Orlando Housing Market Report [June 2019]
Orlando's sales stumble a bit during peak homebuying months
Orlando home sales took a tiny tumble in June, slipping 2% compared to June 2018 during what is traditionally near the peak of our homebuying season.
“We are expecting June’s sales decline to reverse itself in the coming months as families seek to close on their new homes before the start of the school year,” says ORRA President Jeffrey M. Fagan. “In addition, we anticipate an eagerness to take advantage of favorable conditions such as small-but-steady increases in the inventory of homes available for purchase in the Orlando area and falling mortgage rates.”
According to the latest monthly report from ORRA, Orlando area homebuyers secured an average interest rate of 3.93% in June. That’s down from 4.15% in May and a high this year in February of 4.34%.
ORRA members were involved in 3,399 property transactions during June. Sales of townhomes dropped by a whopping 22%, which was enough to drag the overall sales comparison down by 2 percent. Sales of single-family homes actually improved by about half a percent over last year, while condos rose by more than 3 percent.
Speaking of condos, this home type is leading Orlando’s eight-month string of inventory increases. The number of condos available for purchase in June expanded by 24%, to 1,135. Single-family homes had 5% more availability than in June 2018, bringing our overall inventory up by 7 percent.
Despite inventory gains, Orlando is still clearly a seller’s market as it has only 2.37 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 for single-family homes, with the lower price categories firmly favoring sellers and the higher price categories ($700,000 and above) favoring buyers. Those in the market for a home priced between $2 million and $5 million currently enjoy 26 months of supply. FYI, there is a 15-month supply of home priced above $5 million.
ORRA’s report also shows that the overall median price is securely back its years-long upward track. After a brief derailment into the red in April, the Orlando median price — the figure at which half of the homes sold for more and half sold for less — rose 5 percent in June to $250,000.
June Market Indicator Comparison
Single-family Home Update
Single-family home sales bumped up 0.5% in June, with 2,685 units sold throughout the Orlando area versus 2,673 a year earlier. Compared to last month, single-family sales are down 11 percent.
The median price for single-family homes increased by 3% to $270,000 in June. The inventory of this home type improved by 5% over June 2018, and there are currently 6,289 single-family homes available for purchase through the multiple listing service.
Condo sales are up by 3% (406); condo inventory is up by 24% (1,135), and condo median price is up by 7% ($134,350,500).
Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in June were down by 2.7% when compared to June of 2018. To date, sales are down 6.9%.
Each individual county’s sales comparisons are as follows:
*Lake: 8.3% above June 2018;
*Orange: 2.8% below June 2018;
*Osceola: 8.5% below June 2018; and
*Seminole: 5.9% below June 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 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.