Orlando Market Update
Market Pulse for January 2019
The Orlando Market Pulse is now live!
Thank you so much for taking time out of your busy day to read up on the Orlando Market!
Below are key points that give you a good perspective on how the market is shifting.
Orlando inventory jumps 8 percent as sales slip 14 percent and median price hangs tight
“Our condo inventory rose by 26 percent last month, and this home type is an excellent option for those seeking entry into home ownership as a relief from Orlando’s soaring rental rates,” says Fagan. “Condos also tend to be cheaper than single-family homes; for example, the median price of a condo sold in January was only $125,000 compared to $247,950 for a single-family home.”
The median price for single-family homes that changed hands in January increased 3.3 percent over January 2018 and is now $247,950. The median price for condos increased 8.7 percent to $125,000.
Sales of single-family homes (1,486) in January 2019 decreased by 15.0 percent compared to January 2018, while condo sales (289) increased 7.0 percent year over year.
Sales of distressed homes (foreclosures and short sales) reached 92 in January and are 34.8 percent less than the 141 distressed sales in January 2018. Distressed sales made up just 4.8 percent of all Orlando-area transactions last month.
Pending sales in January are down 16.5 percent compared to January of last year and are up 24.8 percent compared to last month.
Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in January were down by 14.6 percent when compared to January of 2018.
Each individual county’s sales comparisons are as follows: