Orlando Housing Market Report Video- February 2017

Orlando median home price jumps 11 percent as sales hold steady and inventory plummets

The Orlando housing market experienced increases in both median price and sales in February, while the inventory of homes available for purchase shrank by 21 percent in comparison to February of last year.

“We are headed into peak homebuying season with high demand but significantly fewer homes on the market compared to last year,” says Orlando Regional REALTOR® Association President Bruce Elliott, Regal R.E. Professionals LLC. “Lack of inventory creates opportunities for homeowners who are considering a sale of their property. This same market condition creates challenges for prospective homebuyers, who should turn to a REALTOR® for assistance in making the preparations and structuring the offers that help turn them into successful homebuyers.”

Orlando Housing Market Report Video – January 2017

Orlando home sales increase 2 percent as median price jumps 11 percent in January

The Orlando housing market experienced increases in both median price and sales in January, while the pool of homes available for purchase shrank by 21 percent in comparison to January of last year.

Orlando’s overall median home price (all home types combined) is $199,000, which is 10.6 percent above the January 2016 median price of $180,000. Year-over-year increases in median price have been recorded for the past 66 consecutive months; as of January 2016, the overall median is 72.3 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in January increased 8.8 percent over January 2016 and is now $216,500. The median price for condos increased 13.6 percent to $99,950.

The overall average home price for January 2017 is $244,904, an increase of 11.9 percent over the average home price in January 2016. The average home listed for $252,514 in January and sold for 96.99 percent of its listing price (96.70 percent in January 2016).

Orlando Housing Market Report Video – December 2016 and Year-End 2016

Orlando housing market ends 2016 with increases in cumulative median price and sales

Orlando’s 2016 annual median price ($200,000) is a healthy 12.0 percent higher than the 2015 annual median price ($178,500), thanks to another 12 months of year-over-year price increases. Sales for 2016 finished out at 35,780 and squeaks in at 1.8 percent above the cumulative sales total of 35,151 for 2015.

“The most notable trend we saw in 2016 was our consistently declining inventory, which posted year-over-year drops every single month,” says Orlando Regional REALTOR® Association President Bruce Elliott, Regal R.E. Professionals LLC. “Reduced inventory resulted in a year of fewer options for buyers and dampened sales, plus contributed to consistently rising prices.”

Orlando Housing Market Report Video – November 2016

Orlando home sales, median price increase along with mortgage rate in November

Orlando home sales experienced a 7 percent year-over-year jump in November, along with a 9 percent increase in median price. The average interest rate paid by an Orlando homebuyer is November is 3.82 percent, up from 3.57 percent.

Orlando Regional REALTOR® Association President John Lazenby, Colony Realty Group, Inc., points out that buyer demand lifted year-over-year sales despite a dramatic drop in the number of homes available for purchase that occurred in November.

“The substantial decrease in inventory — nearly 18 percent compared to November 2015 — can be attributed in part to the shifting of “Active With Contract” listings from the “Active Inventory” category to the “Pending” category within our local multiple listing system, a process that took place in November” explains Lazenby. “After adjusting for the elimination of “Active With Contract” homes, the November 2016 inventory is 12.40 percent lower than in November 2015 and more in line with the decreases we have seen this year.”

Orlando Housing Market Report Video – October 2016

Orlando median price continues its upward trend as sales and inventory slip

The median price of Orlando area homes rose 14 percent year-over-year in October. Meanwhile, sales decreased 8 percent as inventory took its greatest year-over-year tumble in 2016 and dropped by 12 percent.

“October’s drop in sales can be attributed to a mix of the disruption caused by Hurricane Matthew and uncertainty caused by the election, in addition to our continuing challenge of declines in homes available for purchase,” explains Orlando Regional REALTOR® Association President John Lazenby, Colony Realty Group.

“Immediately after even a mild hurricane without much damage, scheduled closings can be delayed by the need for additional appraisals or inspections, while sellers can put off listing their homes for a week or more,” says Lazenby. “And of course an election year brings a natural state of uncertainty to the housing market as both buyers and sellers wait to see what the future brings. For many people, a home represents the largest investment of their life, so during an election year they delay taking action until the economy is less of an unknown. This phenomenon can be seen in the “New Listings” tally for the month, which dropped by 17 percent compared to October 2015 despite Orlando’s current market conditions that strongly favor sellers.”

 

Orlando Housing Market Report Video – June 2016

Decline in available inventory sends Orlando median home price soaring 15 percent in June

The median price of Orlando homes sold during the month of June increased 15 percent compared to June of last year, the result in part of yet another double-digit decline in inventory.

“Orlando’s inventory has now seen 12 consecutive months of year-over-year declines with the month of June recording an 11.85 percent drop, the steepest to date,” points out Orlando Regional REALTOR® Association President John Lazenby, Colony Realty Group, Inc. “Low interest rates continue to be a contributing factor to the increasing buyer demand, and coupled with depleting inventory, is continuing to drive up the median price, which at $207,000, is the highest since July 2008. Current demand even helped generate a 5 percent increase in sales compared to last month, despite the limited choice of available homes.”

Orlando Housing Market Report Video – April 2016

During the month of April, Orlando’s housing market saw both home prices and sales rise, but low inventory continued to challenge many would-be buyers.

Orlando Housing Market Report – March 2016

Orlando’s homebuying season kicks off with
a decline in inventory and an increase in median price

The traditional start to Orlando’s homebuying season — April 1 — finds buyers continuing to grapple with a dwindling inventory that in March pushed home prices up 10 percent and restrained sales by 4 percent.

“Like much of the country, Orlando home sales are being impacted by a lack of inventory rather than a lack of buyers,” says ORRA President John Lazenby, Colony Realty Group, Inc. “For example, there is only 2.16 months’ worth of non-distressed single-family homes in the critical first-time homebuyer price categories. That’s even below the area’s overall 3.50 months-of-supply, which is far below the six months that economists consider balanced between supply and demand.”

Orlando Housing Market Report Video – November 2015

Home sales in the Orlando area slipped 3 percent in November, as the inventory of available properties dropped for the fifth consecutive month. At the same time, the median home price rose 10.30 percent in November compared to November 2014.

Orlando Housing Market Report Video – January 2015

 

In January 2015, increasing inventory, lower interest rates, and strong homebuyer demand in Orlando led to yet another month of higher home sales, at higher prices.