Orlando Area Residential Real Estate Snapshot for February 2021
New Orlando Regional REALTOR® Association report shows continued squeeze on the number of homes for sale
State of the Market
- The number of homes for sale in the Orlando market plummeted by 50% from February 2020 to February 2021. This marks the lowest inventory since May 2005, putting an even tighter squeeze on the market, as demand remains high.
- The supply of homes stands at 1.14 months, less than half of what it was in February 2020 (2.71). A healthy market has a six-month supply
- The median home price continues to rise, with February’s median price at $280,000 up 2% over January.
- Interest rates continued to rise for a second straight month to an average of 2.88% in February 2021. That number, however, is still lower than the interest rate in February 2020, which was 3.43%.
- “The new numbers illustrate just how far the market is tipped in favor of sellers. Sellers are receiving multiple offers, often above their asking price, and buyers are engaging in bidding wars with people looking to move to Orlando from other states,” said Natalie Arrowsmith, 2021 Orlando Regional REALTOR® Association President, NextHome Arrowsmith Realty. “There are not nearly enough homes on the market to meet the demand from people who want to buy homes right now.”
- ORRA members sold 2,995 homes in February 2021, an increase of 19% over February 2020.
- The median sales price for February 2021 was $280,000 up 12% from February 2020.
- Listings spent an average of 52 days on the market until contract in February 2021, a drop of 10% from February 2020.
- The Orlando area inventory is down 50% from 6,825 homes in February 2020 to 3,420 homes in February 2021.
- The number of new listings decreased 15% from 3,924 homes in February 2020 to 3,322 homes in February 2021.