Despite the challenges in 2020, demand for housing across Central Florida continued to surge at historic proportions leading to a 9.1% increase in the overall price of homes (all types) from 2019 to 2020 & a 14% increase during the 2-year period from 2018 to 2020. Since 2018, the median home value has risen from $232,500 to $265,000. In spite of the pandemic lockdowns, home sales in 2020 still managed to surpass 2019 with a 1/2% increase with 36,871 homes in 2020 versus 36,707 in 2019. A story of dwindling inventory: From December 2019 to December 2020, total inventory has plummeted 30.6% creating a current sales pace of only 1.3-month supply of inventory available. Average days-on-market is currently at 45. If new listings ceased, the current inventory would be depleted in about 6 weeks! Analysts generally consider a 6-months supply has a healthy balance of buyers & sellers. The number of homes under contract/pending sales are up 20.9% year-over-year from December to December, another indicator of the strength of demand for housing. The biggest factor of 2020 is the record low interests implemented by the Federal Reserve to aid in the economy recovery process. The avg. mortgage rate paid by homebuyers was only 2.7%, near an all-time record low. Low cost of borrowing & scarce inventory have formed a trend unlikely to be changed during the months ahead as buyers will continue to scramble to find housing in a seller’s market. For contrast, at the bottom of the real estate crisis in January 2011, Orlando’s median home value was $94,900 with 7-months supply of inventory available & ADOM of 96 days.
The Orlando Regional Realtor® Association has released its September 2018 Market Pulse Report. Here are the highlights: From August 2017 to August 2018, the median home value for Central Florida is up 2.7% with inventory down 11.6%, during the same time frame. The combined median home value for all homes sold is $231,000 and average days-on-market was only 49 days. There is a 2.3 month’s supply of inventory. Distressed sales (REO & Short Sale) only account for less than 4% of all sales. Real estate values have more than doubled since 2011. The full report is available for you here: ORRA Housing Report for August 2018
The Orlando Regional Realtor® Association has released its August 2017 Market Pulse Report. Here are the highlights: From July 2016 to July 2017, the median home value for Central Florida is up 7% with inventory down 15%, during the same time frame. The combined median home value for all homes sold is $220,000. Average days-on-market for July 2016 was only 52. There is a 2.7 months supply of inventory. Experts say 6 months of inventory demonstrates a healthy balance between supply and demand. There were 3,347 total sales in July 2017, which is actually a decrease of 13% from June – indicative of the major housing shortage. Condo values have been rising significantly, up 21% year-over-year. The full report is available for you here > August 2017 Market Pulse