Real Estate Update 3-1-24
Laura Petersen
Friday, March 1, 2024
Last Week's Real Estate Stats... There were 337 homes that sold last week, with a median price of $425,000. The inventory increased by 52 and now at 5240. There were 474 homes that went under contract during that time period.
Single Family Home Sales 2-16 to 2-24, 2024
| Price |
Total |
<250 |
250-300 |
300-400 |
400-500 |
500-1000 |
1000< |
| # |
337 |
26 |
24 |
94 |
77 |
98 |
18 |
| List/Ask% |
97.24 |
93.67 |
95.88 |
98.42 |
97.91 |
97.87 |
94.63 |
| Months Inv |
3.79 |
3,03 |
2.81 |
2.74 |
3.29 |
4.9 |
7.82 |
In Condos, Townhomes and VIllas there were 118 that sold at a median price of $281,250.
The market remains stable.
Other Real Estate NEWS...
Florida is second in the country when it comes to a small business state. It is behind Texas as #1 and the others in the top 5 include: Wyomng, Missouri and Delaware. Florida is #1 in net influx of educated workers at 144,915, #6 for job creation rate and #15 for increase in consumber spending.
Florida Rent Costs are Slowly Dropping. Orlando went down only a half of a percent. They attribute it to more rental properties available and some people that moved to Florida have to go back to the office in the state they came from.
Condo Associations may get matching funds to Stormproof their buildings. There is legislation that is going through the house and senate of FL. Nothing is approved yet. These would be matching funds to repair. There are 27,588 condo associations in Florida and only $25 million in the bill at the moment.
Understanding Appraisals. They are for the bank to back up their risk and may not be market value. Appraisers local knowledge and experience are key. They are licensed by the state. They can only consider SOLD properties. They should be like in Condition and Quality. There is a lot to it. Go to CentralFloridaRealEstateRadio.com and listen to the show coming up on March 3 for a lot more details.