Orlando Housing Market Activity: August 2019

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 President 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.”

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.

About the Author
eXp Realty, the largest residential real estate brokerage by geography in North America and a subsidiary of eXp World Holdings (NASDAQ: EXPI).

Bobby is a U. S. Marine Corps Veteran and Florida native with over 17 years of combined, award-winning experience in Real Estate and Mortgage Lending in Central Florida. An eXp ICON AGENT and Certified Mentor. Formerly with RE/MAX where he was recognized as a Hall of Fame Member and a consistent Platinum Club Award Winner. Locally, a multi-year Gold-Level Award Top Producer within the Orlando Regional Realtors Association (ORRA). His consistent productivity has earned him universal recognition, named as a Top agent in numerous publications, year after year including being voted a Best of Southwest Orlando Realtor 6 years in a row!

Bobby holds a Florida Real Estate Broker’s License with designations as a Graduate, REALTOR Institute (GRI); Accredited Buyer Representative (ABR); Certified Short Sale Professional (CSP); a Florida Military Specialist (FMS) and one of the few Real Estate Collaboration Specialists – Divorce (RCS-D) in Central Florida. These advanced designations denote expertise in financial, market, and investment analysis, in addition to negotiation. As such, he is considered an ‘expert’ in his field with experience in court testimony.

Personally:

Bobby is also a dedicated member of his community and has served on numerous local Boards of Directors. He is a youth sports coach and a Partner in Education with Orange County Schools. Thus, Bobby was voted a 2015 ORRA Good Neighbor Award recipient for his volunteerism and charitable contributions by his peers.

Bobby and his beautiful wife Halle have three very active children; Isabella, ‘Little’ Bobby and Alex. They stay busy as a family with sports, extra-curricular clubs and travel. However, they also give back as a family and donate to local rescues as well as providing their home to foster animals whenever possible.

One of Bobby’s greatest attributes is that time and again he has proven himself to be a selfless professional, treating each of his clients as if their property was the most important. He continues to work with his clients personally and does not differentiate between a $100K condo or a $1M house on a lake…anywhere in Central Florida, he gives each one the equal time, attention and respect that they deserve, as praised through the countless reviews written about him by former Buyers & Sellers!

Bobby Baldor has demonstrated the extensive experience and proven expertise in our local market to help you and your family achieve your real estate goals. But more importantly, he is a caring member of our community. Bobby’s personal slogan is ‘Your Real Estate Hero’ …and he works hard to prove it.