The Orlando Housing Market for January 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% 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, Brio Real Estate Services LLC. “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.”

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.

Inventory

*There are currently 7,508 homes available for purchase through the MLS. The December 2017 overall inventory level is 12.6 percent lower than it was in December 2016. *Overall inventory is down 9.5 percent compared to last month. *The inventory of normal properties decreased 10.3 percent compared to December 2016, while foreclosure inventory is down 43.1 percent and short sale inventory is down 48.0 percent. *Year-over-year single-family home inventory is down 9.4 percent; condo inventory is down 27.5 percent

Buyers:

Buyers need the assistance of REALTORS to help them compete against other buyers, for example by crafting attractive offers that take into consideration current appraisal issues and advising on contingencies, in addition to assistance through the many traditional functions that a buyers’ agent performs.

Sellers:

Inventory continues to be low and prices are up and steady, it’s a great time to sell! In addition, Orlando home values are nearing normalized, which is helping to eliminate “underwater” mortgage conditions for many sellers. However, sellers should be aware that while selling their home is likely to be quick (particularly in the lower price categories) securing a new residence could be a challenge and requires the assistance of a REALTOR. Those seeking to move up into larger, more expensive homes will have more choices and less competition than those seeking to downsize. Source of article: Orlando Realtors