average sales price for homes in 2024 is higher than the same period last year. Even though the data above points to a buyer’s market. Prices will likely continue to increase. Good news for sellers.
5. Interest Rates. Rates affect how much a person can borrow. What is not so evident is how the rates affect how buyers are choosing their homes.
6. My experience this year tells me buyers are far more concerned about the condition of prospective homes as most don’t have the spare cash to remodel or repair their new home. They are cautious. If you’re thinking of selling your home, there is no substitute for experience. Feel free to call me. Put my 22 years of real estate experience to work for you.
John Alexandrou
407-312-4928
3925 Peppervine Dr., Orlando
