According to the Orlando Regional Realtor Association, the inventory of
homes available for purchase in the Orlando area has experienced its
first year-over-year increase since July of 2015. The overall inventory
in November 2018 is 1.7 percent higher than in November 2017.
“This
slight rise in inventory can be attributed to a combination of both
slowing sales and a bump in new listings, which increased by 4.5 percent
compared to this same time last year,” explains ORRA President Lou
Nimkoff. “Factor in expected increases in interest rates that
traditionally dampen sales, and we anticipate prospective homebuyers
enjoying bolstered inventory levels throughout the upcoming year.”
The
overall median price of Orlando homes (all types combined) sold in
November is $233,100, which is 3.6 percent above the November 2017
median price of $224,995 and 1.8 percent above the October 2018 median
price of $229,000.
Year-over-year increases in median price have
been recorded for the past 89 consecutive months; as of November 2018,
the overall median price is 101.8 percent higher than it was back in
July 2011.
The median price for single-family homes that changed
hands in November increased 4.2 percent over November 2017 and is now
$251,000. The median price for condos increased 12.3 percent to
$134,655.
The Orlando housing affordability index for November is 122.96 percent, down from 126.77 percent last month.
The first-time homebuyers affordability index decreased to 87.44 from 90.15 percent last month.
Sales and Inventory
Members
of ORRA participated in 2,575 sales of all home types combined in
November, which is 6.9 percent less than the 2,767 sales in November
2017 and 11.9 percent less than the 2,924 sales in October 2018.
Sales
of single-family homes (1,978) in November 2018 decreased by 8.9
percent compared to November 2017, while condo sales (330) increased 1.5
percent year over year.
Sales of distressed homes (foreclosures
and short sales) reached 129 in November and are 23.2 percent less than
the 168 distressed sales in November 2017. Distressed sales made up just
5.0 percent of all Orlando-area transactions last month.
The
overall inventory of homes that were available for purchase in November
(8,432) represents an increase of 1.7 percent when compared to November
2017, and a 1.9 percent increase compared to last month. There were 2.0
percent more single-family homes and 11.5 percent more condos, year over
year.
Current inventory combined with the current pace of sales
created a 3.3-month supply of homes in Orlando for November. There was a
2.8-month supply in October 2018 and a 3.0-month supply in November
2017.
The average interest rate paid by Orlando homebuyers in November was 4.97 percent, up from 4.85 percent the month prior.
Homes
that closed in November took an average of 53 days to move from listing
to pending and took an average of 89 days from listing to closing.
Pending
sales in November are down 25.6 percent compared to November of last
year and are down 9.7 percent compared to last month.
MSA Numbers
Sales
of existing homes within the entire Orlando MSA (Lake, Orange, Osceola,
and Seminole counties) in November were down by 9.6 percent when
compared to November of 2017. Year to date, MSA sales are down by 2.7
percent.
Each individual county’s sales comparisons are as follows:
- Lake: 13.4 percent below November 2017
- Orange: 12.4 percent below November 2017
- Osceola: 7.8 percent below November 2017
- Seminole: 0.4 percent above November 2017