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Orlando Area Residential Real Estate Snapshot for March 2024

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State of the Market

  • Overall sales rose 17.7% from February to March. There were 2,559 sales in March, up from 2,174 sales in February.
  • The median home price for March was recorded at $386,500, up from $377,000 in February. The highest monthly median home price on record in the Orlando area was $387,000 in June 2022.
  • Pending sales increased by 9.4%, with 3,891 in February and 4,257 in March.
  • New listings rose 8.6% from February to March, with 4,124 new homes on the market in March, compared to 3,799 in February.
  • Inventory for March was recorded at 8,971, up 4.4% from February when inventory was recorded at 8,589.
  • March’s interest rate was recorded at 6.7%, up slightly from 6.6% in February.
  • Homes spent an average of 58 days on the market (DOM) in March – up slightly from February.
  • “The busy spring season for the real estate market is in full swing,” said Rose Kemp, Orlando Regional REALTOR® Association President. “We’ve seen a steady increase in sales, median home price and inventory every month this year. Our median home price in March was very close to our peak from June 2022, so it will be interesting to see how these high prices affect the market in the coming months.”

Market Snapshot

  • Interest rates rose from 6.6% in February to 6.7% in March.
  • Pending sales rose 9.4%, with 3,891 in February and 4,257 in March.
  • 23 distressed homes (bank-owned properties and short sales) accounted for 0.9% of all home sales in March. That represents an 8.0% decrease from February when 25 distressed homes sold.

Inventory

  • Orlando area inventory increased 4.4% from February to March. Inventory in February was 8,589, and inventory in March was 8,971.
  • The supply of homes fell to 3.51 months in March, down 11.3% from 3.95 months in February. A balanced market is six months of supply.
  • The number of new listings increased from February to March by 8.6% – from 3,799 homes to 4,124 homes.

ORRA’s full State of the Market Report for March 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.

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Business

U-Haul Adds Orlando Dealer to Its Network of 21,000 Small Business Partners Across the U.S.

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ORLANDO, Fla. (FNN) – U-Haul Co. of Florida proudly welcomes Don Gabo Petroleum as its newest U-Haul® neighborhood dealer in Orlando. Located at 1905 E. Michigan St., Don Gabo Petroleum will provide essential moving services including U-Haul trucks, trailers, towing equipment, moving supplies, and will offer the convenience of Spanish-speaking associates to better serve the local community.

We’re excited to partner with Don Gabo Petroleum to expand our services in Orlando, providing more access to do-it-yourself moving solutions while supporting a local business,” said a U-Haul spokesperson.

U-Haul has a long history of partnering with independent dealers to help customers with moving needs since 1945. With over 21,000 neighborhood dealers across the U.S. and Canada, U-Haul is helping small businesses generate supplemental income through these partnerships, which is especially beneficial during challenging economic times.

Support, Advertise, or Sponsor with Florida National News: Make a Lasting Impact

When customers rent from a U-Haul dealer, they’re not just renting a truck; they’re supporting an independent small business in their community,” the spokesperson added.

Location:
Don Gabo Petroleum
1905 E. Michigan St., Orlando, FL

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Business

Puerto Rican Chamber of Commerce of Central Florida Announces 2024 El Josco Award Finalists for Annual Gala

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ORLANDO, Fla. (FNN) – The Puerto Rican Chamber of Commerce of Central Florida has officially announced the highly anticipated finalists for the 2024 El Josco Awards, according to a press release. The prestigious annual awards gala will take place on Saturday, September 21, 2024, at the Caribe Royale Resort, celebrating outstanding achievements within the Puerto Rican and Hispanic communities. The evening will begin with a reception at 6:00 p.m., featuring live music, entertainment, and special surprises.

The finalists have been named in the following categories:

Communications

  • Jennifer Marcial – Orlando Economic Partnership
  • Luis R. Hernández – El Show de Luis Hernández
  • Neisha Molina – Anchor & Producer, News Televisa Univision

Education

  • Martin Levert – Executive Director, Florida Technical College (Kissimmee Campus)
  • Omar Villafañe – Campus Director, Ana G. Mendez University
  • Susanne Peña – Professor, Florida International University

Health

  • Dr. Arnaldo E. Vélez, MD – Vascular Neurology, Orlando Health
  • Dr. Ivan A. Rivera – Poinciana Medical Clinic
  • Dr. Wilmer Alvarez, PhD, MBA – Vice President, Grants Administration, Orlando Health

Community Service

  • Elizabeth Vazquez – Comparte Tu Pan
  • Marcos Vilar – President & Executive Director, Alianza Center
  • Norberto Fonseca – Advance Community Outreach Center

Entrepreneurship

  • Florencio Rodriguez – Founder, Don Julio Restaurant Group
  • Ivelissa Ríos – Ivelissa Riendo y Comiendo
  • Luis Acosta – Owner, Next Level Creative

Professional of the Year

  • Denisse Centeno Lamas – Hispanic Family Counseling Inc.
  • Janice Lopez – Vice President, Sr. Business Consultant, JP Morgan Chase
  • Rommel Ariza – Valens General Services & Contracting

Woman-Owned Business of the Year

  • The License Pro – Maelyn Arroyo
  • Green Squad Solar – Midyivia Torres Vega
  • Urbander – Sami Haiman-Marrero, CEO

Small Business of the Year

  • El Kiosko 38 – Guillermo & Martha Tejada
  • Ladder & Heels Adjusting – Mari Ivelisse Rivera
  • Learning Tree PPEC – Veronica Luna & Raul Ramirez

Lifetime Achievement Award

The Lifetime Achievement Josco Award 2024 will be presented to Dr. Antonia Coello Novello, the first woman and first Hispanic to serve as Surgeon General of the United States, for her groundbreaking contributions to public health and her lifelong dedication to underserved communities.

Additionally, the Chamber will recognize the recipients of the “Future Leaders Scholarships”, awarded to promising young Puerto Rican and Hispanic leaders. These scholarships are made possible by the Chamber and its sponsors, underscoring the Chamber’s commitment to empowering youth through education and leadership opportunities.

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Business

CFHLA Hires Veteran Journalist Keith Landry as New Director of Communications and Marketing

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ORLANDO, Fla. (FNN) – The Central Florida Hotel and Lodging Association (CFHLA) announced today the appointment of Keith Landry as its new Director of Communications and Marketing, effective September 18, 2024. With a 26-year career as a TV news anchor and reporter, including nearly 14 years at Fox 35 News Orlando, Landry brings a wealth of media experience to the role.

CFHLA President and CEO Robert Agrusa expressed enthusiasm for Landry’s appointment, highlighting his dedication to telling the stories of the hardworking individuals in Central Florida’s hospitality industry. Agrusa noted that Landry’s experience will help promote the industry’s significant impact, including creating jobs, generating tax revenue, and enhancing the quality of life for residents and visitors.

Landry, the founder of Keith Landry Media, shared his excitement for the new role, stating, “Tourism dollars significantly support our local families, saving them an average of $7,400 per year on taxes. I look forward to sharing these vital stories with our community.”

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