The Orlando housing market experienced increases in both median price and sales in February, while the inventory of homes available for purchase shrank by 21 percent in comparison to February of last year.
“We are headed into peak home buying season with high demand but significantly fewer homes on the market compared to last year,” says Orlando Regional REALTOR® Association President Bruce Elliott. “Lack of inventory creates opportunities for homeowners who are considering a sale of their property. This same market condition creates challenges for prospective home buyers, who should turn to a REALTOR® for assistance in making the preparations and structuring the offers that help turn them into successful home buyers.”
Orlando’s overall median home price (all home types combined) is $205,000, which is 10.8 percent above the February 2016 median price of $185,000. Year-over-year increases in median price have been recorded for the past 67 consecutive months; as of February 2016, the overall median is 77.5 percent higher than it was back in July 2011.
The median price for single-family homes that changed hands in February increased 12.0 percent over February 2016 and is now $223,100. The median price for condos increased 20.9 percent to $99,750.
The overall average home price for February 2017 is $239,219, an increase of 9.9 percent over the average home price in February 2016. The average home listed for $247,409 in February and sold for 96.69 percent of its listing price (96.71 percent in February 2016).
Members of ORRA participated in 2,423 sales of all home types combined in February, which is 0.3 percent more than the 2,415 sales in February 2016 and 9.5 percent more than January 2017.
Sales of single-family homes (1,865) in February 2017 decreased by 0.9 percent compared to February 2016, while condo sales (334) increased 19.3 percent.
Sales of distressed homes (foreclosures and short sales) reached only 233 in February and is 57.3 percent less than in February 2016. Distressed sales made up 9.6 percent of all Orlando-area transactions last month.
The average interest rate paid by Orlando home buyers in February was 4.29 percent, down from 4.30 percent the month prior.
The overall inventory of homes available that were for purchase in February represents a decrease of 20.9 percent when compared to February 2016. There were 21.1 percent fewer single family homes and 23.5 percent fewer condos.
Current inventory combined with the current pace of sales created a 3.49-month supply of homes in Orlando for February. There was a 4.43-month supply in February 2016 and a 3.86-month supply last month.
Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in February are up by 0.7 percent when compared to February of 2016. Year to date, MSA sales are up 2.7 percent
Each individual county’s sales comparisons are as follows:
• Lake: 2.8 percent below February 2016;
• Orange: 0.7 percent above February 2016;
• Osceola: 10.5 percent above February 2016; and
• Seminole: 5.1 percent below February 2016.
This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.
Source: Orlando Regional REALTOR Association®