Orlando Housing Market Update – April 2018

Orlando’s median home price rose 6 percent in March when compared to March of last year, while sales held steady with a slight 1 percent increase. Inventory declined by nearly 10 percent compared to this time in 2017.

 

 

The overall median price of all types of Orlando homes combined sold in March is $230,000. The same median price last March was $218,000 (a $12,000 increase over last year). The increase for the month, from February 2018 is $2,000.

The median price for single-family homes that changed hands in March increased 6.3 percent over March 2017 and is now $249,900. The increase in the median price for condos was greater at 19.4 percent to $122,900.

The Orlando housing affordability index for March is 133.76 percent, up from 132.60 last month. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home. The higher the index number, the better).

The first-time homebuyers affordability index increased to 95.12 percent, from 94.29 percent last month.

Sales and Inventory

Realtor members of ORRA participated in 3,508 sales of all home types combined in March, which is only a slight 0.9 percent more than March 2017 sales, however this represents an increase of 38.2 percent more than the 2,538 sales last month, in February 2018.

Sales of distressed homes (foreclosures and short sales) reached only 115 in March, 57.7 percent less than the 272 distressed sales in the same month last year. Distressed sales accounted for only 3.3 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for sale in March (7,710) represents a decrease of 9.7 percent when compared to the same month last year, and a small 0.1 percent increase compared to last month. Current inventory combined with the current pace of sales created a 2.2-month supply of homes in Orlando for March compared to a 3.04-month supply last month. There was a 2.46-month supply in March 2017.

This lack of inventory creates an opportunity for anyone looking to sell their home; and we are finding it common for well presented fairly priced homes to receive multiple offers and they are selling quickly. The challenge, however, is being able to find your NextHome.

Pending sales in March are up 3.6 percent compared to last month (which is following the annual trend), however this is down 6.6 percent compared to March of last year. The opportunity for buyers is in looking at homes that may need work doing to them, or homes originally listed too high, above the fair market price, & that have been on the market for longer than the average. These homes invariably sell for less than the fair market value.

Need help in Selling your home, request a free home valuation, or finding your NextHome, please contact us

 

This data is supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may 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, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly 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.

 

Orlando Housing Market Update – March 2018

The Orlando Housing Market for March 2018 showed that in February, the median home price had risen 10% over the same month last year; the total number of sales increased by 1% and the number of homes listed for sale was 9% less than February 2017.

 

 

The overall median price of all types of Orlando homes combined sold in February is $228,000. The same median price last February was $206,500 (a $21,500 increase over last year). The increase for the month, from January 2018 is $3,000.

There has been an increase in median price every month for the last 80 consecutive months. This represents an increase of 97.4 % from July 2011 to Feb 2018.

Did Hurricane Irma effect the Orlando Real Estate Market in September

Orlando Real Estate Market Update

Hurricane Irma helped drive Orlando’s home sales down by nearly 20 percent in September compared to September of last year, reports the Orlando Regional REALTOR® Association. In addition, sales decreased by almost 30 percent when compared to last month.

“Based on our previous experience with hurricanes, REALTORS® expected September sales to post a decline,” says ORRA President Bruce Elliott. “Hurricanes delay closings due to circumstances such as title companies without power and home damage that requires repair and another inspection. Hurricanes also typically cause a decline in inventory as properties are taken off the market for repair, or as owners stall plans to list their homes while they deal with hurricane aftermath. It’s no surprise that new listings for the month of September dropped by 31 percent compared to September of 2016.”

Despite the impact of Hurricane Irma, the median price of Orlando homes sold during the month of September continued its upward trend. The overall median home price (all home types combined) is $225,000, which is 9.8 percent above the September 2016 median price of $205,000. The median price remains unchanged from last month.

Year-over-year increases in median price have been recorded for the past 74 consecutive months; as of September 2017, the overall median price is 94.8 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in September increased 8.9 percent over September 2016 and is now $245,000. The median price for condos increased 26.9 percent to $118,000.

The overall average home price for September 2017 is $267,578, an increase of 8.4 percent over the average home price in September 2016. The average home listed for $276,276 in September and sold for 96.9 percent of its listing price (97.1 percent in September 2016).

Sales

Members of ORRA participated in 2,526 sales of all home types combined in September, which is 18.8 percent less than the 3,110 sales in September ‘16 and 29.5 percent less than the 3,580 sales in August ‘17.

Sales of single-family homes (1,926) in September 2017 decreased by 20.8 percent compared to September 2016, while condo sales (316) decreased 12.0 percent.

Sales of distressed homes (foreclosures and short sales) reached only 127 in September and are 60.0 percent less than the 325 distressed sales in September 2016. Distressed sales made up 5.0 percent of all Orlando-area transactions last month.

The average interest rate paid by Orlando homebuyers in September was 3.84 percent, down from 3.92 percent the month prior.

The overall inventory of homes that were available for purchase in September (8,643) represents a decrease of 16.6 percent when compared to September 2016, and a 2.2 percent decrease compared to last month. There were 14.3 percent fewer single-family homes and 27.9 percent fewer condos.

Current inventory combined with the current pace of sales created a 3.4-month supply of homes in Orlando for September. There was a 3.3-month supply in September 2016 and a 2.5-month supply last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in September were down by 19.3 percent when compared to September of 2016. Year to date, MSA sales are up by 2.3 percent.

Each individual county’s sales comparisons are as follows:

*Lake: 20.5 percent below September 2016;
*Orange: 18.7 percent below September 2016;
*Osceola: 15.1 percent below September 2016; and
*Seminole: 23.1 percent below September 2016.

 

To download the Orlando Market Pulse property data report for October 2017 click here 2017 October Market Pulse. For an analysis of this data and valuation of your home please contact Alex on 407-529-7253.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may 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, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.