The Orlando Housing Market Update for February 2020.
Orlando’s housing market in February saw its home sales improve by more than 4% compared to February 2019, while the median price increased by 6%. Inventory experienced a year-over-year decline of 17%.
The following data, supplied by the Orlando Regional Realtor Association, does not reflect any changes to the market affected by the Coronavirus situation – the data sourced runs through the end of February, before any cases were reported within the US. ORRA does anticipate an impact from the coronavirus situation on the real estate market, but are unable to predict what that might be.
The image below shows the Market Data for the Orlando & surrounding areas
from January 2018 thru February 2020.
The Following graph shows New Listings, New Contracts on Listings, Total Pendings, and Closed Sales over the last two years!
The following shows the cyclical pattern of New Listings over the last 3 years!
The following shows the total number of homes listed for sale over the last 3 years! Total inventory has fallen further since last month.
The following shows the Average Monthly Mortgage Rate over the last 3 years!
The Avg rate for February continued to drop; U.S. long-term mortgage rates hit the all-time lows last week amid anxiety over risks to the economy from the deepening coronavirus crisis.
The following shows the total number of listings under contract (pending a sale) over the last 3 years. We show this graph to show what, if any, effect the coronavirus situation will have on the real estate market.
This next graph shows the cyclical pattern of Listings taken off the market.
The winter month of December typically showing the highest number of units off the market, with Jan thru March showing the lowest numbers!
A spike shown in August 2017 could be explained by the formation of Hurricane Irma towards the end of that month!
The World Health Organization on Wednesday declared the viral outbreak a pandemic. The number of cases continue increasing in Florida, and the first 2 cases reported in Orlando yesterday!
Financial markets continued to shudder amid a cascade of cancellations and shutdowns across the globe due to the COVID-19 virus. For the second time this week, U.S. stock prices tumbled so sharply at the opening bell that a circuit breaker meant to slow panic trading was triggered on Wall Street, halting all activity for 15 minutes. The Dow Jones Industrial Average closed in a bear market Wednesday for the first time in more than a decade.
The record low mortgage rates have been a boon to potential homebuyers, and they give many homeowners an opening to refinance into lower-rate loans to free up money to spend or save.
But prospective buyers may be reticent to shop for homes amid the coronavirus outbreak, seeking to avoid social contact. That could slow home sales. And ultra-low mortgage rates aren’t likely to produce a significant rise in home sales this year because the supply of homes for sale remains at historic lows, and could stay this way if this health crisis worsens.
We will continue to watch this crisis closely, and post more updates as we receive them!