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<\/p>\nORLANDO, Fla. \u2014 For the first time since the pandemic, the Central Florida housing market has officially shifted in favor of buyers, with new data showing more than half of all price-reduced homes in the region sitting on the market for at least two months.<\/p>\n
According to the latest Price Reduction Report from the Homes In Orlando Team, there are currently 1,394 active price-reduced listings across Orange, Seminole, Volusia, and Lake counties. Of those, 753 homes \u2014 that\u2019s 54 percent \u2014 have been on the market for 60 days or longer. This marks the first time the \u201cleverage tier\u201d has crossed the majority line in the four-county dataset.<\/p>\n
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Open House <\/p>\n
Volusia County leads the region with the highest percentage of stale listings, with nearly 59 percent of its 335 price-reduced homes sitting past the 60-day mark. Lake County follows with 54.8 percent of its 354 listings in the same category. Orange County crossed the 50 percent threshold this week, while Seminole County has the lowest stale-share rate at 47 percent.<\/p>\n
So why the shift? Real estate agent Brenden Rendo with the Homes In Orlando Team says migration to Central Florida has slowed dramatically. \u201cEven though we are still seeing growth of people coming in, if you look at the numbers from the pandemic, we\u2019re down roughly 93% people moving to Orlando and the area. So our growth has decreased. It\u2019s still up, but it\u2019s decreased a lot,\u201d Rendo said.<\/p>\n
During the pandemic, buyers routinely faced bidding wars with dozens of offers. That\u2019s no longer the case. \u201cFor the median, median income family, it is a buyer\u2019s market,\u201d Rendo said. Current data shows there are roughly 40 to 60 percent more sellers than buyers in the region, eliminating the fear of missing out that drove the market during the pandemic.<\/p>\n
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Redfin Real Estate compiled a list of the most popular homes for sale in Deltona, FL. (Andy Dean Photography \/\/ Shutterstock\/Andy Dean Photography \/\/ Shutterstock)<\/p>\n
For buyers, this means real leverage to negotiate price, request closing cost credits, request repair credits, or even ask for rate buydowns and timeline concessions. \u201cThe days of automatic bidding wars are gone,\u201d Rendo said. \u201cDon\u2019t negotiate from fear that you\u2019re going to miss out. There will be another house.\u201d<\/p>\n
For sellers, the message is clear: price it right from the start, or expect it to sit. Reynaldo Sanchez, a third-generation builder and real estate investor, says pricing requires careful local analysis. \u201cWell, the thing is, it depends on the product and it depends on the market, because every market is localized, and every price needs to be looked to the scope of the market you are selling,\u201d Sanchez said.<\/p>\n
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“For Sale” sign Central Florida housing market sees highest inventory spike since 2015. (WFTV staff)<\/p>\n
Sanchez notes that while regional inventory is high, well-priced, move-in-ready homes in the right neighborhoods still sell quickly. However, sellers who overprice or have homes that need work are seeing their listings linger.<\/p>\n
With average price reductions ranging from 3.20 percent in Orange County to 3.70 percent in Volusia County, and homes sitting an average of 60 to 100-plus days, the message is clear: Central Florida\u2019s housing market has fundamentally shifted. For buyers willing to be patient and do their homework, opportunities abound. For sellers, realistic pricing and proper preparation are more important than ever.<\/p>\n
For the full county-by-county breakdown with city-level data, visit the Homes In Orlando Team website at www.homesinorlando.forsale<\/a>.move-in-ready<\/p>\n Click here<\/a> to download our free news, weather and smart TV apps. And click here<\/a> to stream Channel 9 Eyewitness News live.<\/p>\n