Orlando Home Inventory Rises in April, as Sales and Prices Decline

Orlando Home Inventory Rises in April, as Sales and Prices Decline

Residential News » Orlando Edition | By Monsef Rachid | May 21, 2019 8:12 AM ET

According to the Orlando Regional Realtor Association, Orlando's housing market saw its inventory of available homes rise for the sixth consecutive month in April, while both year-over-year median price and sales each dipped by about 2 percent.

"Despite inventory gains, meager availability continues to impact sales," says Orlando Regional Realtor Association President Jeffrey M. Fagan. "The lower price ranges still reflect between two and three months of supply; not until we reach the $600,000 and above ranges do we see begin to see market conditions that favor buyers."

Median Price

The overall median price of Orlando homes (all types combined) sold in April is $235,000, which is 1.3% below the April 2018 median price of $238,000 and steady compared to the March 2019 median price of $235,000.

The median price for single-family homes that changed hands in April decreased 0.8% over April 2018 and is now $255,000. The median price for condos increased 6.2% to $138,000. The Orlando housing affordability index for April is 134.10, up from 133.81% 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 95.36 from 95.15% last month.

Sales and Inventory

Members of ORRA participated in 3,315 sales of all home types combined in April, which is 1.7% less than the 3,371 sales in April 2018 and 5.5% more than the 3,142 sales in March 2019.

Sales of single-family homes (2,535) in April 2019 decreased by 3.8% compared to April 2018, while condo sales (433) increased 19.0% year over year.

Sales of distressed homes (foreclosures and short sales) reached 104 in April and are 21.8% less than the 133 distressed sales in April 2018. Distressed sales made up just 3.1% of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in April (7,888) represents an increase of 1.9% when compared to April 2018, and a 2.8% decrease compared to last month. There were 0.3% more single-family homes and 19.8% more condos, year over year.

Current inventory combined with the current pace of sales created a 2.4-month supply of homes in Orlando for April. There was a 2.3-month supply in April 2018 and a 2.6-month supply in March 2019.

The average interest rate paid by Orlando homebuyers in April was 4.20%, down from 4.21% the month prior.

Homes that closed in April took an average of 57 days to move from listing to pending and an average of 37 days between pending and closing, for an average total of 94 days from listing to closing (down from a total of 97 days the month prior). Pending sales in April are down 7.5% compared to April of last year and are up 10.6% compared to last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in April were down by 2.1% when compared to April of 2018. To date, sales are down 9.2%.

Each individual county's sales comparisons are as follows:

  • Lake: 1.9% above April 2018;
  • Orange: 2.2% below April 2018;
  • Osceola: 7.7% below April 2018; and
  • Seminole: 0% change from April 2018.

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