Orlando metro homes sit longer despite lower prices

"The OrlandoKissimmeeSanford metro housing market presents an unusual dynamic where homes are taking 20% longer to sell than a year ago despite falling prices and widespread price reductions. The median days on market jumped to 84 days in the week ending Nov. 7, up from 70 days year-over-year, while median list prices dropped 2.2% to $484,000 from $495,000. Nearly half of all active listings (47.6%) reduced their asking prices during the week, yet the extended selling times persist."

"Active inventory reached 9,255 single-family homes, a 19.4% increase from 7,753 listings a year ago. Despite the growing inventory, weekly absorption improved 9.7% year-over-year, with 670 homes removed from the market compared to 611 during the same period last year. The months of supply stands at 3.3, positioning Orlando in neutral market conditions. New listings totaled 462 for the week, while the relisted rate remained low at 4.2%, indicating sellers aren't cycling properties on and off the market."

"The median list price of $484,000 represents $235.6 per square foot, below Florida's state median of $249.4 per square foot. While 47.6% of active listings took price cuts, only 2.4% increased their asking prices. The price reduction activity hasn't translated to faster sales. The 84-day median selling time sits 14 days below Florida's statewide median of 98 days but exceeds the national median of 77 days by a week."

Orlando-Kissimmee-Sanford homes are spending a median 84 days on market, up from 70 days year-over-year, while median list price fell 2.2% to $484,000. Active inventory rose 19.4% to 9,255 single-family listings, and weekly absorption improved 9.7% with 670 homes removed. Months of supply equals 3.3, indicating neutral market conditions. Nearly half (47.6%) of active listings cut prices during the week, while only 2.4% raised prices. Median list price equals $235.6 per square foot, below Florida's $249.4. Orlando's selling time is shorter than Florida's median but longer than the national median, and inventory growth may influence future market velocity.

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