ORRA Housing Market Report - February 2019

Orlando's Median Home Price And Inventory Rise While Sales Decline In February

The Orlando housing market saw its median price continue a years-long upward trek with an economically healthy 3% year-over-year increase in February.  Sales dipped a fraction and inventory increased for the fourth consecutive month, just in time for the start of Orlando's homebuying season.

Median Price

The overall median price of Orlando homes (all types combined) sold in February is $235,000, which is 2.6% above the February 2018 median price of $229,000 and 3.5% above January 2019 median price of $227,000.

Year-over-year increases in median price have been recorded for the past 92 consecutive months; as of February 2019, the overall median price is 103.5% higher than it was back in July 2011.

The median price for single-family homes that changed hands in February remained stable over February 2018 and is now $249,000.  The median price for condos increased 13.3% to $137,000.

The Orlando housing affordability index for February is 131.64%, down from 136.05% last month.  (An affordability index of 99% means that buyers earning the state-reported median income are 1% short of the income necessary to purchase a median-priced home.  Conversely, an affordability index that is over 100 means that median-income earners make more then is necessary to qualify for a median-priced home.)

The first-time home buyers affordability index decreased to 93.61 from 96.74% last month.

Sales And Inventory

Sales of single-family homes (1,865) in February 2019 decreased by 2.9% compared to February 2018, while condo sales (261) decreased 12.9% year over year.

The overall inventory of homes that were available for purchase in February (8,194) represents an increase of 6.3% when compared to February 2018, and a 0.6% decrease compared to last month.  There were 4.6% more single-family homes and 29.0% more condos, year over year.

Current inventory combined with the current pace of sales created a 3.4 month supple of homes in Orlando for February.  There was a 4.2 month supply in January 2018 and a 3.0 month supply in February 2018.

The average interest rate paid by Orlando homebuyers in February was 4.34%, up from 4.32% the month prior.

Homes that closed in February took an average of 62 days to move from listing to pending and an average of 35 days between pending and closing, for an average total of 97 days from listing to closing (down from a total of 98 days the month prior).

Pending sales in February are down 15.1% compared to February of last year and are up 17.0% compared to last month.