1-407-575-5392
Menu

Orlando Market Report Jan 2019

NEXT
PREV
  Follow me: Wendy Morris on Twitter Wendy Morris on Facebook Wendy Morris on LinkedIn
Fri, Feb 15, 2019 at 12:05PM

 

The Orlando housing market in January saw its third consecutive month of year-over-year increases in the number of homes available for purchase, along with a slide in sales and a holding steady of the median price.

The expanded inventory is advantageous to prospective buyers, particularly those interested in purchasing condos.Our condo inventory rose by 26 percent last month, and this home type is an excellent option for those seeking entry into homeownership as a relief from Orlando’s soaring rental rates Condos also tend to be cheaper than single-family homes; for example, the median price of a condo sold in January was only $125,000 compared to $247,950 for a single-family home

Median Price

The overall median price of Orlando homes (all types combined) sold in January is $226,500, which is 0.7 percent above the January 2018 median price of $225,000 and 2.4 percent below the December 2018 median price of $225,000.Year-over-year increases in median price have been recorded for the past 91 consecutive months; as of January 2019, the overall median price is 96.1 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in January increased 3.3 percent over January 2018 and is now $247,950. The median price for condos increased 8.7 percent to $125,000.

The Orlando housing affordability index for January is 136.65 percent, up from 132.46 percent last month. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)

The first-time homebuyers affordability index increased to 97.17 from 94.19 percent last month.

Sales and Inventory

Members of ORRA participated in 1,938 sales of all home types combined in January, which is 13.8 percent less than the 2,249 sales in January 2018 and 20.0 percent less than the 2,422 sales in December 2018.

Sales of single-family homes (1,486) in January 2019 decreased by 15.0 percent compared to January 2018, while condo sales (289) increased 7.0 percent year over year.

Sales of distressed homes (foreclosures and short sales) reached 92 in January and are 34.8 percent less than the 141 distressed sales in January 2018. Distressed sales made up just 4.8 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in January (8,243) represents an increase of 8.4 percent when compared to January 2018, and a 4.7 percent increase compared to last month. There were 6.8 percent more single-family homes and 26.2 percent more condos, year over year.

Current inventory combined with the current pace of sales created a 4.3-month supply of homes in Orlando for January. There was a 3.3-month supply in December 2018 and a 3.4-month supply in January 2018.

The average interest rate paid by Orlando homebuyers in January was 4.32 percent, down from 4.38 percent the month prior.

Homes that closed in January took an average of 60 days to move from listing to pending and an average of 38 days between pending and closing, for an average total of 98 days from listing to closing (up from a total of 92 days the month prior).

Pending sales in January are down 16.5 percent compared to January of last year and are up 24.8 percent compared to last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in January were down by 14.6 percent when compared to January of 2018.

Each individual county’s sales comparisons are as follows:

*Lake: 5.9 percent below January 2018;
*Orange: 17.9 percent below January 2018;
*Osceola: 19.2 percent below January 2018; and
*Seminole: 8.2 percent below January 2018.

 

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.

ORRA REALTOR® sales represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively - located in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

 
Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

  • Orlando Market Report Jan 2019

Bookmark & Share



User Comments


Be the first to comment on this post below!


Popular tags on this blog

Al Capone | Bella Collina | Broker Associate Wendy Morris Realty | Celebrity Homes | Disney News | Drones | Foreclosure | For Sale Cannon EOS 7D Cameras Plus all the Lens | Hamilton Gardens Winter Garden Ryan Homes | How to Price your Home for Sale in Orlando Fl | Landlord | ORLANDO HOUSING MARKET REPORT - AUGUST 2018 | Orlando Market Reports | Orlando Penthouses | Queen of Versailles Jacqueline Siegel | David Siegel Windermere Lake Butler Sound | STAR WARS GALAXY?S EDGE | Summerport Windermere Fl | Taylor Swift | Waterfront Homes Clermont | Wendy Morris | Wendy Morris Realty | Wendy Morris Realty Marketing | Wendy Morris Realty Ocala | Whitney Isles Windermere Home For Sale | Windermere Fl |


All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independent verified. Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. The source of the listing data is as follows: | Stellar MLS (updated 8/24/19)

Listing Search



Translate Tool

Featured Listings
Tavares Real Estate
$850,000
3 BED
2.5 BATH
This fabulous home is situated on the northern shore of Lake Dora, part of the Harris Chain of Lakes, in downtown Tava... Read More
Leesburg Real Estate
$329,900
2 BED
2 BATH
Calling all lake lovers! Welcome to this lovely 2-bedroom/2-bath home with 1, 416 sq. ft. and 215 feet of direct frontag... Read More
Windermere Real Estate
$2,325,000
3 BED
3 BATH
Old Florida living with modern luxuries! With nearly 2 acres on Lake Butler, this beautifully renovated mid-century hom... Read More
Windermere Real Estate
$1,985,000
5 BED
5.5 BATH
Lake Butler access!!! Stunning Contemporary and modern style home builded in 2017 in the amazing gated Waterstone Commun... Read More
Clermont Real Estate
$375,000
3 BED
2 BATH
NO HOA! Located at the end of the road, this property is 7.3 acres of peace and quiet and a nature-lover''s dream! The ... Read More
Contact Wendy Morris

407-575-5392

Wendy Morris LLC
DBA Wendy Morris Realty
Licensed in the State of Florida
BK 3146762
14832 Speer Lake Drive
Winter Garden, FL 34787

Your privacy is our utmost concern. We will never sell your personal information. Privacy Policy
©2011 -2019 windermerehomes.net - all rights reserved. | Site Map