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.
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.