Orlando housing market ends 2017 with increases in both cumulative sales and median price

by Garry Walmsley24 Jan 2018
Orlando home sales completed during 2017 finished out at 37,198, which according to the Orlando Regional REALTOR® Association is 3.8 percent above the cumulative sales total of 35,829 for 2016. By comparison, annual sales in 2016 were 1.9 percent greater than in 2015.

In addition, Orlando's annual median home price ($220,000) is 10.0 percent higher than the 2016 annual median price ($200,000) thanks to another 12 consecutive months of year-over-year price increases.

"Median price was driven during 2017 primarily by a combination of strong buyer demand and very low inventory levels," explains 2018 ORRA President Lou Nimkoff. "REALTORS® expect prices to continue their upward trend in 2018, albeit at a slower rate."

"We also expect low inventory to continue to exert its influence on the market in 2018, especially in the highly desired lower-priced categories," says Nimkoff. "In fact, the lack of affordable housing in Orlando is a concern that REALTORS® anticipate will be at the forefront of community discussion in 2018."

The overall median price of Orlando homes (all types combined) sold in December is $230,000, which is 10.3 percent above the December 2016 median price of $208,500.

Year-over-year increases in median price have been recorded for the past 78 consecutive months; as of December 2017, the overall median price is 99.1 percent higher than it was back in July 2011.

The current median price is 2.2 percent higher than last month's $224,995.

The median price for single-family homes that changed hands in December increased 7.7 percent over December 2016 and is now $245,000. The median price for condos increased 22.8 percent to $120,000.

The overall average home price for December 2017 is $279,474, an increase of 16.5 percent over the average home price in December 2016. The average home listed for $287,945 in December and sold for 97.1 percent of its listing price (97.2 percent in December 2016).

Members of ORRA participated in 3,006 sales of all home types combined in December, which is 0.3 percent more than the 2,997 sales in December 2016 and 8.6 percent more than the 2,767 sales in November 2017.

Sales of single-family homes (2,328) in December 2017 decreased by 2.8 percent compared to December 2016, while condo sales (348) increased 10.1 percent.

Sales of distressed homes (foreclosures and short sales) reached only 149 in December and is 49.0 percent less than the 292 distressed sales in December 2016. Distressed sales made up 5.0 percent of all Orlando-area transactions last month.

The average interest rate paid by Orlando homebuyers in December was 3.97, up from 3.96 percent the month prior.

The overall inventory of homes that were available for purchase in December (7,508) represents a decrease of 12.6 percent when compared to December 2016, and a 9.5 percent decrease compared to last month. There were 9.4 percent fewer single-family homes and 27.5 percent fewer condos.

Current inventory combined with the current pace of sales created a 2.50-month supply of homes in Orlando for December. There was a 2.9-month supply in December 2016 and a 3.0-month supply last month.

Median Price
• The 2017 annual median price of $220,000 is an increase of 10.0 percent when compared to 2016's annual median price of $200,000.
• The annual median price of single-family homes increased 8.2 percent to $238,000 in 2017, while the median price of condos increased 17.7 percent to $111,800. The median for duplexes, town homes, and villas increased 10.8 percent.
• The 2017 annual median price of normal homes increased 7.1 percent to $225,000. The short sales median price increased by 4.2 percent and the bank-owned median price increased by 14.8 percent.

• Sales in 2017 were up by 3.8 percent over 2016. A total of 37,198 homes were sold in 2017 compared to 35,829 the previous year.
• Sales of single-family homes increased 2.1 percent over 2016, while condo sales increased 10.3 percent. Sales of duplexes, town homes, and villas increased 10.7 percent.
• Normal sales increased by 11.9 percent in 2017. Foreclosure sales decreased 49.3 percent in 2017, and short sales decreased by 40.8 percent.
• By year's end in 2017, 44,343 homes were sold in the Orlando MSA whereas 43,062 homes had been sold by year's end in 2016, for a 3.0 percent increase.

Source: Orlando Regional REALTORS® Association

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