A Pandemic can’t shut down the Orlando Real Estate Machine! Buyers are showing strong demand even in the face of COVID-19 and, thanks to measures like virtual showings, the Light Team has been able to accommodate buyers while keeping them safe! Here’s a look at how the Orlando market performed last month.
Orlando Real Estate Market Recap for June 2020
Orlando home sales are surging despite the region’s continuing struggle with COVID-19. A new report from the Orlando Regional REALTOR® Association shows that home sales skyrocketed in June, up nearly 46% from May. The number of homes for sale continues to be an issue, as June inventory experienced a decline of 19% when compared to June of 2019.
“Despite the ongoing pandemic, there is still strong demand from homebuyers throughout the Orlando area. With virtual tours and other measures, such as limiting in-person showings, REALTORS® have been able to accommodate buyers and sellers and conduct business while maintaining safety protocols,” said 2020 ORRA President Reese Stewart. “The outlook continues to be positive, as pending sales in June were also up, showing an increase of 14.5% from May.”
MEDIAN HOME PRICE
The Median Home Price in Orlando in June 2020 is up 6% above this time last year (June 2019).
The Orlando housing affordability index for June was 139.10%, up from 138.37% 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 June was 3.04%, down from 3.22% the month prior.
HOMES SOLD LAST MONTH
3,103 Homes Sold in Orlando in June 2020
Homes that closed in June took an average of 52 days to move from listing to pending and an average of 38 days between pending and closing, for an average total of 90 days from listing to closing (up from a total of 87 days the month prior).
HOMES AVAILABLE TO BUY
The overall inventory of homes that were available for purchase in June (6,557) represents a decrease of 18.6% when compared to June 2019, and a 9.7% decrease compared to last month. There were 26.8% fewer single-family homes; 6.3% more condos; and 19% 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.