Orlando home sales increase 2 percent as median price jumps 11 percent in January
From the Orlando Regional Realtor Association’s most recent Market Pulse.
The Orlando housing market experienced increases in both median price and sales in January, while the pool of homes available for purchase shrank by 21 percent in comparison to January of last year.
Orlando’s overall median home price (all home types combined) is $199,000, which is 10.6 percent above the January 2016 median price of $180,000. Year-over-year increases in median price have been recorded for the past 66 consecutive months; as of January 2016, the overall median is 72.3 percent higher than it was back in July 2011.
The median price for single-family homes that changed hands in January increased 8.8 percent over January 2016 and is now $216,500. The median price for condos increased 13.6 percent to $99,950.
The overall average home price for January 2017 is $244,904, an increase of 11.9 percent over the average home price in January 2016. The average home listed for $252,514 in January and sold for 96.99 percent of its listing price (96.70 percent in January 2016).
Members of ORRA participated in 2,195 sales of all home types combined in January, which is 2.3 percent more than the 2,146 sales in January 2016 and 26.8 percent less than December 2016.
“We traditionally experience a big drop in sales between December and January after the rush to close for tax purposes,” says Orlando Regional REALTOR® Association President Bruce Elliott, Regal R.E. Professionals LLC. “REALTORS® expect sales to pick up in the coming months as the start of the spring-summer selling season takes hold. The pending sales tally for January, which is an indicator of future transactions, jumped by 15 percent over the last 30 days and supports an upcoming increase in sales.”
Sales of single-family homes (1,709) in January 2017 decreased by 0.3 percent compared to January 2016, while condo sales (282) increased 14.2 percent.
Sales of distressed homes (foreclosures and short sales) reached only 243 in January and is 54.3 percent less than in January 2016. Distressed sales made up 11.1 percent of all Orlando-area transactions last month.
The average interest rate paid by Orlando homebuyers in January was 4.30 percent, down from 4.32 percent the month prior.
The overall inventory of homes available that were for purchase in January represents a decrease of 20.7 percent when compared to January 2016. There were 21.5 percent fewer single family homes and 19.3 percent fewer condos.
Current inventory combined with the current pace of sales created a 3.90-month supply of homes in Orlando for January. There was a 5.02-month supply in January 2016 and a 2.87-month supply last month.
Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in January are up by 4.1 percent when compared to January of 2016.
Each individual county’s sales comparisons are as follows:
• Lake: 10.1 percent above January 2016;
• Orange: 4.8 percent above January 2016;
• Osceola: 9.2 percent above January 2016; and
• Seminole: 6.8 percent below January 2016.