2020 has finally come to an end. The year brought many trials and tribulations with many industries suffering. The real estate industry was fortunate enough to be able to grow over the year and the Orlando housing market closed out the year with increased median home prices and the lowest inventory REALTORs have seen in years. An new report from the Orlando Regional REALTOR Association and Stellar MLS details the housing market trend and how it fared during the past year compared to recent years. Sellers were fortunate enough to have buyers competing with multiple offers, while buyers scrambled to search for properties as inventory continued to shrink.
Orlando’s annual median home price was 9.1% higher than in 2019, while the median home price across the entire Stellar MLS coverage area was 16% higher than the year before. While the median price rose each month, inventory continued to decline and reached an all time low in December when it reached the lowest level since July 2005.
MEDIAN HOME PRICE
The overall median home price for all Orlando homes sold in December was $275,000, while the overall median home price in the entire Stellar MLS coverage area was $332,525, which was a 1% increase than the month before. The median home price for single-family homes increased by 12.1% over 2020 and was currently at $296,950 for the month of December. Single-family homes were not the only properties to see an increase. Condo prices increased by 5.7% and were at $148,000 in December.
SALES & INVENTORY
There was a 21.1% increase in sales of all home types compared to December 2019. In December of last year, a total of 3,672 home sold in Orlando while, according to Stellar, a total of 17,259 homes sold across the coverage area. In the single-family home category, a total of 2,890 properties sold which is a 20.1% increase from the year before, while condo sales increased by 35.9% compared to the year before with 401 units selling last month.
Inventory was at an all time low. There was still a two-month supply of inventory across the entire MLS coverage area, with Orlando seeing only a 1.3-month supply of homes for all homebuyers. Inventory significantly decreased, leaving buyers in a competitive race to get an accepted offer. The average interest rate for buyers was 2.7%, creating more competition in the buying market. The average days on market was forty-five days, proving that COVID has done little damage to the residential sale industry.
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