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Resident Realtors: Realtor Report

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This neighborhood market report is brought to you by our Resident Realtors, John Scolaro with Coldwell Banker Realty and Kendle Arribas with The Agency. Both are long-term residents of Hidden Springs and have a deep understanding of our community. If you're thinking about selling your home and would like a free market evaluation, please contact either of them via the links above. 

Orlando's State of the Market

“Interest rates have dropped to their lowest level since August 2022, providing much-needed relief for buyers,” said Rose Kemp, President of the Orlando Regional REALTOR® Association. “This decrease can significantly reduce monthly mortgage payments by hundreds of dollars. Additionally, buyers have more leverage and options, with homes staying on the market longer and inventory increasing. Now is the perfect time to explore the market, find your dream home, and secure a favorable rate.”

In the greater Orlando market:

 

  • August’s interest rate was recorded at 6.1%, down from 6.6% in July. This is the lowest interest rates have been since August 2022.

  • Homes spent an average of 57 days on the market (DOM) in August – up from 55 in July.

  • Inventory for August was recorded at 11,511, up 3.2% from July when inventory was recorded at 11,158. This is the eighth month in a row inventory has risen. The last time inventory was this high was September 2015. Inventory in August 2024 was 88.2% higher than in August 2023.

  • The median home price for August was recorded at $384,500, down from $390,000 in July.

  • Overall sales held steady from July to August. There were 2,655 sales in August, compared to 2,652 sales in July.

  • New listings fell 5.2% from July to August, with 3,856 new homes on the market in August, compared to 4,067 in July.

 

Hidden Springs/Estates Activity

For the period of May 14-October 1, 2024, our neighborhood had seven home sales. Four homes were paid for in cash, and three homes were conventional loans. The highest sale was for $735,000 on Cedar Pine in August, and lowest was for $520,000 on Sago Palm Dr. There is one home available for sale on Cedar Pine Dr. and one home is pending on Pine Springs Dr. Updates to your home, proper maintenance and curb appeal all add value. When our neighborhood looks good, it helps increase everyone’s home values. Please do what you can to keep your homes looking their best both with interior updates as well as landscaping and lawn maintenance.

Real Estate Report for Hidden Springs/Estates

May 14-October 1, 2024

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