If you are an Orlando Real Estate Investor it is important for you to understand the underlying Real Estate environment. Orlando Regional Realtor Association (ORRA) puts out their monthly statistics. Please click here for a link to the full details including reports, graphs and videos. I have included some of ORRA’s talking points which should provide some insight to the strengths and weaknesses.
The Orlando Real Estate market currently favors sellers, particularly within the lower price categories. These categories are defined as under $300,000. The increase in sales during May is attributed to the traditional burst of seasonal activity combined with slight slips in interest rates. Some of the indicators include:
- declining inventory
- rising prices
- low months of supply – 2.3 months
- The median price for normal existing homes sold in May is $218,000, an increase of 7.4 percent from the median price of normal existing homes in May 2016 and a reduction from April 2017.
- The median price of short sales increased by 18.6 percent compared to May 2016.
- The overall average home price for May 2017 is $258,322.
- Orlando home sales were up 14.0 percent when compared to May of 2017 and up 23.5 percent compared to April 2017.
- Of the 3,817 sales in April, 92.8 percent of all sales were normal sales, 207 were bank owned sales and 69 were short sales.
- There are currently 8,781 homes available for purchase through MLS. The overall inventory level is 16.8% lower than it was in May 2016.
- Inventory is down 12.2 percent compared to May 2016.
- Condo inventory is down 22.5 percent.
- The Orlando Real Estate affordability index has decreased to 143.21 percent in May.
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