Orlando Area Real Estate Market Report: Balancing Act in April 2023

The Orlando, Florida real estate market remains a hot topic of conversation for both buyers and sellers across the U.S. For the Orlando residential real estate updates for April 2023, we uncover some interesting trends and figures that shed light on the current landscape of Orlando's vibrant housing sector. From inventory fluctuations to steady prices and shifting interest rates, let's explore the latest updates and what they mean for those interested in Orlando homes for sale. Increased Inventory Points to a Balancing MarketIn April 2023, the total inventory of Orlando properties reached 5,148, indicating a 1.9% increase compared to March 2023.  Despite the rise in inventory, the total number of new listings experienced a slight decrease of 6.4% compared to the previous month. This decrease in new listings, combined with the increased overall inventory, suggests that sellers may be holding back slightly, potentially leading to a more competitive market for those looking to sell their homes in Orlando and throughout Central Florida. Steady Prices Offer Stability Amidst the shifting dynamics, the median price and average price of Orlando homes remained steady in April 2023. The median price stood at $370,000, marking a 1.4% increase compared to March 2023. Similarly, the average price reached $443,718, showing a 2.7% increase from last month. These steady price trends indicate a healthy and stable market, offering confidence to both buyers and sellers in the region. Average Days on Market One significant aspect to consider when analyzing the real estate market is the average number of days a property spends on the market. In April 2023, the average days on the market decreased by 8.8% compared to the previous month, reaching 52 days. While this reduction is encouraging, it is important to note that it represents a substantial 116.7% increase from April 2022 when the average days on the market were only 24 days. The longer average days on the market compared to the previous year indicate a more deliberate buying process and a slight decrease in the sense of urgency among potential buyers. This change can be attributed to the increased inventory and a market that is gradually normalizing, providing buyers with more time to explore their options. Months of Supply and Market Balance Another crucial indicator of market stability is the "months of supply." In April 2023, the months of supply stood at 1.86, up from 1.72 in March. This metric measures how long it would take for the current inventory of homes to sell, given the current pace of sales. A balanced market typically hovers around 5-7 months of supply, indicating an equilibrium between supply and demand. While the months of supply in Orlando are still below the balanced market range, the upward trend suggests a potential move toward equilibrium. As inventory levels continue to rise, it is essential to monitor how this metric evolves in the coming months, as it will provide further insights into the overall market conditions. Impact of Interest Rates In April 2023, the real estate market in Orlando, FL (Lake, Orange, Seminole, and Osceola Counties) experienced a slight drop in interest rates.  The average mortgage rate is around 6.4% and cautions some would-be home buyers and sellers, as even a small increase in rates can significantly impact affordability. Therefore, it's advisable for those considering purchasing or selling Orlando homes to closely monitor interest rate fluctuations and consult with mortgage professionals to make informed decisions. In conclusion, the Central Florida real estate market in April 2023 shows signs of a potential balancing act. With an increase in inventory and a steady median and average price, buyers have a wider range of options. However, the real estate market in the Orlando area and throughout Florida could be headed toward a more balanced market. The slight drop in interest rates provides some extra buying power, but it's crucial to consider the potential impact of future rate changes. Whether you're looking to buy or sell in Orlando, staying informed about the market trends and seeking expert advice will help you navigate this dynamic and exciting real estate landscape.

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Unlock the potential for your children's future by finding a home near one of the best schools in Central Florida.

When it comes to finding the perfect home, families often prioritize the quality of education in their desired home search area. As Realtors, we understand the significance of schooling and its impact on children's development. That's why it's exciting to share the recently released 2023 school rankings by Niche.com, shedding light on the top schools in Lake, Orange, Osceola, and Seminole Counties, as well as the notable high schools in the vibrant Orlando area. Niche.com has established itself as the go-to platform for connecting students and families with schools and colleges across the United States. With comprehensive profiles, over 140 million reviews and ratings, and powerful search and data tools, Niche.com assists millions of individuals in finding the educational institutions that best suit their needs. Below, you'll find school district ratings and the top two high schools in each district, along with any noteworthy state and national-level recognitions. Lake County Public Schools Starting in Lake County, the overall district rating stands at B-. However, two high schools stand out among the rest. Lake Minneola High School, with its impressive A- rating, offers an excellent educational environment. Similarly, East Ridge High School also rated A-, has established itself as a top-notch high school in Clermont, FL. Orange County Public Schools Moving on to Orange County, the district earns a respectable B+ rating. Notably, it has been recognized as the number one best school district for athletes in Florida, highlighting its commitment to fostering well-rounded individuals. Additionally, it ranks as the 20th-best school district in the state. The crown jewel of the district is the Orlando Science Middle/High Charter School, which boasts an outstanding A+ rating. Not only does it claim the top spot among charter middle and high schools in Florida, but it also holds six other top 20 rankings at the state level and three top 20 rankings at the national level. Winter Park High School, also rated A+, shines as the third-best public high school in the Orlando area and the 20th-best college prep public high school in Florida. Osceola County Public Schools In Osceola County, the district receives a rating of B-. However, it is home to two exceptional high schools. NeoCity Academy, with its impressive A+ rating, ranks as the ninth-best magnet high school in Florida. Its dedication to providing specialized education is commendable. Meanwhile, Osceola County School for the Arts, with an A rating, secures the fourth spot among the best high schools for the arts in Florida. Seminole County Public Schools Seminole County Public Schools garners an A- rating, signifying its commitment to excellence. It also stands out as the fourth-best school district for athletes in Florida and the fourth-best school district in the state. Within Seminole County, Oviedo High School and Hagerty High School have proven their worth with solid A ratings, contributing to the district's stellar reputation. If you're considering a move to Orlando, FL, exploring the school options available throughout Lake, Orange, Seminole, and Osceola Counties is essential. As Realtors, we genuinely care about the decisions you make and understand the paramount importance of providing your children with a top-tier education. By considering the 2023 school rankings by Niche.com, you can gain valuable insights into the educational landscape of Central Florida. Armed with this knowledge, you can confidently search for Orlando homes for sale, knowing that you are prioritizing your children's educational well-being. Remember to consult niche.com for more detailed information on each school, including reviews and ratings from students and families.

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Baldwin Park: Where Delicious Dining Meets Dream Homes

Baldwin Park is a beautiful and vibrant community located in the heart of Orlando, Florida. This charming neighborhood is known for its tree-lined streets, inviting parks, and thriving local businesses. Whether you're a foodie looking for a delicious meal or a prospective homeowner searching for the perfect place to settle down, Baldwin Park has something for everyone. Location: Baldwin Park is located in the heart of Orlando, which means it's close to all the city's major attractions. You're just a short drive from downtown Orlando, the theme parks, and the airport. The neighborhood is just minutes from Winter Park, another charming community with a thriving downtown area. Community: Baldwin Park is known for its strong sense of community. Residents here are friendly and welcoming, and there are plenty of community events and activities to participate in. The neighborhood has several parks and green spaces, as well as a community pool and fitness center. Schools: If you have kids, you'll be pleased to know that Baldwin Park has some of the best schools in the area. The neighborhood is home to Baldwin Park Elementary School, Glenridge Middle School, and Winter Park High School, all of which are highly rated. Walkability: Baldwin Park is a very walkable community, with plenty of sidewalks and pedestrian-friendly streets. You can easily walk to the shops and restaurants in the neighborhood, as well as the community amenities. Housing options: Baldwin Park offers a wide range of housing options, from cozy condos to spacious single-family homes. Whether you're a first-time homebuyer or looking for your dream home, you'll find something to fit your needs and budget in this neighborhood. Restaurants: One of the main draws of Baldwin Park is its diverse selection of restaurants. Whether you're in the mood for sushi, burgers, or Mediterranean cuisine, you'll find something to satisfy your cravings here. Here are a few of our top picks for dining in Baldwin Park: Seito Sushi: If you're a sushi lover, you won't want to miss Seito Sushi. This award-winning restaurant offers a wide variety of fresh, creative sushi rolls and other Japanese dishes. Be sure to try the "Pimp my Roll" option, which allows you to customize your sushi roll. Colibri Mexican Cuisine: For a taste of authentic Mexican cuisine, head to Colibri. This cozy restaurant offers a range of classic dishes, from tacos and burritos to enchiladas and fajitas. Don't miss the margaritas, which are some of the best in town. Osprey Tavern: If you're in the mood for upscale American cuisine, check out Osprey Tavern. This sleek restaurant offers a range of dishes, from roasted chicken to grilled octopus. Be sure to save room for dessert—their homemade ice cream is a must-try. Meza Mediterranean Grill: A popular restaurant in Baldwin Park that serves up delicious Mediterranean cuisine. The restaurant is known for its flavorful dishes, which include a variety of hummus, falafel, shawarma, and kebab options. Meza's casual yet chic atmosphere makes it a great spot for a quick lunch or a relaxed dinner with friends and family. Overall, Baldwin Park is a wonderful community that offers a great quality of life. With its strong sense of community, convenient location, and range of housing options, it's no wonder that many people choose to call this neighborhood home. Whether you're looking for a cozy condo, townhome, or a spacious single-family home, you'll find something to love in this charming neighborhood. If you're considering a move to Orlando, be sure to check out Baldwin Park—it just might be the perfect place for you.

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