Orlando's median home price and inventory
maintain upward pattern in March 

 

April 2019 Recap

The Orlando housing market enjoyed a 2% increase in median price for the month of March, while year-over-year inventory rose 5% and experienced its fifth consecutive month of increase. Sales dropped 11% compared to last year.

However, Orlando home sales of all types leapt 30% compared to last month and condo sales soared a whopping 42 percent over February.

“Sales traditionally increase from month to month as the spring/summer homebuying season progresses. This year it appears that a powerful combination of more inventory and steady interest rates is driving a stronger-than-usual surge in buyer confidence,” says Orlando Regional REALTOR® Association President Jeffrey M. Fagan, Watson Realty Corp. “REALTORS® do not anticipate any interest rate increases from the Federal Reserve in 2019, which is helping mortgage rates stay at attractive levels and motivate potential buyers.”

Median Price

The overall median price of Orlando homes (all types combined) sold in March is $235,000, which is 2.2% above the March 2018 median price of $230,000 and steady compared to the February 2019 median price of $235,000 as well. 

Year-over-year increases in median price have been recorded for the past 93 consecutive months; as of March 2019, the overall median price is 103.5% higher than it was back in July 2011.

The median price for single-family homes that changed hands in March increased 2.0% over March 2018 and is now $255,000. The median price for condos increased 3.7% to $127,500.

The Orlando housing affordability index for March is 133.81%, up from 131.64% 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.)

The first-time homebuyers affordability index increased to 95.15% from 93.61% last month.
 

Sales and Inventory

Members of ORRA participated in 3,127 sales of all home types combined in March, which is 11.4% less than the 3,530 sales in March 2018 and 29.5% more than the 2,414 sales in February 2019.

Sales of single-family homes (2,450) in March 2019 decreased by 10.7% compared to March 2018, while condo sales (395) decreased 6.4% year over year.

Sales of distressed homes (foreclosures and short sales) reached 110 in March and are 6.0% less than the 117 distressed sales in March 2018. Distressed sales made up just 3.5% of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in March (8,117) represents an increase of 5.3% when compared to March 2018, and a 0.9% decrease compared to last month. There were 4.4% more single-family homes and 22.7% more condos, year over year.

Current inventory combined with the current pace of sales created a 2.6-month supply of homes in Orlando for March. There was a 2.2-month supply in March 2018 and a 3.4-month supply in February 2019.

The average interest rate paid by Orlando homebuyers in March was 4.21%, down from 4.34% the month prior.


Homes that closed in March took an average of 62 days to move from listing to pending and an average of 37 days between pending and closing, for an average total of 99 days from listing to closing (up from a total of 97 days the month prior).

Pending sales in March are down 8.9% compared to March of last year and are up 11.2% compared to last month.

MSA Numbers



Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in March were down by 12.9% when compared to March of 2018. To date, sales are down 12.3%.

Each individual county’s sales comparisons are as follows:

Lake:          14.2 percent below March 2018
Orange:      14.7 percent below March 2018
Osceola:     12.2 percent below March 2018
Seminole:    7.3  percent below March 2018
Polk:            8.9  percent above March 2018

 

New Home vs. Resale: Which is Right for You?

 
Is a newly built home right for you? Do you want a home that you’ve helped design and that offers the latest in energy efficiency and design? Or a previously owned home that may need fix-ups, paint jobs, and walls moved around to create the types of open spaces that make sense today?

There are a number of reasons you might prefer a resale house, even if it needs work. For instance, you may have your heart set on moving to a specific neighborhood.

So it’s understandable that some buyers prefer an existing house in an older neighborhood. But have you seriously considered the potential advantages of buying new? Here’s a quick overview of some of the important pluses of new homes to think about:

Energy Consumption/Green Building: If you care about “green” — whether that means the money you spend on energy bills every month or your concern about the environment — a newly constructed home is virtually always the better option.

Flexibility for Space and Wiring Customization: When you buy a resale house, you get what’s already there. With a new home, by comparison, you can often participate in the design of interior spaces with the builder, in advance of actual construction.

Replacement Costs: By definition, with a new house everything is new, including costly components — such as the furnace, water heater, air conditioning unit, kitchen appliances and roof, — and doors, windows, and more. In a new home, most of these components come with a warranty, sometimes for up to 10 years.
Bottom Line Here: Although you — and your budgetary resources — control what you improve and when, it’s highly likely that you’re going to spend money on at least several of these capital improvements in the early years following purchase of a resale house. They are the unadvertised costs of not buying new.

Safety Features (Especially from Fires): Newly-built homes come with modern fire retardants in materials such as carpeting and insulation,
unlike most existing houses. Builders also hard-wire smoke and carbon monoxide detectors into their homes, making it unnecessary for new
owners to install less-dependable battery-powered detectors. Many builders also back up their hard-wired detectors with battery power to handle electrical outages.

Mortgage Financing: Builders often have mortgage subsidiaries or affiliates, and are able to custom-tailor financing — down payments, “points,” other loan fees and even interest rates — to your specific situation. Many are also willing to work with you to help defray closing costs at
settlement.

Resale Value: You may plan to live in your next home many years, but at some point, most people sell a given home for any of a myriad of
reasons.  While the home you sell will (by definition) no longer be new, a 5-year old home will often be more desirable — given all the features above — than a 25-year old home at resale.

The decision to buy a newly built or used home is ultimately best made by each home buyer. Now you know the questions to ask, and the relative costs involved, in order to make the best decision for you.

IF YOU ARE THINKING OF BUYING A PROPERTY IN THE DISNEY AREA:

Our Agents are very experienced and will provide you an Overview of the Buying Process, the Local area, will Negotiate on Your Behalf, Show you the properties you are interested in and Guide You throughout the Entire Sales Process

There is NO COST and NO OBLIGATION for our Buyer Services 

IF YOU ARE THINKING OF SELLING YOUR PROPERTY CONTACT US FOR A FREE-NO OBLIGATION
COMPARATIVE MARKET ANALYSIS FOR YOUR PROPERTY.

We will complete it within 48 hours of request.  
info@anarumogroup.com  or Call: 863-557-4543

Jeri and Bob Anarumo are looking forward to assisting you with the
sale of your home or your next purchase of a home!!


 

www.FloridaRealtyMarketplace.com


Posted by Florida Realty Marketplace on

Tags

Email Send a link to post via Email

Leave A Comment

e.g. yourwebsitename.com
Please note that your email address is kept private upon posting.