Central Florida News

Orlando Area Residential Real Estate Snapshot for July 2024

Published

1 month ago

September 1, 2024

ORLANDO, Fla. (FNN) – New Orlando Regional REALTOR® Association data shows market continues to stabilize for homebuyers as inventory increases for seventh month in a row.

State of the Market

July’s interest rate was recorded at 6.6%, down from 6.7% in June.
- In ORRA’s new survey of Orlando REALTORS, 52% of respondents cited interest rates as the top challenge for buyers, causing some buyers to wait out purchasing homes right now or look at lower price points.
The median home price for July was recorded at $390,000, down from $395,000 in June. June was the highest monthly median home price on record in the Orlando area.
- Home prices were cited as the second biggest issue facing buyers in ORRA’s new survey.
Inventory for July was recorded at 11,158, up 3.4% from June when inventory was recorded at 10,796. This is the seventh month in a row inventory has risen. The last time inventory was this high was November 2015.
- Inventory in July 2024 was 95.1% higher than in July 2023.
Overall sales rose 2.0% from June to July. There were 2,652 sales in July, up from 2,601 sales in June.
Pending sales rose by 1.5%, with 3,940 in June and 3,999 in July.
New listings fell 1.8% from June to July, with 4,067 new homes on the market in July, compared to 4,143 in June.
Homes spent an average of 55 days on the market (DOM) in July – up from 54 in June. This is 41.0% higher than July 2023 when homes spent an average of 39 days on the market.
- 72% of survey respondents reported that most homes are moving from sale to pending in 21+ days, up significantly from last year.
“July represented another strong month in the housing market as many families worked to squeeze in their moves before the start of the new school year. We continued to see an increase in inventory and sales as the Orlando housing market continues to stabilize,” said Rose Kemp, Orlando Regional REALTOR® Association President. “Interest rates are still holding steady in the mid-upper 6.0% range. The current market conditions offer more options for buyers along with new potential negotiating opportunities. Realtors are key to the success of a buyer and seller transaction.”

Market Snapshot

Interest rates fell from 6.7% in June to 6.6% in July.
Pending sales rose 1.5%, with 3,940 in June and 3,999 in July.
25 distressed homes (bank-owned properties and short sales) accounted for 0.9% of all home sales in July. This is the same number of distressed homes that sold in June.

Inventory

Orlando area inventory rose 3.4% from June to July. Inventory in June was 10,796, and inventory in July was 11,158.
The supply of homes rose to 4.21 months in July, up 1.4% from 4.15 months in June. A balanced market is six months of supply.

The number of new listings decreased from June to July by 1.8% – from 4,143 homes to 4,067 homes.

ORRA’s full State of the Market Report for July can be found here.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively – located in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

Central Florida News

Ride DTO Launches, Transforming Downtown Orlando with $1 Eco-Friendly Transit

Published

2 days ago

October 3, 2024

Willie David

ORLANDO, Fla. (FNN) – Downtown Orlando is getting a major boost with the launch of Ride DTO, a new multimodal transit service brought to life by the City of Orlando’s Community Redevelopment Agency (CRA). Beginning Monday, October 7, 2024, this eco-friendly option will allow residents, workers, and visitors to travel conveniently throughout downtown for just $1 per ride, while promoting local businesses and reducing traffic congestion.

Ride DTO, operated by Circuit Transit, Inc., features a fleet of all-electric vehicles, offering a sustainable and efficient way to navigate Orlando’s urban core. Running daily from 8 a.m. to 8 p.m., the service is designed to improve access to downtown’s vibrant restaurants, shops, and attractions while contributing to the city’s green initiatives.

“Ride DTO makes it easier than ever to experience everything downtown has to offer,” said a CRA spokesperson. “This initiative not only supports local businesses by bringing more people downtown, but also aligns with our goals of reducing the city’s carbon footprint and enhancing the overall downtown experience.”

In addition to the $1 daily rides, new users can enjoy three free trips with the promotional code RIDEDTO, making it easier for everyone to try out the service. The service’s first-mile, last-mile connections also make it ideal for commuters using other transportation modes like SunRail or LYMMO.

WHEN:

Launch: Monday, October 7, 2024
Daily service: 8 a.m. to 8 p.m.

WHERE:

Downtown Orlando

Download the app on Apple or Android to access Ride DTO and start exploring downtown Orlando.

Central Florida News

Orange County Mayor Jerry Demings Issues Critical Update on Hurricane Helene; Schools and Services Set to Reopen Friday

Published

1 week ago

September 26, 2024

Willie David

Orange County Mayor Jerry Demings on Hurricane Helene. Source: Orange County Government

ORLANDO, Fla. (FNN) – Orange County Mayor Jerry Demings provided a vital update ahead of Hurricane Helene’s impending landfall in Florida’s Big Bend, emphasizing the need for continued vigilance as the storm approaches Central Florida.

Key Highlights:

Tropical Storm Warnings and Tornado Watch: Central Florida remains under Tropical Storm Warnings, with Orange County under a Tornado Watch until 8 p.m. Mayor Demings urged residents to stay alert as “conditions will deteriorate rapidly in the coming hours.”
Severe Weather Forecast: Sustained winds of 25-35 mph with gusts reaching 45-55 mph are expected. Rainfall could range from 1-2 inches, with localized areas receiving more.
Garbage Collection Resumes: Garbage, yard waste, and recycling collection will resume on Friday, September 27, 2024. Those with missed service on Thursday will have a makeup day on Saturday, September 28, 2024. “We are committed to restoring services as quickly as possible,” Demings stated.
Power Outages: Several outages have already been reported across the county. Residents are advised to report outages directly to their service providers, including OUC, Duke Energy, and Winter Park Utility.
Shelter Status: Over 80 residents are currently housed in shelters, which are scheduled to close tomorrow morning. “We’re here to ensure everyone’s safety through the night,” Mayor Demings assured.
Reopenings on Friday: Orange County Government, schools, courts, and other services will resume normal operations on Friday, September 27, 2024, as weather conditions improve. “Our goal is to return to normalcy as swiftly as possible,” Demings emphasized.
Neighboring Assistance: Orange County Utilities and Fire Rescue teams are preparing to assist neighboring regions, with deployments planned for Tallahassee and Ocala. “We stand ready to help our fellow Floridians in their time of need,” Demings affirmed.

Impact and Precautions:

Residents are urged to stay indoors during peak storm hours and monitor local news for updates. The Orange County team is on high alert, ensuring that all essential services are restored and that community members are safe.

______________________

J Willie David, III contributed to this report.
news@FloridaNationalNews.com

Central Florida News

Orange County Mayor Jerry Demings Provides Crucial Updates on Tropical Storm Helene

Published

1 week ago

September 25, 2024

Willie David

Orange County Mayor Jerry Demings on Tropical Storm Helene

Mayor Jerry Demings gives update on Tropical Storm Helene Source: Orange County Government

ORLANDO, Fla. (FNN) – As Tropical Storm Helene approaches, Orange County Mayor Jerry Demings has issued critical updates to ensure residents are well-prepared for the impending weather.

The National Weather Service has placed Orange County under a Tropical Storm Warning. Residents should be alert to the possibility of isolated tornadoes starting as early as Wednesday evening. The storm’s most severe conditions are expected to develop by Thursday.

Key Weather Conditions

Sustained Winds: 25-30 mph (gusts up to 45-55 mph)
Rainfall: 1-4 inches expected

Residents are strongly encouraged to complete all storm preparations by this evening.

Sandbag Distribution

Orange County Public Works is continuing to offer free self-serve sandbags to residents until 7 p.m. tonight, weather permitting. So far, 13,000 sandbags have been distributed at the following locations:

Barnett Park: 4801 W. Colonial Drive, Orlando, FL 32808
Bithlo Community Park: 18501 Washington Avenue, Orlando, FL 32820
Clarcona Horse Park: 3535 Damon Road, Apopka, FL 32703
Downey Park: 10107 Flowers Avenue, Orlando, FL 32825
Meadow Woods Rec Center: 1751 Rhode Island Woods Circle, Orlando, FL 32824
West Orange Rec Center: 309 S West Crown Point Road, Winter Garden, FL 34787

Garbage Pickup Schedule

No garbage collection on Thursday, Sept. 26, for unincorporated Orange County.
Makeup day will be Saturday, Sept. 28.
Visit www.ocfl.net/UtilitiesStormInfo for more details.

Shelter Information

General Population Shelter:
- Barnett Park: 4801 W. Colonial Drive, Orlando, FL 32808
Special/Medical Needs Shelters:
- West Orange Rec Center: 309 S.W. Crown Point Rd, Winter Garden, FL 34787
- Goldenrod Rec Center: 4863 N. Goldenrod Rd, Winter Park, FL 32792

Shelters will open on Thursday, Sept. 26, at 7:30 a.m.. No ID cards are required, and all shelters are pet-friendly. LYNX will provide free transportation to shelters. Visit ocfl.net/shelters for details.

Power Outages

Report power outages to your electric provider:

Orlando Utilities Commission (OUC): 407-423-9018
Duke Energy: 800-228-8485
Winter Park Utility: 877-811-8700

Lake and Pond Preparations

Orlo Vista: Ponds have been pumped down, and additional mobile pumps are on standby.
Big Sand Lake: Sediment has been cleared from the drainage canal to ensure proper outflow.

County Closures

Orange County Government: Closed Thursday, Sept. 26.
Orange County Public Schools: Closed Thursday, Sept. 26. All after-school activities will end by 6 p.m. on Wednesday, Sept. 25.
Ninth Judicial Circuit Court of Florida: Closed Thursday, Sept. 26.
Solid Waste Facilities: Closed to the public on Thursday, Sept. 26.
SunRail: Closed Thursday, Sept. 26.

Residents are urged to stay informed and take all necessary precautions as Tropical Storm Helene nears.

___________________
J Willie David III contributed to this report.
news@FloridaNationalNews.com