If you are local Real Estate Investors in the Central Florida market 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.
Orlando’s market currently favors sellers, particularly within the lower price categories. These categories are defined as under $300,000. Some of the indicators include:
- declining inventory
- rising prices
- low months of supply
- The median price for normal existing homes sold in April is $219,000, an increase of 9.3 percent from the median price of normal existing homes in April 2016.
- The year over year median price for condos increased 20 percent.
- The overall average home price for April 2017 is $252,653.
- Orlando home sales were down 3.5 percent when compared to April of 2016 and 12 percent compared to March 2017.
- Of the 3,061 sales in April, 91.9 percent of all sales were normal sales, 6.2 percent were bank owned sales and 1.9 percent were short sales.
- There are currently 8,675 homes available for purchase through MLS. The overall inventory level is 17.3% lower than it was in April 2016.
- Inventory is up 1.6 percent compared to March 2017.
- Condo inventory is down 20.6 percent.
- New listings are down 2.6 percent compared to April 2016
- The Orlando affordability index has increased to 144.64 percent in April.
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