From the Orlando Regional Realtor Association’s most recent Market Pulse.
Orlando median price, sales on the rise as inventory slide decelerates
The median price of Orlando homes sold during the month of June increased more than 7 percent while sales likewise climbed nearly 8 percent compared to June 2016, reports the Orlando Regional REALTOR® Association. Inventory continued its year-over-year slide but registered the smallest decline this year: 14 percent.
Orlando’s overall median home price (all home types combined) is $222,500, which is 7.5 percent above the June 2016 median price of $207,000. Year-over-year increases in median price have been recorded for the past 71 consecutive months; as of June 2017, the overall median is 92.6 percent higher than it was back in July 2011.
The median price for single-family homes that changed hands in June increased 8.0 percent over June 2016 and is now $243,000. The median price for condos increased 11.7 percent to $110,000.
The overall average home price for June 2017 is $269,811, an increase of 7.5 percent over the average home price in June 2016. The average home listed for $276,779 in June and sold for 97.5 percent of its listing price (96.9 percent in June 2016).
Members of ORRA participated in 3,837 sales of all home types combined in June, which is 7.9 percent more than the 3,556 sales in June 2016 and 0.21 percent less than the 3,845 sales in May 2017.
ORRA President Bruce Elliott, Regal R.E. Professionals LLC, explains that the downward trend in mortgage rates helped Orlando’s sales activity expand in June despite the ongoing inventory challenge.
“Those able to close on a home last month are probably feeling both happy and relieved,” says Elliott. “Listings in the affordable price range are scarce, homes are coming off the market at an extremely fast pace, and the prevalence of multiple offers in some cases are pushing prices higher.”
Sales of single-family homes (3,047) in June 2017 increased by 6.80 percent compared to June 2016, while condo sales (436) increased 8.2 percent.
Sales of distressed homes (foreclosures and short sales) reached only 261 in June and is 38.4 percent less than in June 2016. Distressed sales made up 6.8 percent of all Orlando-area transactions last month.
The average interest rate paid by Orlando homebuyers in June was 3.98 percent, down from 4.09 percent the month prior.
The overall inventory of homes that were available for purchase in June (9,141) represents a decrease of 14.0 percent when compared to June 2016, and a 4.1 percent increase compared to last month. There were 12.5 percent fewer single family homes and 21.9 percent fewer condos.
Current inventory combined with the current pace of sales created a 2.38-month supply of homes in Orlando for June. There was a 2.99-month supply in June 2016 and a 2.28-month supply last month.
Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in May are up by 5.3 percent when compared to June of 2016. Year to date, MSA sales are up 5.8 percent
Each individual county’s sales comparisons are as follows:
•Lake: 5.8 percent above June 2016;
•Orange: 7.1 percent above June 2016;
•Osceola: 15.4 percent above June 2016; and
•Seminole: 6.3 percent below June 2016.