In August, we saw the continued upswing of buyer activity after a spring that got off to a slow start. Median prices are soaring, while inventory of available homes is shockingly low. This is great for sellers, however. Increased competition for homes means sellers are making more. We’re listing multiple homes a week. Ready to make one of them yours?
Orlando Real Estate Market Recap for August 2020
A spring of paused transactions have propelled an upswing in buyer activity that continued in August and sent Orlando area home sales into positive territory for the second consecutive month, reports the Orlando Regional REALTOR® Association. Orlando’s median price also continued on its upward path, while inventory again fell to a new low.
“Lack of inventory — not lack of buyer activity, as you would expect — is clearly shaping up to be the concerning result of the COVID-19 pandemic,” says ORRA President Reese Stewart. “In fact, the availability of single-family properties within our most in-demand price ranges of $160,000 to $400,000 is startling; less than a single month of supply.”
MEDIAN HOME PRICE
The Median Home Price in Orlando in August 2020 is up 10.0% above this time last year (August 2019).
The Orlando housing affordability index for August is 137.47%, down from 137.74% last month. (An affordability index of 99% means that buyers earning the state-reported median income are 1% 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.)
AVERAGE INTEREST RATE PAID BY HOMEBUYERS
The average interest rate paid by Orlando homebuyers in August was 2.85%, down from 2.97% the month prior.
HOMES SOLD LAST MONTH
3,539 Homes Sold in Orlando in August 2020
Homes that closed in August took an average of 49 days to move from listing to pending and an average of 44 days between pending and closing, for an average total of 93 days from listing to closing (equal to a total of 93 days the month prior).
HOMES AVAILABLE TO BUY
The overall inventory of homes that were available for purchase in August (5,958) represents a decrease of 22.1% when compared to August 2019, and a 4.2% decrease compared to last month. There were 34.3.% fewer single-family homes; 20.3% more condos; and 28.3% more duplexes/townhomes/villas, year over year.
This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does 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 March be revised in the future as new data is received.