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Housing Market Narrative

Orlando Housing Market Activity: February 2020

Orlando home sales and median price tick upward as inventory continues to drop

(Released March 16, 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% and continues to be a mitigating factor.

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Orlando home sales and median price tick upward as inventory continues to drop

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% and continues to be a mitigating factor, reports the Orlando Regional REALTOR® Association.

ORRA President Reese Stewart, RE/MAX Propeties SW, points out that Orlando REALTORS®, like those across the country, anticipate an impact from the coronavirus situation on the real estate market but are unable to predict what that might be.

“For example if buyer demand eases, we could see a positive influence on Orlando’s critically low inventory levels while at the same time seeing a negative impact on sales,” says Stewart. “On the flip side, if prospective sellers decide not to list their homes for the traditional spring/summer selling season, there could be a further decline in the number of homes available for purchase in the Orlando area.”

Stewart also emphasizes that homebuyers and sellers can turn to their REALTORS® for a discussion of best safety practices related to mitigating the risk of coronavirus. Options include maximizing technology such as video home tours, or implementing pre- and post-showing sanitization routines for both buyers and sellers.

Median Price

The overall median price of Orlando homes (all types combined) sold in February is $250,000, which is 6.4% above the February 2019 median price of $235,000 and up 2.0 % compared to the January 2020 median price of $245,000.

The median price for single-family homes that changed hands in February increased 8.0% over February 2019 and is now $270,000. The median price for condos increased 6.2% to $145,500.

The Orlando housing affordability index for February is 139.71, down from 140.36 last month. (An affordability index of 99% means that buyers earning the state-reported median income are 1% 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 first-time homebuyers affordability index decreased a fraction to 99.35 from 99.81% last month.

Sales and Inventory

Members of ORRA participated in 2,521 sales of all home types combined in February, which is 4.4% more than the 2,414 sales in February 2019 and 11.1% more than the 2,270 sales in January 2020.

Sales of single-family homes (1,959) in February 2020 increased by 4.5.0% compared to February 2019, while condo sales (326) increased 16.9% year over year. Duplexes, townhomes, and villas (236 combined) decreased 9.6% over February 2019.

Sales of distressed homes (foreclosures and short sales) reached 113 in February and are 5.6% more than the 107 distressed sales in February 2019. Distressed sales made up 4.4% of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in February (6,825) represents a decrease of 16.7% when compared to February 2019, and a 2.9% decrease compared to last month. There were 19.9% fewer single-family homes; 11.1% fewer condos; and 7.7% more duplexes/townhomes/villas, year over year.

Current inventory combined with the current pace of sales created a 2.7-month supply of homes in Orlando for February. There was a 3.4-month supply in February of last year and a 3.1-month supply last month.

The average interest rate paid by Orlando homebuyers in February was 3.43%, down from 3.55% the month prior.

Homes that closed in February took an average of 58 days to move from listing to pending and an average of 36 days between pending and closing, for an average total of 94 days from listing to closing (down from a total of 98 days the month prior).

Pending sales in February are up 10.9% compared to February of last year and are up 20.4% compared to last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in February were up by 2.8% when compared to February of 2019. To date, sales in the MSA are up by 6.9%

Each individual county’s sales comparisons are as follows:

  • Lake: 11.0% above February 2019;
  • Orange: 1.8% below February 2019;
  • Osceola: 10.0% above February 2019; and
  • Seminole: 1.5% above February 2019.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does 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 represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively - located in Orange and Seminole counties. Note that statistics released each month February 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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Housing Market Narrative - January 2020

Orlando home sales, median price jump as inventory plummets in January

Orlando’s housing market in January marked a second consecutive month of double-digit year-over-year sales increases, reports the Orlando Regional REALTOR® Association. Sales improved by more than 16 percent compared to January 2019, while the median price experienced an 8 percent increase. However, the numbers of homes available for purchase in Orlando dropped by nearly 15 percent.

ORRA President Reese Stewart, RE/MAX Properties SW, points toward few interesting pieces of data in this month’s housing report. “First off, Osceola County’s 25 percent increase in sales was by far the greatest of the four counties that make up the Orlando Metropolitan Statistical Area,” says Stewart. “Secondly, sales of duplexes, townhomes, and villas surged 37 percent above the January 2019 tally, and likely reflects our ongoing shortage of single-family homes priced below $300,000.”

Median Price

The overall median price of Orlando homes (all types combined) sold in January is $245,000, which is 7.9% above the January 2019 median price of $227,000 and down 1.6% compared to the December 2019 median price of $249,000.

The median price for single-family homes that changed hands in January increased 6.9% over January 2019 and is now $265,000. The median price for condos increased 11.2% to $139,000.

The Orlando housing affordability index for January is 140.36, up from 135.73% last month. (An affordability index of 99% means that buyers earning the state-reported median income are 1% 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 first-time homebuyers affordability index increased to 99.81% from 96.52% last month.

Sales and Inventory

Members of ORRA participated in 2,270 sales of all home types combined in January, which is 16.4% more than the 1,950 sales in January 2019 and 25.2% less than the 3,033 sales in December 2019.

Sales of single-family homes (1,751) in January 2020 increased by 17.0% compared to January 2019, while condo sales (294) increased 1.7% year over year. Duplexes, townhomes, and villas (225 combined) leapt 37.2 percent over January 2019.

Sales of distressed homes (foreclosures and short sales) reached 108 in January and are 16.1% more than the 93 distressed sales in January 2019. Distressed sales made up 4.8% of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in January (7,030) represents a decrease of 14.7% when compared to January 2019, and a 0.1% increase compared to last month. There were 16.0% fewer single-family homes; 11.9% less condos; and 7.0% less duplexes/townhomes/villas, year over year.

Current inventory combined with the current pace of sales created a 3.10-month supply of homes in Orlando for January. There was a 4.2-month supply in January 2019 and a 2.3-month supply in December 2019.

The average interest rate paid by Orlando homebuyers in January was 3.55%, down from 3.66% the month prior.

Homes that closed in January took an average of 60 days to move from listing to pending and an average of 38 days between pending and closing, for an average total of 98 days from listing to closing (static from a total of 91 days the month prior).

Pending sales in January are up 7.8% compared to January of last year and are up 25.9% compared to last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in January were up by 11.8% when compared to January of 2019.

Each individual county’s sales comparisons are as follows:

  • Lake: 9.2% above January 2019;
  • Orange: 9.9% above January 2019;
  • Osceola: 25.3% above January 2019; and
  • Seminole: 6.9% above January 2019.


This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does 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 represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively - located in Orange and Seminole counties. Note that statistics released each month January 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.

Housing Market Narrative - December and Year-end 2019

Orlando housing market closes out 2019 with slight increases in median price and sales

Orlando’s annual median home price for 2019 ($242,000) is 4.1% higher than the 2018 annual median price ($232,500) thanks to another 11 months of year-over-year median price increases, according to the Orlando Regional REALTOR® Association’s year-end report. Only one month in 2019, April, posted a decline in median price. 

Orlando home sales completed during 2019 racked up a final tally of 36,694, which is 1.8% above the cumulative sales total of 36,057 for 2018. For a bit of historical comparison, annual sales in 2018 were 3.2% lower than in 2017.

ORRA President Reese Stewart, RE/MAX Properties SW, sees the Orlando’s 2020 housing market continuing along a path similar to 2019. “Orlando REALTORS® expect high demand from buyers in 2020, but only moderate gains in home sales due to our chronic low inventory. Those same forces are expected to buoy median price gains at a decelerated but healthy rate.”

“Furthermore, we expect continued seller’s market conditions overall and particularly within the lower price categories, where lack of inventory is most significant,” explains Stewart. “Luxury homebuyers, however, have much to cheer about as data shows that inventory levels at the price point of $750,000 and above moves the needle firmly into buyer’s market territory.”

Note: Additional 2019 cumulative statistics are included at the end of this release

December 2019 Market Recap

Median Price

The overall median price of Orlando homes (all types combined) sold in December is $249,700, which is 7.6% above the December 2018 median price of $232,000 and up 4.0% compared to the November 2019 median price of $240,000.

The median price for single-family homes that changed hands in December increased 5.0% over December 2018 and is now $265,000. The median price for condos increased 5.3% to $139,000.

The Orlando housing affordability index for December is 135.73% down from 141.87% last month. (An affordability index of 99% means that buyers earning the state-reported median income are 1% 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 first-time homebuyers affordability index decreased to 96.52% from 100.88% last month.

Sales and Inventory

Members of ORRA participated in 3,020 sales of all home types combined in December, which is 24.7% more than the 2,422 sales in December 2018 and 11.8% more than the 2,701 sales in November 2019.

Sales of single-family homes (2,401) in December 2019 increased by 27.7% compared to December 2018, while condo sales (294) decreased 2.3% year over year.

Sales of distressed homes (foreclosures and short sales) reached 103 in December and are 10.8% more than the 93 distressed sales in December 2018. Distressed sales made up 3.4% of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in December (7,023) represents a decrease of 10.8% when compared to December 2018, and a 7.1% decrease compared to last month. There were 12.2% fewer single-family homes and 9.2% less condos, year over year.

Current inventory combined with the current pace of sales created a 2.3-month supply of homes in Orlando for December. There was a 3.3-month supply in December 2018 and a 2.8-month supply in November 2019.

The average interest rate paid by Orlando homebuyers in December was 3.66%, up from 3.61% same as the month prior.

Homes that closed in December took an average of 54 days to move from listing to pending and an average of 37 days between pending and closing, for an average total of 91 days from listing to closing (static from a total of 91 days the month prior).

Pending sales in December are up 6.9% compared to December of last year and are down 18.6% compared to last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in December were up by 18.0% when compared to December of 2018. Year to date, sales are down 1.3%.

Each individual county’s sales comparisons are as follows:

  • Lake: 6.2% above December 2018;
  • Orange: 20.1% above December 2018;
  • Osceola: 23.9% above December 2018; and
  • Seminole: 18.6% above December 2018.


2019 Annual Market Recap
(cumulative 2019 totals compared to cumulative 2018 totals)

Median Price

The 2019 annual median price of $242,000 is an increase of 4.1% when compared to 2018’s annual median price of $232,500.

The annual median price of single-family homes increased 3.0% to $260,000 in 2019, while the median price of condos increased 7.1% to $135,000.

Sales

Sales in 2019 were up by 1.8% over 2018. A total of 36,694 homes were sold in 2019 compared to 36,057 the previous year.

Sales of single-family homes decreased 2.8% over 2018; condo sales were up 0.7% and townhomes were down 4.6%

By year’s end in 2019, 41,910 homes were sold in the Orlando MSA whereas 42,448 homes had been sold by year’s end in 2018, for a 1.3% decrease. Each individual county’s year-end sales comparisons are as follows:

  • Lake: 0.9% below 2018;
  • Orange: 1.4% below 2018;
  • Osceola: 2.3% below 2018;
  • Seminole: 0.5% below 2018.

 

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does 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 represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively - located in Orange and Seminole counties. Note that statistics released each month December 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.

Housing Market Narrative - November 2019

Orlando home sales, median price on the rise in November while inventory drops

Orlando’s housing market in recorded 3% year-over-year increases in both median price and sales in November, reports the Orlando Regional REALTOR® Association. The association’s data also show that the inventory of homes available for purchase declined for the fourth consecutive month, with November’s 10 percent drop the steepest of 2019.

“Despite our ongoing inventory challenge, there are some very interesting forward-looking indicators this month,” says ORRA President Jeffrey M. Fagan, Watson Realty Corp. “For example, the pending sales tally is up 17 percent compared to November of last year, and the new-contract count is up a whopping 28 percent. While some of this movement can be attributed to the traditional rush to close before the new year and desire to take advantage of homeownership’s tax benefits, I’d point my finger squarely at the very favorable interest rate that homebuyers are currently enjoying.”

Median Price

The overall median price of Orlando homes (all types combined) sold in November is $240,000, which is 3.0% above the November 2018 median price of $233,000 and down 0.8% compared to the October 2019 median price of $242,000.

The median price for single-family homes that changed hands in November increased 3.2% over November 2018 and is now $259,000. The median price for condos increased 0.3% to $135,000.

The Orlando housing affordability index for November is 141.87% up from 140.70% last month. (An affordability index of 99% means that buyers earning the state-reported median income are 1% 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 first-time homebuyers affordability index increased to 100.88% from 100.05% from last month.

Sales and Inventory

Members of ORRA participated in 2,671 sales of all home types combined in November, which is 3.3% more than the 2,585 sales in November 2018 and 8.1% less than the 2,906 sales in October 2019.

Sales of single-family homes (2,044) in November 2019 increased by 2.9% compared to November 2018, while condo sales (340) increased 3.0% year over year.

Sales of distressed homes (foreclosures and short sales) reached 113 in November and are 12.4% less than the 129 distressed sales in November 2018. Distressed sales made up 4.2% of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in November (7,562) represents a decrease of 10.3% when compared to November 2018, and a 3.5% decrease compared to last month. There were 11.2% fewer single-family homes and 12.3% less condos, year over year.

Current inventory combined with the current pace of sales created a 2.8-month supply of homes in Orlando for November. There was a 3.3-month supply in November 2018 and a 2.7-month supply in October 2019.

The average interest rate paid by Orlando homebuyers in November was 3.61%, the same as the month prior.

Homes that closed in November took an average of 54 days to move from listing to pending and an average of 37 days between pending and closing, for an average total of 91 days from listing to closing (static from a total of 91 days the month prior).

Pending sales in November are up 17.4% compared to November of last year and are down 2.1% compared to last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in November were down by 0.6% when compared to November of 2018. To date, sales are down 2.7%.

Each individual county’s sales comparisons are as follows:

*Lake: 3.1% above November 2018;
*Orange: 0.8% below November 2018;
*Osceola: 5.1% below November 2018; and
*Seminole: 0.9% above November 2018.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does 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 represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively - located in Orange and Seminole counties. Note that statistics released each month November 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.

Housing Market Narrative - October 2019

Orlando median price rises in October while sales and inventory drop

Orlando’s housing market in recorded a 6% year-over-year increase in median price and a small 1% decrease in sales in October. The inventory of homes available for purchase appears to be back on a declining trend, with a decrease (5%) for the third consecutive month.

“Low inventory translates into opportunity for sellers,” says Orlando Regional REALTOR® Association President Jeffrey M. Fagan, Watson Realty Corp. “Declining interest rates mean greater purchasing power, which is alluring to buyers, and our local demand is illustrated by an 8 percent increase in pending sales for October.”

“The holidays and wintertime are actually excellent times to list a home, especially here in Orlando where we don’t have weather concerns” continues Fagan, “Those who are searching for a home during these periods tend to be very serious about making a purchase, and with fewer customers real estate service providers tend to be more attentive.”

October Housing Market Indicators

Median Price

The overall median price of Orlando homes (all types combined) sold in October is $242,000, which is 5.7% above the October 2018 median price of $229,000 and down 1.2% compared to the September 2019 median price of $245,000.

The median price for single-family homes that changed hands in October increased 5.2% over October 2018 and is now $263,000. The median price for condos increased 12.8% to $143,500.

The Orlando housing affordability index for October is 140.70, up from 137.63% last month. (An affordability index of 99% means that buyers earning the state-reported median income are 1% 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 first-time homebuyers affordability index increased to 100.05 from 97.87% from last month.

Sales and Inventory

Members of ORRA participated in 2,899 sales of all home types combined in October, which is 0.9% less than the 2,924 sales in October 2018 and 3.0% less than the 2,989 sales in September 2019.

Sales of single-family homes (2,227) in October 2019 decreased by 0.1% compared to October 2018, while condo sales (360) decreased 10.5% year over year.

Sales of distressed homes (foreclosures and short sales) reached 100 in October and are 20.0% less than the 125 distressed sales in October 2018. Distressed sales made up 3.5% of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in October (7,837) represents a decrease of 5.3% when compared to October 2018, and a 0.7% increase compared to last month. There were 6.4% fewer single-family homes and 5.4% less condos, year over year.

Current inventory combined with the current pace of sales created a 2.7-month supply of homes in Orlando for October. There was a 2.8-month supply in October 2018 and a 2.6-month supply in September 2019.

The average interest rate paid by Orlando homebuyers in October was 3.61%, down from 3.68% the month prior.

Homes that closed in October took an average of 54 days to move from listing to pending and an average of 37 days between pending and closing, for an average total of 91 days from listing to closing (up from a total of 89 days the month prior).

Pending sales in October are up 8.3% compared to October of last year and are up 0.6% compared to last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in October were down by 1.6% when compared to October of 2018. To date, sales are down 2.9%.

Each individual county’s sales comparisons are as follows:

*Lake: 5.8% above October 2018;
*Orange: 2.8% below October 2018;
*Osceola: 0.7% below October 2018; and
*Seminole: 5.7% below October 2018.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does 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 represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively - located in Orange and Seminole counties. Note that statistics released each month October 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.

Housing Market Narrative - September 2019

Orlando median price and sales both rise in September; inventory dips

Orlando’s housing market in September recorded year-over-year increases in both sales (7%) and median price (5%). The inventory of home available for purchase, however, saw a second consecutive decline after nine months of positive postings.

“The unexpected boost in post-summertime sales can be attributed in part to encouragement from falling interest rates,” says Orlando Regional REALTOR® Association President Jeffrey M. Fagan, Watson Realty Corp. “The average interest rate paid by Orlando homebuyers have dropped each month this year since February, and the September average rate of 3.68% is down 21% from the September 2018 average rate of 4.66 percent.”

Fagan also points out that lower interest rates help homebuyers overcome rising prices by providing more purchasing power.

September Housing Market Indicators

Median Price

The overall median price of Orlando homes (all types combined) sold in September is $245,000, which is 5.2% above the September 2018 median price of $233,000 and down 2.0% compared to the August 2019 median price of $250,000.

The median price for single-family homes that changed hands in September increased 19.4% over September 2018 and is now $303,000. The median price for condos increased 34.3% to $167,886.

The Orlando housing affordability index for September is 137.63%, up from 134.06% last month. (An affordability index of 99% means that buyers earning the state-reported median income are 1% 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 first-time homebuyers affordability index increased to 97.87% from to 95.33% last month.

Sales and Inventory

Members of ORRA participated in 2,972 sales of all home types combined in September, which is a 7.1% more than the 2,776 sales in September 2018 and 12.5% less than the 3,397 sales in August 2019.

Sales of single-family homes (2,290) in September 2019 increased by 8.8% compared to September 2018, while condo sales (399) increased 2.1% year over year.

Sales of distressed homes (foreclosures and short sales) reached 112 in September and are 10.4% less than the 125 distressed sales in September 2018. Distressed sales made up 3.8% of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in September (7,784) represents a decrease of 3.8% when compared to September 2018, and a 1.7% increase compared to last month. There were 5.7% fewer single-family homes and 2.1% less condos, year over year.

Current inventory combined with the current pace of sales created a 2.6-month supply of homes in Orlando for September. There was a 2.9-month supply in September 2018 and a 2.3-month supply in August 2019.

The average interest rate paid by Orlando homebuyers in September was 3.68%, down from 3.72% the month prior.

Homes that closed in September took an average of 51 days to move from listing to pending and an average of 37 days between pending and closing, for an average total of 88 days from listing to closing (up from a total of 86 days the month prior).

Pending sales in September are up 2.2% compared to September of last year and are down 9.3% compared to last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in September were up by 6.8% when compared to September of 2018. To date, sales are down 3.1%.

Each individual county’s sales comparisons are as follows:

*Lake: 8.3% above September 2018;
*Orange: 9.2% above September 2018;
*Osceola: 8.5% above September 2018; and
*Seminole: 1.6% below September 2018.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does 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 represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively - located in Orange and Seminole counties. Note that statistics released each month September 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.

Housing Market Narrative - August 2010

Orlando median price gains while inventory drops and sales hold steady 

Orlando’s housing market in August saw both its largest increase (+9%) in year-over-year median price and its first inventory decline (-2%) in 2019. Sales were up a tiny fraction (+0.1) compared to August 2018.

“Orlando’s ongoing challenge with the lower-price range categories, which have solid demand and insufficient supply, is consequently pushing up home prices,” says Orlando Regional REALTOR® Association Jeffrey M. Fagan, Watson Realty Corp. “In addition, while our local economic indicators — particularly very favorable interest rates — point toward a housing strong market, low supply that leaves first-time homebuyers with few options is restraining sales up the ladder.”

August Market Indicator Comparison



Median Price

The overall median price of Orlando homes (all types combined) sold in August is $250,000, which is 8.7% above the August 2018 median price of $230,000 and up 1.1% compared to the July 2019 median price of $247,250.

The median price for single-family homes that changed hands in August increased 5.9% over August 2018 and is now $270,000. The median price for condos increased 8.8% to $137,000.

The Orlando housing affordability index for August is 134.06%, up from 133.30% last month. (An affordability index of 99% means that buyers earning the state-reported median income are 1% 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 first-time homebuyers affordability index increased a fraction to 95.33% from 94.79% last month.

Sales and Inventory

Members of ORRA participated in 3,385 sales of all home types combined in August, which is a nearly equal (0.1% more) than the 3,381 sales in August 2018 and 6.7% less than the 3,628 sales in July 2019.

Sales of single-family homes (2,657) in August 2019 increased by 2.7% compared to August 2018, while condo sales (419) decreased 5.2% year over year.

Sales of distressed homes (foreclosures and short sales) reached 86 in August and are 29.5% less than the 122 distressed sales in August 2018. Distressed sales made up just 2.4% of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in August (7,652) represents a decrease of 2.0% when compared to August 2018, and a 4.3% decrease compared to last month. There were 4.0% fewer single-family homes and 5.8% more condos, year over year.

Current inventory combined with the current pace of sales created a 2.3-month supply of homes in Orlando for August. There was a 2.3-month supply in August 2018 and a 2.2-month supply in July 2019.

The average interest rate paid by Orlando homebuyers in August was 3.72%, down from 3.85% the month prior.

Homes that closed in August took an average of 49 days to move from listing to pending and an average of 37 days between pending and closing, for an average total of 86 days from listing to closing (down from a total of 87 days the month prior).

Pending sales in August are up 6.0% compared to August of last year and are down 7.8% compared to last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in August were up by 0.2% when compared to August of 2018. To date, sales are down 4.2%.

Each individual county’s sales comparisons are as follows:

*Lake: 1.7% below August 2018;
*Orange: 1.1% below August 2018;
*Osceola: 6.1% above August 2018; and
*Seminole: 0.5% above August 2018.

 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 represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively - located 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.

Housing Market Narrative - July 2019

Orlando home sales rebound in time for the first day of school

Orlando home sales saw a healthy rebound in July, just in time for families to be settled into their new homes for the start of the school year. The number of transactions improved by 7% compared to July of 2018 and by 6% compared to last month. 

“The jump in sales shows that homebuyers are eager to take advantage of Orlando’s favorable market conditions such as falling interest rates and stable increases in median price,” says Orlando Regional REALTOR® Association President Jeffrey M. Fagan, Watson Realty Corp. “The additional inventory that’s become available over the past months has benefitted sales as well, although those seeking homes in the affordable price ranges are still challenged by scarcity and competition.” 

According to the latest monthly report from ORRA, Orlando area homebuyers secured an average interest rate of 3.85% in July. That’s down from 3.93% in June down from 4.59% in July of 2018. 

ORRA members were involved in 3,620 property transactions during July. Sales of single-family homes led the pack with an increase of 7%, followed by improvements of 5% for townhomes and 4% for condos. 

Speaking of condos, this home type is yet again leading Orlando’s nine-month string of inventory increases. The number of condos available for purchase in July expanded by 16% to 1,115. Single-family homes had a slight 3% more availability than in July 2018, bringing our overall inventory up by 6%. 

Despite inventory gains, Orlando is still clearly a seller’s market overall as it has only 2.21 months of supply (six months is considered by economists to indicate a market that is balanced between buyers and sellers). However, the balance shifts when you consider price categories for single-family homes. There is less than a two-month supply of homes priced below $300,000, while the higher price categories ($900,000 and above) favor buyers with more than nine months worth of inventory. 

ORRA’s report also shows that the overall median price is back on a healthy rising trajectory and increased by 5% in July. That’s a 114 percent improvement since July of 2011, when the Orlando housing market began its recovery. 

July Market Indicator Comparison 

Single-family Home Update 

The year-over-year median price for single-family homes increased by 5% to $267,500 in July, while the month-to-month price decreased 1%. The inventory of this home type improved by 4% over July 2018, and there are currently 6,265 single-family homes available for purchase through the multiple listing service. 

Single-family home sales bumped up 7% in July, with 2,849 units sold throughout the Orlando area versus 2,659 a year earlier. Compared to last month, single-family sales are up 6%. 

Condo Update 

The year-over-year median price for condos increased by 8% to $138,000 in July, and it increased by 3% when compared to last month. Condo inventory improved by 16% over July 2018, and there are currently 1,115 units available for purchase through the multiple listing service. 

Condo sales in July (419) are up by 4% over July 2018 and are up by 3% over June 2019. 

MSA Numbers  

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in July were up by 6.5% when compared to July of 2018. To date, sales are down 4.9%.  

 Each individual county’s sales comparisons are as follows:  

*Lake: 9.5% above July 2018;  
*Orange: 5.7% above July 2018;  
*Osceola: 14.5% above July 2018; and  
*Seminole: 0.1% above July 2018. 

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 represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively - located 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.

Housing Market Narrative - June 2019

Orlando sales stumble during peak homebuying months

Orlando home sales took a tiny tumble in June, slipping 2% compared to June 2018 during what is traditionally near the peak of our homebuying season.

“We are expecting June’s sales decline to reverse itself in the coming months as families seek to close on their new homes before the start of the school year,” says ORRA President Jeffrey M. Fagan. “In addition, we anticipate an eagerness to take advantage of favorable conditions such as small-but-steady increases in the inventory of homes available for purchase in the Orlando area and falling mortgage rates.”

According to the latest monthly report from ORRA, Orlando area homebuyers secured an average interest rate of 3.93% in June. That’s down from 4.15% in May and a high this year in February of 4.34%.

ORRA members were involved in 3,399 property transactions during June. Sales of townhomes dropped by a whopping 22%, which was enough to drag the overall sales comparison down by 2 percent. Sales of single-family homes actually improved by about half a percent over last year, while condos rose by more than 3 percent.

Speaking of condos, this home type is leading Orlando’s eight-month string of inventory increases. The number of condos available for purchase in June expanded by 24%, to 1,135. Single-family homes had 5% more availability than in June 2018, bringing our overall inventory up by 7 percent.

Despite inventory gains, Orlando is still clearly a seller’s market as it has only 2.37 months of supply (six months is considered by economists to indicate a market that is balanced between buyers and sellers). However, the balance shifts when you consider price categories for single-family homes, with the lower price categories firmly favoring sellers and the higher price categories ($700,000 and above) favoring buyers. Those in the market for a home priced between $2 million and $5 million currently enjoy 26 months of supply. FYI, there is a 15-month supply of home priced above $5 million.

ORRA’s report also shows that the overall median price is securely back its years-long upward track. After a brief derailment into the red in April, the Orlando median price — the figure at which half of the homes sold for more and half sold for less — rose 5 percent in June to $250,000.

June Market Indicator Comparison

Single-family Home Update

Single-family home sales bumped up 0.5% in June, with 2,685 units sold throughout the Orlando area versus 2,673 a year earlier. Compared to last month, single-family sales are down 11 percent.

The median price for single-family homes increased by 3% to $270,000 in June. The inventory of this home type improved by 5% over June 2018, and there are currently 6,289 single-family homes available for purchase through the multiple listing service.

Condo Update

Condo sales are up by 3% (406); condo inventory is up by 24% (1,135), and condo median price is up by 7% ($134,350,500).

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in June were down by 2.7% when compared to June of 2018. To date, sales are down 6.9%.

Each individual county’s sales comparisons are as follows:

*Lake: 8.3% above June 2018;
*Orange: 2.8% below June 2018;
*Osceola: 8.5% below June 2018; and
*Seminole: 5.9% below June 2018.

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 represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively - located 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.

Housing Market Narrative - May 2019

Orlando sales head up as summer homebuying season kicks in

Encouraged by continued low interest rates and a favorable economy that is drawing droves of new residents to Orlando, area homebuyers pushed sales into positive territory for the month of May. Home sales jumped by nearly 11 percent compared to May 2018, which is the first year-over-year increase in 2019.

The improvement can be attributed to factors such as the slower rate of price increases and mortgage rates that are not only holding steady but even dropping a bit.

According to the latest monthly report from the Orlando Regional REALTOR® Association, members were involved in 3,790 property transactions during May. Sales of single-family homes improved by 12 percent over last year, while condos rose by 6 percent.

Speaking of condos, this home type is leading Orlando’s seven-month string of inventory increases. The number of condos available for purchase in May expanded by 27 percent, to 1,154. Single-family homes had 6% more availability than in May 2018, bringing our overall inventory up by 8 percent.

Despite inventory gains, Orlando is still clearly a seller’s market as it has only 2.14 months of supply (six months is considered by economists to indicate a market that is balanced between buyers and sellers). However, the balance shifts when you consider price categories, with the lower price categories firmly favoring sellers and the higher price categories ($800,000 and above) favoring buyers. Those in the market for a home priced between $2 million and $5 million currently enjoy 28 months of supply.

ORRA’s report also shows that the overall median price is once again on its years-long upward track. After a brief derailment into the red last month, the Orlando median price — the figure at which half of the homes sold for more and half sold for less — rose 4 percent in May to $243,000.

May Market Indicator Comparison

 

Single-family Home Update

Single-family home sales bumped up 12 percent in May, with 2,993 units sold throughout the Orlando area versus 2,672 a year earlier. Compared to last month, single-family sales are up 18 percent.

The median price for single-family homes increased by 4% to $263,000 in May. The inventory of this home type improved by 6% over May 2018, and there are currently 6,382 single-family homes available for purchase through the multiple listing service.

Condo Update

Condo sales are up by 6% (434); condo inventory is up by 26% (1,154), and condo median price is up by 9% ($136,500).

MSA Numbers 
 
Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in May were down by 4.2% when compared to May of 2018. To date, sales are down 8.0%. 
 
Each individual county’s sales comparisons are as follows: 
 
*Lake: 15.3% below May 2018; 
*Orange: 3.0% below May 2018; 
*Osceola: 4.4% below May 2018; and 
*Seminole: 3.0% above May 2018.  

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 represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively - located 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 Area Market 10-year History (Orlando 10-Year History) (link to pdf) interest rate, sales, median price, average price, list/sell difference, pending, days on market, inventory, and months of supply for each of the last 10 years.

Housing Market Narrative - April 2019

Orlando's housing market cools in advance of summer

After 93 months of consecutive year-over-year increases in median price, the Orlando housing market saw its first decline in April. The decrease was only 1% but it comes at the start of our traditional summer selling season, which typically sees jumps in both median price and sales.

According to the latest monthly report from the Orlando Regional REALTOR® Association, the median price (the figure at which half of the homes sold for more and half sold for less) was $235,000.

The report also shows 3,315 homes were sold in April compared to 3,371 for a 2% decrease. The decline can be attributed to factors such Orlando's years of meager inventory (especially in the lower price categories) and years of steadily rising prices.

Regardless of a dip in sales, Orlando has just 2.38 months of supply. Since six months of supply is considered by economists to indicate a market that is balanced between buyers and sellers, Orlando is clearly still a seller’s market. However, the balance shifts when you consider price categories, with the lower price categories firmly favoring sellers and the higher price categories ($600,000 and above) favoring buyers.

The good news is that our inventory has been experiencing small-but-consistent increases. For April, the level of available homes increased by 2%. Each month since January has seen a year-over-year rise, with January in the lead with an 8% increase.

Condos are exhibiting the largest rises in availability; there were 20% more condos available in April of this year than in April of last year.

April Housing Market Indicator Comparison

Single-family Home Update

Single-family home sales dropped 4% in April, with 2,535 units sold throughout the Orlando area versus 2,636 a year earlier. April marks the fourth consecutive month of sales declines; January saw the greatest (-14%) and February saw the smallest (-2%).

The median price for single-family homes decreased by 1% to $255,000 in April. The inventory of this home type increased a tiny fraction of less than one%. There are currently 6,193 single-family homes available for purchase through the multiple listing service.

Condo Update

Condos are leading the field in Orlando! Condo sales are up by 19% (433); condo inventory is up by 20% (1,157), and condo median price is up by 6% ($138,000).

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 represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively - located 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 Area Market 10-year History (Orlando 10-Year History) (link to pdf) interest rate, sales, median price, average price, list/sell difference, pending, days on market, inventory, and months of supply for each of the last 10 years.

Housing Market Narrative - March 2019

Orlando's median home price and inventory maintain upward pattern in March

Orlando housing market enjoyed a 2% increase in median price for the month of March, while year-over-year inventory rose 5% and experienced its fifth consecutive month of increase. Sales dropped 11% compared to last year.

However, Orlando home sales of all types leapt 30% compared to last month and condo sales soared a whopping 42 percent over February.

“Sales traditionally increase from month to month as the spring/summer homebuying season progresses. This year it appears that a powerful combination of more inventory and steady interest rates is driving a stronger-than-usual surge in buyer confidence,” says Orlando Regional REALTOR® Association President Jeffrey M. Fagan, Watson Realty Corp. “REALTORS® do not anticipate any interest rate increases from the Federal Reserve in 2019, which is helping mortgage rates stay at attractive levels and motivate potential buyers.”

Median Price

The overall median price of Orlando homes (all types combined) sold in March is $235,000, which is 2.2% above the March 2018 median price of $230,000 and steady compared to the February 2019 median price of $235,000 as well.

Year-over-year increases in median price have been recorded for the past 93 consecutive months; as of March 2019, the overall median price is 103.5% higher than it was back in July 2011.

The median price for single-family homes that changed hands in March increased 2.0% over March 2018 and is now $255,000. The median price for condos increased 3.7% to $127,500.

The Orlando housing affordability index for March is 133.81%, up from 131.64% last month. (An affordability index of 99% means that buyers earning the state-reported median income are 1% 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 first-time homebuyers affordability index increased to 95.15% from 93.61% last month.

Sales and Inventory

Members of ORRA participated in 3,127 sales of all home types combined in March, which is 11.4% less than the 3,530 sales in March 2018 and 29.5% more than the 2,414 sales in February 2019.

Sales of single-family homes (2,450) in March 2019 decreased by 10.7% compared to March 2018, while condo sales (395) decreased 6.4% year over year.

Sales of distressed homes (foreclosures and short sales) reached 110 in March and are 6.0% less than the 117 distressed sales in March 2018. Distressed sales made up just 3.5% of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in March (8,117) represents an increase of 5.3% when compared to March 2018, and a 0.9% decrease compared to last month. There were 4.4% more single-family homes and 22.7% more condos, year over year.

Current inventory combined with the current pace of sales created a 2.6-month supply of homes in Orlando for March. There was a 2.2-month supply in March 2018 and a 3.4-month supply in February 2019.

The average interest rate paid by Orlando homebuyers in March was 4.21%, down from 4.34% the month prior.

Homes that closed in March took an average of 62 days to move from listing to pending and an average of 37 days between pending and closing, for an average total of 99 days from listing to closing (up from a total of 97 days the month prior).

Pending sales in March are down 8.9% compared to March of last year and are up 11.2% compared to last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in March were down by 12.9% when compared to March of 2018. To date, sales are down 12.3%.

Each individual county’s sales comparisons are as follows:

*Lake: 14.2% below March 2018;
*Orange: 14.7% below March 2018;
*Osceola: 12.2% below March 2018; and
*Seminole: 7.3% below March 2018.



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 represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively - located 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.increases in median price have been recorded for the past 93 consecutive months; as of March 2019, the overall median price is 103.5% higher than it was back in July 2011.

Housing Market Narrative - February 2019

Orlando's median home price and inventory rise while sales decline in February

The Orlando housing market saw its median price continue a years-long upward trek with an economically healthy 3 percent year-over-year increase in February. Sales dipped a fraction and inventory increased for the fourth consecutive month, just in time for the start of Orlando’s homebuying season. 

“March and April typically herald the beginning of our most active period, when a great many prospective buyers begin getting serious about being settled into a home before the new school year,” says Orlando Regional REALTOR® Association President Jeffrey M. Fagan, Watson Realty Corp. “Despite a decrease in year-over-year sales, greater inventory combined with moderated prices and interest rates that are at historic lows is expected produce our traditional uptick in springtime homebuying.”

Median Price

The overall median price of Orlando homes (all types combined) sold in February is $235,000, which is 2.6 percent above the February 2018 median price of $229,000 and 3.5 percent above the January 2019 median price of $227,000. 

Year-over-year increases in median price have been recorded for the past 92 consecutive months; as of February 2019, the overall median price is 103.5 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in February remained stable over February 2018 and is now $249,900. The median price for condos increased 13.3 percent to $137,000.

The Orlando housing affordability index for February is 131.64 percent, down from 136.05 percent 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 first-time homebuyers affordability index decreased to 93.61 from 96.74 percent last month.

Sales and Inventory

Members of ORRA participated in 2,402 sales of all home types combined in February, which is 5.4 percent less than the 2,538 sales in February 2018 and 23.2 percent more than the 1,950 sales in January 2019.

Sales of single-family homes (1,865) in February 2019 decreased by 2.9 percent compared to February 2018, while condo sales (261) decreased 12.9 percent year over year.

Sales of distressed homes (foreclosures and short sales) reached 104 in February and are 26.2 percent less than the 141 distressed sales in February 2018. Distressed sales made up just 4.3 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in February (8,194) represents an increase of 6.3 percent when compared to February 2018, and a 0.6 percent decrease compared to last month. There were 4.6 percent more single-family homes and 29.0 percent more condos, year over year.

Current inventory combined with the current pace of sales created a 3.4-month supply of homes in Orlando for February. There was a 4.2-month supply in January 2018 and a 3.0-month supply in February 2018.

The average interest rate paid by Orlando homebuyers in February was 4.34 percent, up from 4.32 percent the month prior.

Homes that closed in February took an average of 62 days to move from listing to pending and an average of 35 days between pending and closing, for an average total of 97 days from listing to closing (down from a total of 98 days the month prior).

Pending sales in February are down 15.1 percent compared to February of last year and are up 17.0 percent compared to last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in February were down by 10.0 percent when compared to February of 2018.

Each individual county’s sales comparisons are as follows:

*Lake: 16.0 percent below February 2018;
*Orange: 6.2 percent below February 2018;
*Osceola: 21.0 percent below February 2018; and
*Seminole: 2.8 percent below February 2018.

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 represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively - located 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.increases in median price have been recorded for the past 93 consecutive months; as of March 2019, the overall median price is 103.5% higher than it was back in July 2011.

Housing Market Narrative - January 2019

 Orlando inventory jumps 8 percent as sales slip 14 percent and median price hangs tight

The Orlando housing market in January saw its third consecutive month of year-over-year increases in the number of homes available for purchase, along with a slide in sales and a holding steady of the median price.

Orlando Regional REALTOR® Association President Jeffrey M. Fagan, Watson Realty Corp., explains that the expanded inventory is advantageous to prospective buyers, particularly those interested in purchasing condos. 

“Our condo inventory rose by 26 percent last month, and this home type is an excellent option for those seeking entry into homeownership as a relief from Orlando’s soaring rental rates,” says Fagan. “Condos also tend to be cheaper than single-family homes; for example, the median price of a condo sold in January was only $125,000 compared to $247,950 for a single-family home.”

Median Price

The overall median price of Orlando homes (all types combined) sold in January is $226,500, which is 0.7 percent above the January 2018 median price of $225,000 and 2.4 percent below the December 2018 median price of $225,000. 

Year-over-year increases in median price have been recorded for the past 91 consecutive months; as of January 2019, the overall median price is 96.1 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in January increased 3.3 percent over January 2018 and is now $247,950. The median price for condos increased 8.7 percent to $125,000.

The Orlando housing affordability index for January is 136.65 percent, up from 132.46 percent 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 first-time homebuyers affordability index increased to 97.17 from 94.19 percent last month.

Sales and Inventory

Members of ORRA participated in 1,938 sales of all home types combined in January, which is 13.8 percent less than the 2,249 sales in January 2018 and 20.0 percent less than the 2,422 sales in December 2018.

Sales of single-family homes (1,486) in January 2019 decreased by 15.0 percent compared to January 2018, while condo sales (289) increased 7.0 percent year over year.

Sales of distressed homes (foreclosures and short sales) reached 92 in January and are 34.8 percent less than the 141 distressed sales in January 2018. Distressed sales made up just 4.8 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in January (8,243) represents an increase of 8.4 percent when compared to January 2018, and a 4.7 percent increase compared to last month. There were 6.8 percent more single-family homes and 26.2 percent more condos, year over year.

Current inventory combined with the current pace of sales created a 4.3-month supply of homes in Orlando for January. There was a 3.3-month supply in December 2018 and a 3.4-month supply in January 2018.

The average interest rate paid by Orlando homebuyers in January was 4.32 percent, down from 4.38 percent the month prior.

Homes that closed in January took an average of 60 days to move from listing to pending and an average of 38 days between pending and closing, for an average total of 98 days from listing to closing (up from a total of 92 days the month prior).

Pending sales in January are down 16.5 percent compared to January of last year and are up 24.8 percent compared to last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in January were down by 14.6 percent when compared to January of 2018.

Each individual county’s sales comparisons are as follows:

*Lake: 5.9 percent below January 2018;
*Orange: 17.9 percent below January 2018;
*Osceola: 19.2 percent below January 2018; and
*Seminole: 8.2 percent below January 2018.

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 represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively - located 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.

Housing Market Narrative - December and Year-end 2018

Orlando housing market closes out 2018 with an increase in annual median price, decrease in annual sales

Orlando’s annual median home price for 2018 ($232,500) is 5.7 percent higher than the 2017 annual median price ($220,000) thanks to another 12 consecutive months of year-over-year price increases, according to the Orlando Regional REALTOR® Association’s year-end report.

Orlando home sales completed during 2018 racked up a final tally of 36,048, which is 3.2 percent below the cumulative sales total of 37,237 for 2017. By comparison, annual sales in 2017 were 3.9 percent greater than in 2016.

ORRA President Jeffrey M. Fagan, Watson Realty Corp., sees Orlando’s 2019 market as a bright spot for the aspiring homebuyers who have struggled with competition, rocketing prices, and tanking inventory for the past several years. “As evidenced by slipping sales in the last months of 2018, we expect Orlando’s year-over-year sales to further decline in 2018. Such a slowdown will help the market to finally move toward a better balance between buyers and sellers.”

“We also expect the market’s median price to either continue rising in very small increments or to even experience slight declines,” continues Fagan. “Along with an anticipated increase in inventory, this is more good news for prospective buyers.”

December 2018 Market Recap

Median Price

The overall median price of Orlando homes (all types combined) sold in December is $232,750, which is 1.2 percent above the December 2017 median price of $230,000 and 0.1 percent below the November 2018 median price of $233,000.

Year-over-year increases in median price have been recorded for the past 90 consecutive months; as of December 2018, the overall median price is 101.5 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in December increased 3.7 percent over December 2017 and is now $254,000. The median price for condos increased 10.5 percent to $132,000.

The Orlando housing affordability index for December is 132.03 percent, up from 123.01 percent 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 first-time homebuyers affordability index increased to 93.89 from 87.48 percent last month.

Sales and Inventory

Members of ORRA participated in 2,412 sales of all home types combined in December, which is 20.8 percent less than the 3,045 sales in December 2017 and 6.7 percent less than the 2,585 sales in November 2018.

Sales of single-family homes (1,872) in December 2018 decreased by 21.9 percent compared to December 2017, while condo sales (302) decreased 11.4 percent year over year.

Sales of distressed homes (foreclosures and short sales) reached 92 in December and are 39.5 percent less than the 152 distressed sales in December 2017. Distressed sales made up just 3.8 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in December (7,872) represents an increase of 4.9 percent when compared to December 2017, and a 6.6 percent decrease compared to last month. There were 4.5 percent more single-family homes and 17.1 percent more condos, year over year.

Current inventory combined with the current pace of sales created a 3.3-month supply of homes in Orlando for December. There was a 3.3-month supply in November 2018 and a 2.5-month supply in December 2017.

The average interest rate paid by Orlando homebuyers in December was 4.38 percent, down from 4.97 percent the month prior.

Homes that closed in December took an average of 56 days to move from listing to pending and took an average of 92 days from listing to closing.

Pending sales in December are down 15.3 percent compared to December of last year and are down 10.6 percent compared to last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in December were down by 22.5 percent when compared to December of 2017.

Each individual county’s sales comparisons are as follows:

*Lake: 21.7 percent below December 2017;
*Orange: 22.7 percent below December 2017;
*Osceola: 23.8 percent below December 2017; and
*Seminole: 21.3 percent below December 2017.

2018 Annual Market Recap
(cumulative 2018 totals compared to cumulative 2017 totals)

Median Price

•    The 2018 annual median price of $232,500 is an increase of 5.7 percent when compared to 2017’s annual median price of $220,000.
•    The annual median price of single-family homes increased 6.1 percent to $252,500 in 2018, while the median price of condos increased 13.5 percent to $126,000.

Sales

•    Sales in 2018 were down by 3.2 percent over 2017. A total of 36,048 homes were sold in 2018 compared to 37,237 the previous year.
•    Sales of single-family homes decreased 4.3 percent over 2017, while condo sales were unchanged.
•    By year’s end in 2018, 42,437 homes were sold in the Orlando MSA whereas 44,376 homes had been sold by year’s end in 2017, for a 4.4 percent decrease. Each individual county’s year-end sales comparisons are as follows:

*Lake: 6.1 percent below 2017;
*Orange: 5.4 percent below 2017;
*Osceola: 1.6 percent below 2017;
*Seminole: 2.5 percent below 2017.

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 represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively - located 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.

Housing Market Narrative - November 2018

Inventory inches upward while median price strides ahead

The inventory of homes available for purchase in the Orlando area has experienced its first year-over-year increase since July of 2015, reports the Orlando Regional REALTOR® Association. The overall inventory in November 2018 is 1.7 percent higher than in November 2017.

“This slight rise in inventory can be attributed to a combination of both slowing sales and a bump in new listings, which increased by 4.5 percent compared to this same time last year,” explains ORRA President Lou Nimkoff, Brio Real Estate Services LLC. “Factor in expected increases in interest rates that traditionally dampen sales, and we anticipate prospective homebuyers enjoying bolstered inventory levels throughout the upcoming year.”

Median Price

The overall median price of Orlando homes (all types combined) sold in November is $233,100, which is 3.6 percent above the November 2017 median price of $224,995 and 1.8 percent above the October 2018 median price of $229,000.

Year-over-year increases in median price have been recorded for the past 89 consecutive months; as of November 2018, the overall median price is 101.8 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in November increased 4.2 percent over November 2017 and is now $251,000. The median price for condos increased 12.3 percent to $134,655.

The Orlando housing affordability index for November is 122.96 percent, down from 126.77 percent 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 first-time homebuyers affordability index decreased to 87.44 from 90.15 percent last month.

Sales and Inventory

Members of ORRA participated in 2,575 sales of all home types combined in November, which is 6.9 percent less than the 2,767 sales in November 2017 and 11.9 percent less than the 2,924 sales in October 2018.

Sales of single-family homes (1,978) in November 2018 decreased by 8.9 percent compared to November 2017, while condo sales (330) increased 1.5 percent year over year.

Sales of distressed homes (foreclosures and short sales) reached 129 in November and are 23.2 percent less than the 168 distressed sales in November 2017. Distressed sales made up just 5.0 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in November (8,432) represents an increase of 1.7 percent when compared to November 2017, and a 1.9 percent increase compared to last month. There were 2.0 percent more single-family homes and 11/5 percent more condos, year over year.

Current inventory combined with the current pace of sales created a 3.3-month supply of homes in Orlando for November. There was a 2.8-month supply in October 2018 and a 3.0-month supply in November 2017.

The average interest rate paid by Orlando homebuyers in November was 4.97 percent, up from 4.85 percent the month prior.

Homes that closed in November took an average of 53 days to move from listing to pending and took an average of 89 days from listing to closing.

Pending sales in November are down 25.6 percent compared to November of last year and are down 9.7 percent compared to last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in November were down by 9.6 percent when compared to November of 2017. Year to date, MSA sales are down by 2.7 percent.

Each individual county’s sales comparisons are as follows:

*Lake: 13.4 percent below November 2017;
*Orange: 12.4 percent below November 2017;
*Osceola: 7.8 percent below November 2017; and
*Seminole: 0.4 percent above November 2017.

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 represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively - located 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.

Housing Market Narrative - October 2018

Inventory plunge slows as median price continues rising and sale tip downward

The drain of homes available for purchase in Orlando decreased to its slowest pace this year, with October showing just 2.3 percent fewer homes on the market than the same month in 2017. (May has shown the greatest discrepancy so far for 2018, with 17 percent less inventory than in May 2017.)

Meanwhile, Orlando’s median home price continued on its upward march while sales dipped a fraction.

According to ORRA President Lou Nimkoff, Brio Real Estate Services LLC, these are all trends that can be expected into 2019 along with rising interest rates. “Orlando’s housing market is likely to experience increases in median price and decreases in sales during the months ahead, albeit in small increments. The particular bright side for buyers is that any increase we see in inventory happily means more options for finding the right home.”

Median Price

The overall median price of Orlando homes (all types combined) sold in October is $228,750, which is 4.5 percent above the October 2017 median price of $219,000 and 1.8 percent below the September 2018 median price of $233,000.

Year-over-year increases in median price have been recorded for the past 88 consecutive months; as of October 2018, the overall median price is 98.1 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in October increased 4.6 percent over October 2017 and is now $249,900. The median price for condos increased 15.2 percent to $127,000.

The Orlando housing affordability index for October is 126.91 percent, down from 127.13 percent 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 first-time homebuyers affordability index decreased to 90.25, from 90.41 percent last month.

Sales and Inventory

Members of ORRA participated in 2,910 sales of all home types combined in October, which is 0.4 percent less than the 2,921 sales in October 2017 and 4.8 percent more than the 2,776 sales in September 2018.

Sales of single-family homes (2,219) in October 2018 decreased by 1.3 percent compared to October 2017, while condo sales (399) increased 9.0 percent year over year.

Sales of distressed homes (foreclosures and short sales) reached 124 in October and are 21.0 percent less than the 157 distressed sales in October 2017. Distressed sales made up just 4.3 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in October (8,272) represents a decrease of 2.3 percent when compared to October 2017, and a 2.2 percent increase compared to last month. There were 2.3 percent fewer single-family homes and 6.9 percent more condos, year over year.

Current inventory combined with the current pace of sales created a 2.84-month supply of homes in Orlando for October. There was a 2.9-month supply in September 2018 and a 2.9-month supply in October 2017.

The average interest rate paid by Orlando homebuyers in October was 4.85, up from 4.66 percent the month prior.

Homes that closed in October took an average of 52 days to move from listing to pending and took an average of 88 days from listing to closing.

Pending sales in October are down 19.7 percent compared to October of last year and are down 5.0 percent compared to last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in October were down by 1.4 percent when compared to October of 2017. Year to date, MSA sales are down by 2.2 percent.

Each individual county’s sales comparisons are as follows:

*Lake: 9.9 percent below October 2017;
*Orange: 2.7 percent below October 2017;
*Osceola: 4.4 percent above October 2017; and
*Seminole: 4.6 percent above October 2017.

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 represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively - located 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.

Housing Market Narrative - September 2018

Orlando home prices, sales rise as inventory continues to slip in September

One year after Hurricane Irma threw a wrench into the Orlando housing market, data from the Orlando Regional REALTOR® Association shows positive September-to-September comparisons for both sales and median price. Inventory, however, stayed on its year-over-year downward slide.

“The good news,” points out ORRA President Lou Nimkoff, Brio Real Estate Services LLC, “is that in September the actual number of homes available for purchase reached its highest point this year. The month-to-month increase in inventory, combined with the traditional autumn lull in sales, is an opportunity for those buyers who struggled with competition during the summer. In addition, fall home shoppers can also enjoy a bit more attention from REALTORS®, lenders, and other service providers who typically do not have quite as many clients to attend.”

Median Price

The overall median price of Orlando homes (all types combined) sold in September is $233,000, which is 3.6 percent above the September 2017 median price of $225,000 and 1.3 percent above the August 2018 median price of $230,000.

Year-over-year increases in median price have been recorded for the past 87 consecutive months; as of September 2018, the overall median price is 101.7 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in September increased 3.8 percent over September 2017 and is now $254,250. The median price for condos increased 6.4 percent to $125,500.

The Orlando housing affordability index for September is 127.13 percent, down from 130.14 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 first-time homebuyers affordability index decreased to 90.41 percent, from 92.55 percent last month.

Sales and Inventory

Members of ORRA participated in 2,768 sales of all home types combined in September, which is 8.5 percent more than the 2,552 sales in September 2017 but 18.1 percent less than the 3,381 sales in August 2018.

Sales of single-family homes (2,096) in September 2018 increased by 7.6 percent compared to September 2017, while condo sales (390) increased 23.4 percent year over year.

Sales of distressed homes (foreclosures and short sales) reached 124 in September and are 3.1 percent less than the 128 distressed sales in September 2017. Distressed sales made up just 4.5 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in September (8,092) represents a decrease of 6.4 percent when compared to September 2017, and a 3.6 percent increase compared to last month. There were 5.6 percent fewer single-family homes and 2.6 more condos, year over year.

Current inventory combined with the current pace of sales created a 2.9-month supply of homes in Orlando for September. There was a 2.3-month supply in August 2018 and a 3.4-month supply in September 2017.

The average interest rate paid by Orlando homebuyers in September was 4.66, up from 4.57 percent the month prior.

Homes that closed in September took an average of 48 days to move from listing to pending and took an average of 84 days from listing to closing.

Pending sales in September are down 14.2 percent compared to September of last year and are down 6.0 percent compared to last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in September were up by 4.1 percent when compared to September of 2017. Year to date, MSA sales are down by 2.3 percent.

Each individual county’s sales comparisons are as follows:

*Lake: 7.3 percent above September 2017;
*Orange: 3.3 percent below September 2017;
*Osceola: 15.1 percent above September 2017; and
*Seminole: 11.8 below above September 2017.

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 represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively - located 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.

Housing Market Narrative - August 2018

Orlando median home price continues to gain amid sales slowdown

The year-over-year median price for Orlando homes sold during the month of August continued on its years-long upward trajectory, albeit at a slower pace as dwindling inventory takes its toll on sales.

“Like across much of the country, sales are sliding in Orlando as would-be buyers are either priced out of the market or are deciding to postpone their search until more homes come on the market,” explains ORRA President Lou Nimkoff, Brio Real Estate Services LLC. “Fortunately for us, our housing market is bolstered by a healthy economy, prices that compare favorably to other major cities, and a quality of life that attracts an influx of new residents by the thousands each year. In addition, our market benefits from international homebuyers who look to Orlando for investment and vacation properties.”

The overall median price of Orlando homes (all types combined) sold in August is $231,000, which is 2.7 percent above the August 2017 median price of $225,000 and 1.7 percent below the July 2018 median price of $235,000.

Year-over-year increases in median price have been recorded for the past 86 consecutive months; as of August 2018, the overall median price is 100.0 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in August increased 4.9 percent over August 2017 and is now $255,000. The median price for condos increased 12.0 percent to $125,975.

The Orlando housing affordability index for August is 129.58 percent, up from 126.95 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 first-time homebuyers affordability index increased to 92.15 percent, from 90.28 percent last month.

Sales and Inventory

Members of ORRA participated in 3,374 sales of all home types combined in August, which is 5.8 percent less than the 3,580 sales in August 2017 and 0.6 percent less than the 3,394 sales in July 2018.

Sales of single-family homes (2,583) in August 2018 decreased by 6.7 percent compared to August 2017, while condo sales (440) increased 3.3 percent year over year.

Sales of distressed homes (foreclosures and short sales) reached 121 in August and are 40.7 percent less than the 204 distressed sales in August 2017. Distressed sales made up just 3.6 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in August (7,808) represents a decrease of 11.6 percent when compared to August 2017, and a 3.8 percent increase compared to last month. There were 10.2 percent fewer single-family homes and 8.5 percent fewer condos.

Current inventory combined with the current pace of sales created a 2.3-month supply of homes in Orlando for August. There was a 2.2-month supply in July 2018 and a 2.5-month supply in August 2017.

The average interest rate paid by Orlando homebuyers in August was 4.57, down from 4.59 percent the month prior.

Homes that closed in August took an average of 49 days to move from listing to pending, and took an average of 85 days from listing to closing.

Pending sales in August are down 21.4 percent compared to August of last year and are down 6.1 percent compared to last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in August were down by 8.4 percent when compared to August of 2017. Year to date, MSA sales are down by 2.8 percent.

Each individual county’s sales comparisons are as follows:

*Lake: 3.0 percent below August 2017;
*Orange: 9.8 percent below August 2017;
*Osceola: 12.8 percent below August 2017; and
*Seminole: 5.7 below above August 2017.

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.

Housing Market Narrative - July 2018

Decline in Orlando's sales, inventory help stabilize home-price growth

Prospective homebuyers will be cheered to learn that the rocketing rise in prices Orlando has seen over the past years stabilized this summer in the healthy single-digits. For the last three months, the year-over-year median price has increased between 6 and 7 percent.

The deceleration will help maintain a healthy housing market and protect Orlando’s affordability, especially as it compares to other cities around the country where prices are rising beyond the reach of buyers, explains ORRA President Lou Nimkoff, Brio Real Estate Services LLC. “In addition, while prices have been rising steadily over the past seven years they have not yet reached pre-recession peak prices. Orlando homes purchased now still have room for normal appreciation, which makes a house a good investment.”

The overall median price of Orlando homes (all types combined) sold July is $235,000, which is 6.8 percent above the July 2017 median price of $220,000 and 1.3 percent below the June 2018 median price of $238,000.

Year-over-year increases in median price have been recorded for the past 85 consecutive months; as of July 2018, the overall median price is 103.5 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in July increased 6.3 percent over July 2017 and is now $255,000. The median price for condos increased 10.4 percent to $127,000.

The Orlando housing affordability index for July is 126.95 percent, up from 124.88 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 first-time homebuyers affordability index increased to 90.28 percent, from 88.80 percent last month.

Sales and Inventory

Members of ORRA participated in 3,383 sales of all home types combined in July, which is 0.1 percent more than the 3,381 sales in July 2017 and 2.3 percent less than the 3,461 sales in June 2018.

Sales of single-family homes (2,653) in July 2018 decreased by 0.2 percent compared to July 2017, while condo sales (398) increased 2.6 percent year over year.

Sales of distressed homes (foreclosures and short sales) reached 121 in July and are 42.1 percent less than the 209 distressed sales in July 2017. Distressed sales made up just 3.6 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in July (7,525) represents a decrease of 16.9 percent when compared to July 2017, and a 0.4 percent decrease compared to last month. There were 15.3 percent fewer single-family homes and 14.8 percent fewer condos.

Current inventory combined with the current pace of sales created a 2.2-month supply of homes in Orlando for July. There was a 2.2-month supply in June 2018 and a 2.7-month supply in July 2017.

The average interest rate paid by Orlando homebuyers in July was 4.59, down from 4.61 percent the month prior.

Pending sales in July are down 18.5 percent compared to July of last year and are down 9.9 percent compared to last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in July were down by 3.4 percent when compared to July of 2017. Year to date, MSA sales are down by 1.9 percent.

Each individual county’s sales comparisons are as follows:

*Lake: 11.5 percent below July 2017;
*Orange: 3.0 percent below July 2017;
*Osceola: 3.7 percent below July 2017; and
*Seminole: 3.2 percent above July 2017.

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.

Housing Market Narrative - June 2018

Orlando's meager inventory continues to stifle sales, drive up prices

The inventory of homes available for purchase in the Orlando area displayed its greatest percentage of decrease yet in 2018, contributing to a second consecutive month of slower sales. However, buyer demand is continuing to boost the area’s median price.

The overall median price of Orlando homes (all types combined) sold June is $239,180, which is 6.8 percent above the June 2017 median price of $223,950 and 2.7 percent above the May 2018 median price of $233,000.

Year-over-year increases in median price have been recorded for the past 84 consecutive months; as of June 2018, the overall median price is 107.8 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in June increased 6.8 percent over June 2017 and is now $260,000. The median price for condos increased 13.6 percent to $125,000.

The Orlando housing affordability index for June is 124.26 percent, down from 124.26 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 first-time homebuyers affordability index decreased to 88.37 percent, from 90.31 percent last month.

Sales and Inventory

Members of ORRA participated in 3,451 sales of all home types combined in June, which is 11.1 percent less than the 3,882 sales in June 2017 but 0.7 percent more than the 3,426 sales in May 2018.

“Summertime is when we traditionally see sales expand as families seek to secure new homes before the start of the new school year,” explains ORRA President Lou Nimkoff, Brio Real Estate Services. “Incredibly low supply continues to be the primary impediment to sales in Orlando, but the combination of higher prices and mortgage rates contribute by pinching the budgets of some prospective buyers -- particularly first-timers – and thwarting their efforts to buy.”

Sales of single-family homes (2,672) in June 2018 decreased by 11.8 percent compared to June 2017, while condo sales (408) decreased 11.1 percent year over year.

Sales of distressed homes (foreclosures and short sales) reached 132 in June and are 50.2 percent less than the 266 distressed sales in June 2017. Distressed sales made up just 3.8 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in June (7,558) represents a decrease of 17.3 percent when compared to June 2017, and a 1.0 percent increase compared to last month. There were 16.1 percent fewer single-family homes and 22.6 percent fewer condos.

Current inventory combined with the current pace of sales created a 2.2-month supply of homes in Orlando for June. There was a 2.35-month supply in June 2017 and a 2.2-month supply last month.

The average interest rate paid by Orlando homebuyers in June was 4.61, down from 4.64 percent the month prior.

Pending sales in June are down 11.6 percent compared to June of last year and are down 9.9 percent compared to last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in June were down by 11.4 percent when compared to June of 2017. Year to date, MSA sales are down by 1.8 percent.

Each individual county’s sales comparisons are as follows:

*Lake: 12.8 percent below June 2017;
*Orange: 12.1 percent below June 2017;
*Osceola: 9.9 percent below June 2017; and
*Seminole: 9.6 percent below June 2017.

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.

Housing Market Narrative - May 2018

Orlando home prices rise in May as sales and inventory tumble

The inventory of homes available for purchase in the Orlando area dropped to its lowest point this year in May, dampening sales at the time when buyers traditionally ramp up their efforts to secure and move into a new home in time for the start of school. That demand is continuing to squeeze prices upward.

The overall median price of Orlando homes (all types combined) sold May is $234,000, which is 7.3% above the May 2017 median price of $218,000 and 1.7 percent below the April 2018 median price of $238,000.

Year-over-year increases in median price have been recorded for the past 83 consecutive months; as of April 2018, the overall median price is 102.60 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in May increased 8.5 percent over May 2017 and is now $255,000. The median price for condos increased 6.1 percent to $125,250.

The Orlando housing affordability index for May is 126.45 percent, up a bit from 126.13 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 first-time homebuyers affordability index increased to 89.92 percent, from 89.69 percent last month.

Sales and Inventory

Members of ORRA participated in 3,407 sales of all home types combined in May, which is 11.4 percent less than the 3,845 sales in May 2017 but 1.1 percent more than the 3,371 sales in April 2018.

“We are experiencing an unusual market filled with buyers who want to buy but sellers who don’t want to sell out of concern that there is no place for them to go,” expains ORRA President Lou Nimkoff, Brio Real Estate Services. “Many would-be sellers aren’t moving because they worry about finding another home to buy in such a tight-inventory environment. In addition, the median length to stay in a home by recent sellers has now swelled to 10 years (historically, it was about six to eight years), which is further reducing inventory turnover.”

Homes of all types saw sales declines in May. Sales of single-family homes (2,657) in May 2018 decreased by 12.4 percent compared to May 2017, while condo sales (410) decreased 3.1 percent year over year but actually increased 12.6 percent compared to last month.

Sales of distressed homes (foreclosures and short sales) reached 120 in May and are 70 percent less than the 282 distressed sales in May 2017. Distressed sales made up just 3.5 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in May (7,486) represents a decrease of 14.7 percent when compared to May 2017, and a 3.3 percent decrease compared to last month. There were 10.5 percent fewer single-family homes and 25.4 percent fewer condos.

Current inventory combined with the current pace of sales created a 2.2-month supply of homes in Orlando for May. There was a 2.8-month supply in May 2017 and a 2.3-month supply last month.

The average interest rate paid by Orlando homebuyers in May was 4.64, up from 4.51 percent the month prior.

Pending sales in May are down 11.4 percent compared to May of last year and are down 7.4 percent compared to last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in May were down by 13.7 percent when compared to May of 2017. Year to date, MSA sales are down by 2.2 percent.

Each individual county’s sales comparisons are as follows:

*Lake: 10.6 percent below May 2017;
*Orange: 12.7 percent below May 2017;
*Osceola: 15.1 percent below May 2017; and
*Seminole: 17.1 percent below May 2017.

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.

Housing Market Narrative - April 2018

Orlando home sales and median price both rise in April

Orlando’s median home price jumped more than 10 percent in April when compared to April of last year while sales likewise saw an increase of more than 8 percent, reports the Orlando Regional REALTOR® Association. Inventory declined by nearly 11 percent compared to this time last year.

The overall median price of Orlando homes (all types combined) sold in April is $237,000, which is 10.3 percent above the April 2017 median price of $215,000 and 3.0 percent above the March 2018 median price of $230,000.

Year-over-year increases in median price have been recorded for the past 82 consecutive months; as of April 2018, the overall median price is 105.19 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in April increased 9.4 percent over April 2017 and is now $257,000. The median price for condos increased 20.4 percent to $130,000.

The Orlando housing affordability index for April is 126.66 percent, down from 133.76 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 first-time homebuyers affordability index decreased to 90.07 percent, from 95.12 percent last month.

Sales and Inventory

Members of ORRA participated in 3,347 sales of all home types combined in April, which is 8.3 percent more than the 3,092 sales in April 2017 and 5.2 percent less than the 3,530 sales in March 2018.

“While April produced a strong showing in sales as we head into peak homebuying season, the Orlando market continues to struggle with an imbalance between what potential buyers can afford and what is listed for sale,” expains ORRA President Lou Nimkoff, Brio Real Estate Services. “Our lack of entry-level supply is putting affordability pressure on buyers – especially those at the lower end of the market, where demand is the strongest. To illustrate, there is only a 1.3-month of supply of single-family homes listed at less than $201,000, which is our current maximum price for first-time buyer affordability.”
 
Sales of single-family homes (2,620) in April 2018 increased by 9.1 percent compared to April 2017, while condo sales (359) decreased 6.3 percent.

Sales of distressed homes (foreclosures and short sales) reached 133 in April and are 46.4 percent less than the 248 distressed sales in April 2017. Distressed sales made up just 4.0 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in April (7,740) represents a decrease of 10.8 percent when compared to April 2017, and a 0.4 percent increase compared to last month. There were 6.6 percent fewer single-family homes and 25.2 percent fewer condos.

Current inventory combined with the current pace of sales created a 2.3-month supply of homes in Orlando for April. There was a 2.8-month supply in April 2017 and a 2.2-month supply last month.

The average interest rate paid by Orlando homebuyers in April was 4.51, up from 4.29 percent the month prior.

Pending sales in April are down 3.4 percent compared to April of last year and are up 9.0 percent compared to last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in April were up by 5.7 percent when compared to April of 2017. Year to date, MSA sales up by 1.4 percent.

Each individual county’s sales comparisons are as follows:

*Lake: 1.8 percent below April 2017;
*Orange: 8.2 percent above April 2017;
*Osceola: 8.9 percent above April 2017; and
*Seminole: 3.6 percent above April 2017.

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.

Housing Market Narrative - March 2018

Orlando home sales hold steady, median price rises in March

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, reports the Orlando Regional REALTOR® Association. Inventory declined by nearly 10 percent compared to this time last year.

The overall median price of Orlando homes (all types combined) sold in March is $230,000, which is 5.5 percent above the March 2017 median price of $218,000 and 0.4 percent above the February 2018 median price of $229,000.

Year-over-year increases in median price have been recorded for the past 81 consecutive months; as of March 2018, the overall median price is 99.1 percent higher than it was back in July 2011.

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 median price for condos increased 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 first-time homebuyers affordability index increased to 95.12 percent, from 94.29 percent last month.

Sales and Inventory

Members of ORRA participated in 3,508 sales of all home types combined in March, which is 0.9 percent more than the 3,477 sales in March 2017 and 38.2 percent higher than the 2,538 sales in February 2018.

“Orlando’s housing market continues to be tugged by opposing factors such as low inventory and high demand,” says ORRA President Lou Nimkoff, Brio Real Estate Services. “The result is a wash for sales: Transactions for the first quarter of 2018 closely mirror Q1 2017, with this year up by a slight 1.5 percent. However, the quarter’s median price is up by a healthy 9 percent and the dollar volume is up by 11.4 percent over Q1 2017.”

Sales of single-family homes (2,727) in March 2018 decreased by 0.4 percent compared to March 2017, while condo sales (421) increased 3.2 percent.

Sales of distressed homes (foreclosures and short sales) reached only 115 in March and are 57.7 percent less than the 272 distressed sales in March 2017. Distressed sales made up just 3.3 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in March (7,710) represents a decrease of 9.7 percent when compared to March 2017, and a 0.1 percent increase compared to last month. There were 6.1 percent fewer single-family homes and 24.3 percent fewer condos.

Current inventory combined with the current pace of sales created a 2.2-month supply of homes in Orlando for March. There was a 2.46-month supply in March 2017 and a 3.04-month supply last month.

The average interest rate paid by Orlando homebuyers in March was 4.29, down from 4.39 percent the month prior.

Pending sales in March are down 6.6 percent compared to March of last year and are up 3.6 percent compared to last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in
Each individual county’s sales comparisons are as follows:

*Lake: 4.4 percent below March 2017;
*Orange: 2.9 percent below March 2017;
*Osceola: 5.9 percent above March 2017; and
*Seminole: 3.7 percent below March 2017.

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.

Housing Market Narrative - February 2018

Orlando median home continues upward trend with 10 percent increase in February

Orlando’s median home price rose 10 percent in February when compared to February of last year while sales held steady with a 1 percent increase, reports the Orlando Regional REALTOR® Association. Inventory declined by nearly 9 percent compared to this time last year.

The overall median price of Orlando homes (all types combined) sold in February is $228,000, which is 10.4 percent above the February 2017 median price of $206,500 and 1.3 percent above the January 2018 median price of $225,000.

Year-over-year increases in median price have been recorded for the past 80 consecutive months; as of February 2018, the overall median price is 97.4 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in February increased 11.3 percent over February 2017 and is now $249,250. The median price for condos increased 22.2 percent to $120,950.

The Orlando housing affordability index for February is 133.18 percent, down from 140.10 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 first-time homebuyers affordability index decreased to 94.71 percent, from 99.62 percent last month.

Sales and Inventory

Members of ORRA participated in 2,497 sales of all home types combined in February, which is 0.6 percent more than the 2,482 sales in February 2017 and 11 percent higher than the 2,250 sales in January 2018.

Sales of single-family homes (1,886) in February 2018 decreased by 1.0 percent compared to February 2017, while condo sales (316) decreased 7.3 percent.

Sales of distressed homes (foreclosures and short sales) reached only 139 in February and is 41.4 percent less than the 237 distressed sales in February 2017. Distressed sales made up 5.6 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in February (7,706) represents a decrease of 8.9 percent when compared to February 2017, and a 1.3 percent increase compared to last month. There were 4.3 percent fewer single-family homes and 25.1 percent fewer condos.

“As we head into peak homebuying season, those buyers who are best prepared to deal with the challenges of low inventory are in the better position to secure a home” explains ORRA President Lou Nimkoff, Brio Real Estate Services. “Buyers should be ready to move quickly on a home they want by, for example, having a mortgage pre-approval letter in hand and having pre-determined with their REALTOR® which concessions and contingencies they are willing and able to eliminate from their purchase offers.”

Current inventory combined with the current pace of sales created a 3.09-month supply of homes in Orlando for February. There was a 3.41-month supply in February 2017 and a 3.38-month supply last month.

The average interest rate paid by Orlando homebuyers in February was 4.39, up from 4.07 percent the month prior.

Pending sales in February are down 5.6 percent compared to February of last year and are up 15.0 percent compared to last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in February were up by 0.1 percent when compared to February of 2017.

Each individual county’s sales comparisons are as follows:

*Lake: 12.3 percent above February 2017;
*Orange: 4.7 percent below February 2017;
*Osceola: 0.5 percent below February 2017; and
*Seminole: 3.7 percent above February 2017.

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.

Housing Market Narrative - January 2018

Orlando median home price jumps 13 percent in January

Orlando’s median home price continued along its upward trajectory in January while sales held steady with a 0.5 percent increase compared to January of 2017, reports the Orlando Regional REALTOR® Association.

The overall median price of Orlando homes (all types combined) sold in January is $225,000, which is 12.6 percent above the January 2017 median price of $199,900 and 2.2 percent below the December 2017 median price of $230,000.

Year-over-year increases in median price have been recorded for the past 79 consecutive months; as of January 2018, 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 January increased 10.1 percent over January 2017 and is now $240,000. The median price for condos increased 15.1 percent to $115,000.

The Orlando housing affordability index for January rose to 140.10 percent, up from 138.58 last month. The first time homebuyers affordability index rose to 99.62 percent, up from 98.55 percent last month.

Sales

Members of ORRA participated in 2,225 sales of all home types combined in January, which is 0.5 percent more than the 2,213 sales in January 2017.

Sales declined by 26.9 percent when compared to last month. “The nearly 27 percent drop between December and January is a decline that historically follows a big push to close in December as buyers seek to take advantage of homeownership tax benefits,” explains ORRA President Lou Nimkoff, Brio Real Estate Services. “While low inventory conditions remain a significant challenge, REALTORS® anticipate an improvement in month-to-month sales. In fact, the January pending sales tally increased by more than 1,000 homes compared to December 2017, making it the greatest month-to-month increase since ORRA began tracking pendings in 2006.”

Sales of single-family homes (1,731) in January 2018 increased by 0.46 percent compared to January 2017, while condo sales (268) decreased 5.6 percent.

Sales of distressed homes (foreclosures and short sales) reached only 143 in January and is 41.6 percent less than the 245 distressed sales in January 2017. Distressed sales made up 6.4 percent of all Orlando-area transactions last month.

The average interest rate paid by Orlando homebuyers in January was 4.07, up from 3.97 percent the month prior.

The overall inventory of homes that were available for purchase in January (7,604) represents a decrease of 11.1 percent when compared to January 2017, and a 1.3 percent decrease compared to last month. There were 6.6 percent fewer single-family homes and 29.7 percent fewer condos.

Current inventory combined with the current pace of sales created a 3.42-month supply of homes in Orlando for January. There was a 3.86-month supply in January 2017 and a 2.47-month supply last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in January were down by 1.1 percent when compared to January of 2017.

Each individual county’s sales comparisons are as follows:

*Lake: 7.9 percent below January 2017;
*Orange: 1.5 percent below January 2017;
*Osceola: 4.8 percent above January 2017; and
*Seminole: 0.6 percent above January 2017.

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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