Sales of Orlando homes posted positive increases in November, an indicator that the housing market has recovered nicely from closing delays caused by Hurricane Irma, reports the Orlando Regional REALTOR® Association. Sales increased by 8 percent in November when compared to the same month last year.
Sales decreased by 6 percent compared to October following that month’s surge in backlogged transactions. In addition to an increase in sales, the median price of Orlando homes sold during the month of November continued its year-over-year upward trend. The overall median home price (all home types combined) is $224,000, which is 11.4 percent above the November 2016 median price of $201,000.
Year-over-year increases in median price have been recorded for the past 77 consecutive months; as of November 2017, the overall median price is 93.9 percent higher than it was back in July 2011.
The current median price is 2.3 percent higher than last month’s $219,000.
The median price for single-family homes that changed hands in November increased 9.1 percent over November 2016 and is now $240,000. The median price for condos increased 17.0 percent to $119,913.
The overall average home price for November 2017 is $264,853, an increase of 9.0 percent over the average home price in November 2016. The average home listed for $273,035 in November and sold for 97.00 percent of its listing price (96.99 percent in November 2016).
Members of ORRA participated in 2,735 sales of all home types combined in November, which is 8.4 percent more than the 2,523 sales in November 2016 and 6.4 percent less than the 2,921 sales in October 2017.
Sales of single-family homes (2,147) in November 2017 increased by 7.2 percent compared to November 2016, while condo sales (322) increased 13.4 percent.
Sales of distressed homes (foreclosures and short sales) reached only 163 in November and is 41.8 percent less than the 280 distressed sales in November 2016. Distressed sales made up 6.0 percent of all Orlando-area transactions last month.
The average interest rate paid by Orlando homebuyers in November was 3.96, down from 4.03 percent the month prior.
The overall inventory of homes that were available for purchase in November (8,294) represents a decrease of 10.5 percent when compared to November 2016, and a 2.0 percent decrease compared to last month. There were 7.1 percent fewer single-family homes and 26.0 percent fewer condos.
Current inventory combined with the current pace of sales created a 3.0-month supply of homes in Orlando for November. There was a 3.7-month supply in November 2016 and a 2.9-month supply last month.
Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in November were up by 7.2 percent when compared to November of 2016. Year to date, MSA sales are up by 3.0 percent.
Each individual county’s sales comparisons are as follows:
*Lake: 10.1 percent above November 2016;
*Orange: 9.9 percent above November 2016;
*Osceola: 7.9 percent above November 2016; and
*Seminole: 3.2 percent below November 2016.