Orlando Housing Market Update – March 2020

The Orlando Housing Market Update for March 2020.

Orlando’s housing market in March saw its home sales improve by nearly 2% compared to March 2019, while the median price increased by 8%.

Inventory experienced a year-over-year decline of 10%, which was to be expected with the Stay at Home order put in place during the month.

However, we will have to wait until the April update before seeing the effects of the COVID-19 pandemic on Orlando’s home sales statistics!

 

The image below shows the Market Data for the Orlando & surrounding areas

from February 2018 thru March 2020.

ORRA Market Pulse March 2020

The Following graph shows New Listings, New Contracts on Listings, Total Pendings, and Closed Sales over the last two years!

ORRA Market Data March 2020 2-Year Running Recap

The following shows the cyclical pattern of New Listings over the last 3 years!

ORRA Market Data March 2020 3-Year New Listings graph

This picture shows the chart for New Listings as a better comparison to last year. You will see that the number of New Listings are less than the number last year & for 2018.

However, the number of new listings did increase over last year!

ORRA Market Data March 2020 3-Year New Listings chart

 The following shows the total number of homes listed for sale over the last 3 years! Total inventory, although has increased from last month, has fallen further over last year.

ORRA Market Data March 2020 3-Year Inventory graph

The following graph shows the comparison over the past two years better. You will see that total inventory is less than March of the previous two years!

ORRA Market Data March 2020 3-Year Inventory chart

The following shows the Average Monthly Mortgage Rate over the last 3 years!

This past month has seen the rates bounce up & down almost daily, however the average rate has stayed level from last month!

ORRA Market Data March 2020 3-Year Mortgage Rates graph

This chart shows more clearly how low the mortgage rates are currently, compared to the last two years!

ORRA Market Data March 2020 3-Year Mortgage Rates chart

The following shows the total number of listings under contract (pending a sale) over the last 3 years.

ORRA Market Data March 2020 3-Year Total Under Contract

This chart shows the Pending Contracts compared to the previous two years better, and this is the first sign of a potential reduction in sales!

You will see that during both 2018, and 2019 the number of pending contracts continued to increase each month from January through April.

Numbers for March did fall over last month’s!

ORRA Market Data March 2020 3-Year Total Under Contract chart

We are just over 3 weeks into the Stay at Home order in Orange County, and have seen the first signs of a slowdown in transactions.

We will continue to watch the data and present the facts here; please remember that you can find a lot of information (and opinions) online but it is always best to look at the facts!

Obviously with the need to practice social distancing, prospective buyers may not have as many opportunities to view homes in person. This could slow home sales, but with the ultra-low mortgage rates and the supply of homes remaining at historic lows, the signs are that the median price of homes may not be hit as some had been predicting!

Orlando Housing Market Update – February 2020

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.

ORRA Market Pulse Feb 2020

The Following graph shows New Listings, New Contracts on Listings, Total Pendings, and Closed Sales over the last two years!

ORRA Market Data Feb 2020 2-Year Running Recap

The following shows the cyclical pattern of New Listings over the last 3 years!

ORRA Market Data Feb 2020 3-Year New Listings

The following shows the total number of homes listed for sale over the last 3 years! Total inventory has fallen further since last month.

ORRA Market Data Feb 2020 3-Year Inventory

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.

ORRA Market Data Feb 2020 3-Year Mortgage Rates

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.

ORRA Market Data Feb 2020 3-Year Total Under Contract

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!

ORRA Market Data Feb 2020 3-Year Units Off the Market

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!

Orlando Housing Market Update – January 2020

The Orlando Housing Market Update for January 2020.

Orlando’s housing market in January marked a second consecutive month of double-digit year-over-year sales increases. Sales improved by more than 16 percent compared to January 2019, while the overall median price of homes (all types combined) increased to $245,000, which is 7.9% above the January 2019 median price of $227,000. However, the numbers of homes available for purchase in Orlando, although an 0.1% increase compared to last month, dropped by 14.7% when compared to January 2019.

 

 

The image below shows the Market Data for the Orlando & surrounding areas

from December 2017 thru January 2020.

ORRA Market Pulse Jan 2020

The Following graph shows New Listings, New Contracts on Listings, Total Pendings, and Closed Sales over the last two years!

ORRA Market Data Jan 2020 2-Year Running Recap

The following shows the cyclical pattern of new listings over the last 3 years!

ORRA Market Data Jan 2020 3-Year New Listings

The following shows the total number of homes listed for sale over the last 3 years! Total inventory still remains low.

ORRA Market Data Jan 2020 3-Year Inventory

The following shows the Average Monthly Mortgage Rate over the last 3 years!

The Avg rate for January dropped to 3.55%; the lowest since November 2012!

ORRA Market Data Jan 2020 3-Year Mortgage Rates

The market data still points to an active start to the year with pending sales in January up 7.8% compared to January of last year; Pending sales are up 25.9% compared to last month.

Orlando Housing Market Update – December 2019

The Orlando Housing Market Update for December 2019.

Orlando’s annual median home price for Dec 2019 is 4% higher than the Dec 2018 annual median price, while annual sales are 2% above that in the same month in 2018. For all of 2019, the inventory of available homes saw an increase of 1% in compared to 2018.

 

 

The image below shows the Market Data for the Orlando & surrounding areas

from November 2017 thru December 2019.

 

Market Pulse Data Dec 2019 ORRA

The Following graph shows New Listings, New Contracts on Listings, Total Pendings, and Closed Sales over the last two years!

ORRA Market Data Dec 2019 2-Year Running Recap

The following shows the cyclical pattern of new listings over the last 3 years! Typically December shows the lowest numbers of new listings.

ORRA Market Data Dec 2019 3-Year New Listings

The following shows the total number of homes listed for sale over the last 3 years! This December shows the lowest numbers of homes listed over the last 3 years.

ORRA Market Data Dec 2019 3-Year Inventory

The following shows the Average Monthly Mortgage Rate over the last 3 years! The last 3 months have shown historically, some of the lowest rates!

ORRA Market Data Dec 2019 3-Year Mortgage Rates

The data above shows that we currently have the lowest inventory levels that we’ve had over the last 3 years, with some of the lowest mortgage rates. As we move into the new year, and with the expected but gradual increase of new listings coming on the market, we should see an active start to the year in residential sales here in Orlando!

 

 

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.

Orlando Housing Market Update – Year End 2017

Orlando housing market ends 2017 with increases in both cumulative sales and median price

Orlando home sales completed during 2017 finished out at 37,198, which according to the Orlando Regional REALTOR® Association is 3.8 percent above the cumulative sales total of 35,829 for 2016. By comparison, annual sales in 2016 were 1.9 percent greater than in 2015.

 

 

In addition, Orlando’s annual median home price ($220,000) is 10.0 percent higher than the 2016 annual median price ($200,000) thanks to another 12 consecutive months of year-over-year price increases.

“Median price was driven during 2017 primarily by a combination of strong buyer demand and very low inventory levels,” explains 2018 ORRA President Lou Nimkoff, Brio Real Estate Services LLC. “REALTORS® expect prices to continue their upward trend in 2018, albeit at a slower rate.”

“We also expect low inventory to continue to exert its influence on the market in 2018, especially in the highly desired lower-priced categories,” says Nimkoff. “In fact, the lack of affordable housing in Orlando is a concern that REALTORS® anticipate will be at the forefront of community discussion in 2018.”

Editor’s Note: Additional 2017 cumulative statistics are included at the end of this release

December 2017 Market Recap

Price

The overall median price of Orlando homes (all types combined) sold in December is $230,000, which is 10.3 percent above the December 2016 median price of $208,500.

Year-over-year increases in median price have been recorded for the past 78 consecutive months; as of December 2017, the overall median price is 99.1 percent higher than it was back in July 2011.

The current median price is 2.2 percent higher than last month’s $224,995.

The median price for single-family homes that changed hands in December increased 7.7 percent over December 2016 and is now $245,000. The median price for condos increased 22.8 percent to $120,000.

The overall average home price for December 2017 is $279,474, an increase of 16.5 percent over the average home price in December 2016. The average home listed for $287,945 in December and sold for 97.1 percent of its listing price (97.2 percent in December 2016).

Sales

Members of ORRA participated in 3,006 sales of all home types combined in December, which is 0.3 percent more than the 2,997 sales in December 2016 and 8.6 percent more than the 2,767 sales in November 2017.

Sales of single-family homes (2,328) in December 2017 decreased by 2.8 percent compared to December 2016, while condo sales (348) increased 10.1 percent.

Sales of distressed homes (foreclosures and short sales) reached only 149 in December and is 49.0 percent less than the 292 distressed sales in December 2016. Distressed sales made up 5.0 percent of all Orlando-area transactions last month.

The average interest rate paid by Orlando homebuyers in December was 3.97, up from 3.96 percent the month prior.

The overall inventory of homes that were available for purchase in December (7,508) represents a decrease of 12.6 percent when compared to December 2016, and a 9.5 percent decrease compared to last month. There were 9.4 percent fewer single-family homes and 27.5 percent fewer condos.

Current inventory combined with the current pace of sales created a 2.50-month supply of homes in Orlando for December. There was a 2.9-month supply in December 2016 and a 3.0-month supply last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in December were up by 1.2 percent when compared to December of 2016.

Each individual county’s sales comparisons are as follows:

*Lake: 9.5 percent above December 2016;
*Orange: 0.5 percent below December 2016;
*Osceola: 4.5 percent above December 2016; and
*Seminole: 4.4 percent below December 2016.

2017 Annual Market Recap
(cumulative 2017 totals compared to cumulative 2016 totals)

Median Price

• The 2017 annual median price of $220,000 is an increase of 10.0 percent when compared to 2016’s annual median price of $200,000.
• The annual median price of single-family homes increased 8.2 percent to $238,000 in 2017, while the median price of condos increased 17.7 percent to $111,800. The median for duplexes, town homes, and villas increased 10.8 percent.
• The 2017 annual median price of normal homes increased 7.1 percent to $225,000. The short sales median price increased by 4.2 percent and the bank-owned median price increased by 14.8 percent.

Sales

• Sales in 2017 were up by 3.8 percent over 2016. A total of 37,198 homes were sold in 2017 compared to 35,829 the previous year.
• Sales of single-family homes increased 2.1 percent over 2016, while condo sales increased 10.3 percent. Sales of duplexes, town homes, and villas increased 10.7 percent.
• Normal sales increased by 11.9 percent in 2017. Foreclosure sales decreased 49.3 percent in 2017, and short sales decreased by 40.8 percent.
• By year’s end in 2017, 44,343 homes were sold in the Orlando MSA whereas 43,062 homes had been sold by year’s end in 2016, for a 3.0 percent increase. Each individual county’s year-end sales comparisons are as follows:
>Lake: 7.2 percent above 2016;
>Orange: 2.8 percent above 2016;
>Osceola: 7.9 percent above 2016;
>Seminole: 3.8 percent below 2016.

To download the Orlando Market Pulse property data report for December 2017 click here 2017 December Market Pulse. For an analysis of this data and valuation of your home, or a more detailed analysis by zipcode, 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.

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.