Real Estate Market Trends August 2023 – Celebration FL

The National Association of Realtors recently held their monthly market review and a forecast of the real estate as we head into the last five months of 2023. There was good news and bad: the good is that we have moved past a market slowdown and prices have improved steadily in most major markets nationally. New homes builders are adding inventory to the market at a steady pace and the new home inventory is now at 2019 levels.

On the downside, housing affordability is challenging our first time home buyers. The average age of a first time home buyer rose significantly to 36 due to challenges with low inventory, higher mortgage rates and heavy competition for updated homes that are priced to appraise.

Here in Florida
The Florida market is healthy and accounts for the some of the strongest price increases in the nation. Statewide, prices held steady posting a quarter over quarter increase of 1%; a year over year increase of 13% (the highest in the nation) and an increase of 57% since 2019.

In central Orlando, prices are steady heading into the final months of the year. New listing levels are down 24% in Celebration, a trend that is mirrored in other non-rental communities. Buyers are heavily competing for residential properties that are presented well. Today’s buyer is reluctant to take on major updates to a home owing to higher monthly mortgage payment, a natural by-product of the mortgage interest rate increase. A well priced home that is showcased beautifully will attract many buyers.

The limited inventory and the beautiful homes offered in Celebration are benefiting, even in a challenging market. Year to date, the average closed price for a single family home in Celebration is $1.064M, an 8.8% increase over last year at this time.

As we move into the final months of 2023, interest rates will likely remain high. The buyers in the market are very active and will move quickly to purchase. If you are thinking about selling your home, please let me know. Together we will put in place the right strategy for you and your home.