Orlando home sales and median price both rise last month
Orlando’s median home price jumped more than 10 percent in April when compared to April of last year while sales likewise saw an increase of more than 8 percent, reports the Orlando Regional REALTOR Association. Inventory declined by nearly 11 percent compared to this time last year.
The overall median price of Orlando homes (all types combined) sold in April is $237,000, which is 10.3 percent above the April 2017 median price of $215,000 and 3.0 percent above the March 2018 median price of $230,000.
Sales and Inventory
There are currently 7,740 homes available for purchase through the MLS. The April 2018 overall inventory level is 10.8 percent lower than it was in April 2017.
While April produced a strong showing in sales as we head into peak homebuying season, the Orlando market continues to struggle with an imbalance between what potential buyers can afford and what is listed for sale, expains ORRA President Lou Nimkoff, Brio Real Estate Services. Our lack of entry-level supply is putting affordability pressure on buyers’ especially those at the lower end of the market, where demand is the strongest. To illustrate, there is only a 1.3-month of supply of single-family homes listed at less than $201,000, which is our current maximum price for first-time buyer affordability.
Sales of single-family homes (2,620) in April 2018 increased by 9.1 percent compared to April 2017, while condo sales (359) decreased 6.3 percent.
Current inventory combined with the current pace of sales created a 2.3-month supply of homes in Orlando for April. There was a 2.8-month supply in April 2017 and a 2.2-month supply last month.
The average interest rate paid by Orlando homebuyers in April was 4.51, up from 4.29 percent the month prior.
This is a challenging time for buyers in a market where prices are high and options are low. Buyers need the assistance of REALTORS to help them compete against other buyers, for example by crafting attractive offers that take into consideration current appraisal issues and advising on contingencies, in addition to assistance through the many traditional functions that a buyers’ agent performs. Ready to start the homebuying process? We can help! Contact us today.
Inventory continues to lower and prices are up and steady, it’s a great time to sell, while being realistic with the value of your property! However, sellers should be aware that while selling their home is likely to be quick (particularly in the lower price categories) securing a new residence could be a challenge and requires the assistance of a REALTOR. Those seeking to move up into larger, more expensive homes will have more choices and less competition than those seeking to downsize. If you would like to know the value of your home, we would love to help. Contact us today!