Orlando Housing Market Activity: 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. 

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 July2018, 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 by3% 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. 

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.