Orlando Housing Market Activity: June 2019

Orlando’s sales stumble a bit 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.

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.

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.

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.