Orlando Housing Update – May 2018

    The median price of all existing homes combined sold in April 2018 — $237,000 — is a 10.2 percent increase from the $215,000 median price recorded in April 2017, and a 3.0 percent increase from the March 2018 median price of $230,000.

    Orlando home sales (all home types and all sales types combined) in April 2018 were up 8.3 percent when compared to April of 2017 and down 5.2 percent compared to March 2018. Single-family sales increased 9.1 percent year over year, while condo sales decreased by 6.3 percent.

    There are currently 7,740 homes available for purchase through the MLS. The April 2018 overall inventory level is 10.8 percent lower than it was in April 2017. The inventory of normal properties decreased 9.1 percent compared to April 2017, while foreclosure inventory is down 43.3 percent and short sale inventory is down 43.7 percent. The current pace of sales (all home types and all sales types) translates into 2.31 months of inventory supply.

    What’s It All Mean For You?

    Seller’s have a strong opportunity to trade-up into a larger home with surging demand and tight inventory in price ranges below $750,000. Buyer’s fighting rising rents and interest rates should be pre-approved with a strong lender and should be prepared to make offers quickly with most homes selling for 97%+ of their listing price.

    If you’re thinking about buying, selling, or investing in real estate then Contact Us for a free consultation.

    **Source: Orlando Regional Realtor® Association

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