ORRA HOUSING MARKET REPORT – NOVEMBER 2018

Inventory inches upward while median price strides ahead

The inventory of homes available for purchase in the Orlando area has experienced its first year-over-year increase since July of 2015, reports the Orlando Regional REALTOR® Association. The overall inventory in November 2018 is 1.7 percent higher than in November 2017.

“This slight rise in inventory can be attributed to a combination of both slowing sales and a bump in new listings, which increased by 4.5 percent compared to this same time last year,” explains ORRA President Lou Nimkoff, Brio Real Estate Services LLC. “Factor in expected increases in interest rates that traditionally dampen sales, and we anticipate prospective homebuyers enjoying bolstered inventory levels throughout the upcoming year.”

Median Price

The overall median price of Orlando homes (all types combined) sold in November is $233,100, which is 3.6 percent above the November 2017 median price of $224,995 and 1.8 percent above the October 2018 median price of $229,000.

Year-over-year increases in median price have been recorded for the past 89 consecutive months; as of November 2018, the overall median price is 101.8 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in November increased 4.2 percent over November 2017 and is now $251,000. The median price for condos increased 12.3 percent to $134,655.

The Orlando housing affordability index for November is 122.96 percent, down from 126.77 percent last month. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent 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 decreased to 87.44 from 90.15 percent last month.

Sales and Inventory

Members of ORRA participated in 2,575 sales of all home types combined in November, which is 6.9 percent less than the 2,767 sales in November 2017 and 11.9 percent less than the 2,924 sales in October 2018.

Sales of single-family homes (1,978) in November 2018 decreased by 8.9 percent compared to November 2017, while condo sales (330) increased 1.5 percent year over year.

Sales of distressed homes (foreclosures and short sales) reached 129 in November and are 23.2 percent less than the 168 distressed sales in November 2017. Distressed sales made up just 5.0 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in November (8,432) represents an increase of 1.7 percent when compared to November 2017, and a 1.9 percent increase compared to last month. There were 2.0 percent more single-family homes and 11/5 percent more condos, year over year.

Current inventory combined with the current pace of sales created a 3.3-month supply of homes in Orlando for November. There was a 2.8-month supply in October 2018 and a 3.0-month supply in November 2017.

The average interest rate paid by Orlando homebuyers in November was 4.97 percent, up from 4.85 percent the month prior.

Homes that closed in November took an average of 53 days to move from listing to pending and took an average of 89 days from listing to closing.

Pending sales in November are down 25.6 percent compared to November of last year and are down 9.7 percent compared to last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in November were down by 9.6 percent when compared to November of 2017. Year to date, MSA sales are down by 2.7 percent.

Each individual county’s sales comparisons are as follows:

*Lake: 13.4 percent below November 2017;
*Orange: 12.4 percent below November 2017;
*Osceola: 7.8 percent below November 2017; and
*Seminole: 0.4 percent above November 2017.

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.