Orlando sales head up as summer homebuying season kicks in

 

Encouraged by continued low interest rates and a favorable economy that is drawing droves of new residents to Orlando, area homebuyers pushed sales into positive territory for the month of May. Home sales jumped by nearly 11 percent compared to May 2018, which is the first year-over-year increase in 2019.

The improvement can be attributed to factors such as the slower rate of price increases and mortgage rates that are not only holding steady but even dropping a bit.

According to the latest monthly report from the Orlando Regional REALTOR® Association, members were involved in 3,790 property transactions during May. Sales of single-family homes improved by 12 percent over last year, while condos rose by 6 percent.

Speaking of condos, this home type is leading Orlando’s seven-month string of inventory increases. The number of condos available for purchase in May expanded by 27 percent, to 1,154. Single-family homes had 6% more availability than in May 2018, bringing our overall inventory up by 8 percent.

Despite inventory gains, Orlando is still clearly a seller’s market as it has only 2.14 months of supply (six months is considered by economists to indicate a market that is balanced between buyers and sellers). However, the balance shifts when you consider price categories, with the lower price categories firmly favoring sellers and the higher price categories ($800,000 and above) favoring buyers. Those in the market for a home priced between $2 million and $5 million currently enjoy 28 months of supply.

ORRA’s report also shows that the overall median price is once again on its years-long upward track. After a brief derailment into the red last month, the Orlando median price — the figure at which half of the homes sold for more and half sold for less — rose 4 percent in May to $243,000.
 

Single-family Home Update

 

Single-family home sales bumped up 12 percent in May, with 2,993 units sold throughout the Orlando area versus 2,672 a year earlier. Compared to last month, single-family sales are up 18 percent.

The median price for single-family homes increased by 4% to $263,000 in May. The inventory of this home type improved by 6% over May 2018, and there are currently 6,382 single-family homes available for purchase through the multiple listing service.

 

Condo Update

 

Condo sales are up by 6% (434); condo inventory is up by 26% (1,154), and condo median price is up by 9% ($136,500).
 

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 Area Market 10-year History (Orlando 10-Year History) (link to pdf) interest rate, sales, median price, average price, list/sell difference, pending, days on market, inventory, and months of supply for each of the last 10 years.

 

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