News & Information: Real Estate News

ORRA Housing Market Report - August 2017

Monday, September 18, 2017  
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Orlando home sales, median price both rise in August

Reminder: This report reflects Orlando's housing market activity during the month of August, prior to Hurricane Irma's landfall on September 10. The market report to be released in October will reflect Orlando’s housing market activity for the month of September along with the impact of Hurricane Irma.

The median price of Orlando homes sold during the month of August increased nearly 10 percent while sales increased almost 3 percent compared to August 2016, reports the Orlando Regional REALTOR® Association. Inventory continued its year-over-year slide and dropped about 16 percent.

Orlando’s overall median home price (all home types combined) is $225,000, which is 9.8 percent above the August 2016 median price of $205,000. Year-over-year increases in median price have been recorded for the past 73 consecutive months; as of August 2017, the overall median price is 94.8 percent higher than back in July 2011.

The median price for single-family homes that changed hands in August increased 7.5 percent over August 2016 and is now $241,850. The median price for condos increased 12.5 percent to $112,500.

The overall overage home price for August 2017 is $259,331, an increase of 6.7 percent over the average home price in August 2016. The average home listed for $266,784 in August and sold for 97.2 percent of its listing price (97.3 percent in August 2016).

Sales

Members of ORRA participated in 3,544 sales of all home types combined in August, which is 2.7 percent more than the 3,451 sales in August 2016 and 4.8 percent more than the 3,381 sales in July 2017.

“Buyer interest has held up strongly this summer and homes are selling fast, but inventory continues to dampen sales,” says ORRA President Bruce Elliott, Regal R.E. Professionals LLC. “REALTORS® that I speak with describe prospective buyers who are challenged by a minimal selection of homes that fit their budgets and wish lists, especially in the lower price categories.”

Elliott offers hope for struggling buyers by pointing out that autumn typically brings about a decline in competition as the rush to be in a home for the start of school dwindles. “However, with Orlando’s low inventory conditions, buyers shouldn’t expect big discounts in asking price,” continues Elliott. “And they still need to be able to make a decision and put in a solid offer in a timely fashion.”

Sales of single-family homes (2,742) in August 2017 increased by 1.3 percent compared to August 2016, while condo sales (422) increased 2.9 percent.

Sales of distressed homes (foreclosures and short sales) reached only 204 in August but is still 3.6 percent more than the 197 distressed sales in August 2016. Distressed sales made up 5.8 percent of all Orlando-area transactions last month.

The average interest rate paid by Orlando homebuyers in August was 3.92 percent, down from 4.01 percent the month prior.

The overall inventory of homes that were available for purchase in August (8,833) represents a decrease of 15.9 percent when compared to August 2016, and a 2.4 percent decrease compared to last month. There were 13.5 percent fewer single-family homes and 27.5 percent fewer condos.

Current inventory combined with the current pace of sales created a 2.5-month supply of homes in Orlando for August. There was a 3.0-month supply in August 2016 and a 2.7-month supply last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in August were up by 2.5 percent when compared to August of 2016. Year to date, MSA sales are up by 5.0 percent.

Each individual county’s sales comparisons are as follows:

*Lake: 1.2 percent above August 2016;
*Orange: 2.8 percent above August 2016;
*Osceola: 8.1 percent above August 2016; and
*Seminole: 1.7 percent below August 2016.

 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.


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