In March, Orlando’s housing market saw home sales improve by almost 2% compared to last year, while the median price increased by 8%. ORRA reports that inventory experienced a decline of 10%. We unfortunately will have to wait another month to see solid evidence of how the COVID-19 pandemic affects the local housing market.
Median Home Price
In Orlando, the median home price of all combined homes sold last month was $253,500, which is a 7.9% increase from a year ago, which was $235,000, and is 1.4% above the February 2020 median home value of $250,000. The breakdown of median home price by property type is below:
- Single Family Home: $270,000 (5.9% increase)
- Condo: $146,000 (14.5% increase)
- Townhome/Villa/Duplex: $220,000 (5% increase)
Sales & Inventory
Members of ORRA participated in 3,204 sales last month, which is 2% more than last year and 27.1% than last month’s total of 2,521 sales. The breakdown of sales by property type is below:
- Single Family Home: 2,544 (3.3% increase)
- Condo: 352 (11.3% decrease)
- Townhome/Villa/Duplex: 308 (9.2% increase)
- Short Sale/Foreclosure (27.3% decrease)
- Inventory available for purchase: 7,341 (9.6% decrease)
Current inventory is at a 2.3-month supply. The average interest rate paid by an Orlando home buyer was 3.45% in March, an increase from the month before.
Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole County) in March were exactly the same as one year prior. Each county’s sales are as follows:
- Lake County: 6.9% above March 2019
- Orange County: 1.7% below 2019
- Osceola County: 1.3% above March 2019
- Seminole County: 2.9% below March 2019
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.
Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.