Year-over-year increases in median price have been recorded for the past 80 consecutive months; as of February 2018, the overall median price is 97.4 percent higher than it was back in July 2011. The median price for single-family homes that changed hands in February increased 11.3 percent over February 2017 and is now $249,250. The median price for condos increased 22.2 percent to $120,950.
Median price was driven during 2017 primarily by a combination of strong buyer demand and very low inventory levels, but expect prices to continue their upward trend in 2018, albeit at a slower rate. In addition, Orlando's annual median home price ($220,000) is 10.0 percent higher than the 2016 annual median price ($200,000) thanks to another 12 consecutive months of year-over-year price increases.
In November, Florida’s housing market reflected the trends we’ve grown accustomed to seeing throughout this year. More owners decided to put their homes up for sale. Homes continued to sell quickly, resulting in increased pending sales – up 5.5 percent for single-family homes and up 9.3 percent for condo-townhouse units.
Despite the impact of Hurricane Irma, the median price of Orlando homes sold during the month of September continued its upward trend. The overall median home price (all home types combined) is $225,000, which is 9.8 percent above the September 2016 median price of $205,000. The median price remains unchanged from last month.
The resort area overall inventory was down 8.9% from 12 months ago as May total listings stood at 1794 compared to the 1955 in May 2016. By type normal owner listings totaled 1736 which compared to 1880 in May 2016. Bank owned homes comprised 36 of the total inventory while short sales comprised 22 which compared to the 41 and 34 respectively recorded in May 2016.