From the Orlando Regional Realtor Association’s most recent Market Pulse.
Orlando median home price continues upward climb as sales and inventory dip
Orlando home sales declined 4 percent in April compared to April of 2016, in large part the result of sustained declines in the number of homes available for purchase. Orlando’s skimpy inventory also continued to push prices upwards, with the area’s year-over-year median home price again hitting a double-digit increase.
Orlando’s overall median home price (all home types combined) is $215,000, which is 12.0 percent above the April 2016 median price of $192,000. Year-over-year increases in median price have been recorded for the past 69 consecutive months; as of April 2017, the overall median is 86.2 percent higher than it was back in July 2011.
The median price for single-family homes that changed hands in April increased 11.2 percent over April 2016 and is now $233,500. The median price for condos increased 20.0 percent to $108,000.
The overall average home price for April 2017 is $252,653, an increase of 9.7 percent over the average home price in April 2016. The average home listed for $260,321 in April and sold for 97.1 percent of its listing price (97.12 percent in April 2016).
Members of ORRA participated in 3,061 sales of all home types combined in April, which is 3.5 percent less than the 3,172 sales in April 2016 and 12.0 percent less than the 3,477 sales in March 2017.
“Despite the decline in sales compared to last month — March experienced record-setting increase that REALTORS® anecdotally attribute to market-savvy buyers seeking to get a jump on the traditional spring/summer homebuying season — conditions remain favorable to sellers,” says Orlando Regional REALTOR® Association President Bruce Elliott, Regal R.E. Professionals LLC. “We’re seeing buyers compete for homes with tactics such as above-price offers, cash for sellers’ closing costs, and minimal contingencies, particularly for properties within the highly desired under-$300,000 price range. At the higher price points, buyers are more likely to both find a suitable property and successfully negotiate a price reduction.”
Sales of single-family homes (2,373) in April 2017 decreased by 4.9 percent compared to April 2016, while condo sales (381) increased 3.0 percent.
Sales of distressed homes (foreclosures and short sales) reached only 247 in April and is 56.5 percent less than in April 2016. Distressed sales made up 8.1 percent of all Orlando-area transactions last month.
The average interest rate paid by Orlando homebuyers in April was 4.11 percent, down from 4.29 percent the month prior.
The overall inventory of homes that were available for purchase in April (8,675) represents a decrease of 17.0 percent when compared to April 2016. There were 16.5 percent fewer single family homes and 20.6 percent fewer condos.
Current inventory combined with the current pace of sales created a 2.83-month supply of homes in Orlando for April. There was a 3.29-month supply in April 2016 and a 2.46-month supply last month.
Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in April are down by 2.9 percent when compared to April of 2016. Year to date, MSA sales are up 4.5 percent
Each individual county’s sales comparisons are as follows:
• Lake: 14.6 percent above April 2016;
• Orange: 6.8 percent below April 2016;
• Osceola: 0.2 percent above April 2016; and
• Seminole: 10.0 percent below April 2016.