Homes are selling faster than ever, so potential buyers must come prepared and pre-approved with a strong offer.
April 2021 Recap
State of the Market
- The pandemic’s biggest impact on the Orlando housing market hit in April 2020, putting the brakes on sales. Since then, inventory has continued to decline - despite high demand from buyers - and hit an all-time-low last month (April 2021). There were major gains in sales year-over-year for April 2021, due to effects of the pandemic last year.
- There were only 2,655 homes for sale in April 2021; that is a record low dating back to 1995, as far back as ORRA data goes. For perspective, the Orlando area’s population in 1995 was 1,092,514; today it is 1,814,118, according to Florida’s Office of Economic and Demographic Research.
- April inventory fell 7.8% from the previous month, March 2021. If all the available homes were sold, it would take just three weeks (a balanced market is considered six months of inventory).
- The median home price increased to $295,000 in April 2021, a 3.5% bump from March 2021. The median home price jumped 11.9% from $263,750 in April 2020.
- “A positive sign is that new listings are on the rise as more homeowners look to take advantage of the extreme seller’s market that we are in. As we head into the summer, more sellers will likely consider selling their homes before the start of the new school year, which would help balance our housing market out,” said Natalie Arrowsmith, 2021 Orlando Regional REALTOR® Association President, NextHome Arrowsmith Realty. “Homes are selling faster than ever, so potential buyers must come prepared and pre-approved with a strong offer.”
- ORRA members sold 4,081 homes in April 2021, a 4.4% decrease in the 4,268 sales from March 2021.
- Interest rates dipped slightly to 2.98% in April 2021 from 3.07% in March 2021
- Listings spent an average of 42 days on the market until contract in April 2021, a drop of 12.5% from March 2021.
- 50 distressed homes (bank-owned properties and short sales) accounted for 1% of all home sales in April 2021, the same as the prior month.
- Orlando’s housing market is in line with reports from the National Association of REALTORS®, which reports two consecutive months of falling home sales, declining inventory and rising prices.
- The Orlando area inventory is down 65% from 7,659 homes in April 2020 to just 2,655 homes in April 2021.
- The number of new listings increased 7.6% from 3,959 in March 2021 to 4,258 in April 2021.
Courtesy of Orlando Regional Realtor Association
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