Video: Number of homes for sale around Orlando hits historic low A quarter of a century after construction began, the 4,000 Baldwin Park homes have become some of the most desirable homes in the city of Orlando. (WFTV)
Orlando, Florida – A quarter of a century after construction began, the 4,000 Baldwin Park homes have become some of the most desirable homes in the city of Orlando.
Gardens and trees surround the quiet streets. Neighbors can gather on balconies, run on the bike paths, or walk less than a mile to the community’s trendy downtown area, with sweeping views of the lake.
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No wonder the median home value for ZIP Code 32814 exceeds $600,000, according to real estate websites, 50% more than the metro average.
But for house hunters who like to be selective, there’s never been a worse time to try moving there. Of those thousands of homes, only one was for sale as of January 21: 4381 New Broad Street.
Its list price was $1,995,000.
Baldwin Park is a microcosm of the entire area. Orlando and surrounding communities had 2,586 historically low homes, townhouses and condos for sale in December, according to data from the Orlando Regional Association of Realtors (ORRA), which has held records since 1995. The previous low was set in April during the start of the housing boom in 2021. Prior to last year, stock had not “hit its lowest level” since 2005.
Historically, approximately 10,000 homes are available on average.
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“In the 17 years I’ve been doing this, I’ve never seen – these are truly unprecedented times for us,” said Kristin Mazza, realtor Keller Williams. “Sellers are kind of sitting in the catbird seat now, waiting and excited for their homes to be listed.”
In the summer, some dealers expected that the off-season would give the market a chance to cool off and allow the stock to recover at least partially.
This did not happen. While the intense bidding wars seen during the summer months didn’t last, Mazza said they were happening on a smaller scale. Buyers still bid all cash and forgo the usual steps in the process to let deals swing their way.
In contrast, the stock continued to decline. This is partly because the homeowners have formed a new attachment to their property, Mazze explained.
“I think people are starting to value their homes more, and maybe instead of moving, they’ve decided to stay in the home they loved, cherished and preserved for many years,” she said.
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It is not feeling well among younger buyers, who have fewer start-up homes to choose from at much higher prices, since people aren’t moving in. The average listing in the metro area last month topped $400,000 for the first time, with a selling price of just a few thousand dollars.
Nor will it be appreciated in the spring and summer, as customers anticipate a return to the chaos and frustration we saw in 2021.
Mazza recommended that potential buyers work with professionals to put their finances in order and prepare to make quick decisions as homes enter the market.
However, she believes that the upcoming end to one of the catalysts that has existed since the early days of the pandemic will slow some price ranges.
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“It might not be better later,” she said, before adding, “I think stocks will stay low, so markets will still be very aggressive.”
In the long run, the stock of homes that buyers can choose from must rise before a general cooling occurs. It is not clear when this will happen. People still move to Orlando by the thousands and foreclose on properties as soon as they reach the market. For newer construction, Mazza said the communities have hundreds of people on waiting lists before the typical homes are built.
“Sometimes people are disappointed that they don’t get the home they want,” she said. “I’d like to tell you: All in all, it’s a great time to invest in real estate in Central Florida.”
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