ORRA Housing Market Report - April 2019

Orlando's Housing Market Cools In Advance Of Summer

After 93 months of consecutive year-over-year increases in median price, the Orlando housing market saw its first decline in April.  The decrease was only 1% but it comes at the start of our traditional summer selling season, which typically sees jumps in both median price and sales.

According to the latest monthly report from ORRA, the median price was $235,000.

The report also shows 3,315 homes were sold in April 2019 compared to 3,371 of April 2018 for a 2% decrease.  The decline can be attributed to factors such as Orlando's years of meager inventory (especially in the lower price categories) and years of steadily rising prices.

Regardless of a dip in sales, Orlando has just 2.38 months of supply.  Since 6 months of supply is considered by economists to indicate a market that is balanced between buyers and sellers, Orlando is clearly still a seller's market.  However, the balance shifts when you consider price categories, with lower price categories firmly favoring sellers and the higher price categories ($600,000 and above) favoring buyers.

The good news is that our inventory has been experiencing small-but-consistent increases.  For April, the level of available homes increased by 2% year-over-year.  Each month since January has seen a year-over-year rise, with January in the lead with an 8% increase.

Condos are exhibiting the largest rises in availability; there were 20% more condos available in April 2019 than April 2018.

April Housing Market Indicator Comparison

Single-Family Home Update

Single-family home sales dropped 4% in April, with 2,535 units sold throughout the Orlando area versus 2,636 a year earlier.  April makes the fourth consecutive month of sales declines; January saw the greatest (-14%) and February saw the smallest (-2%).

The median price for single-family homes decreased by 1% to $255,000 in April 2019 compared to April 2018.  The inventory of this home type was flat year-over-year.  There are currently 6,193 single-family homes available for purchase through the multiple listing service.

Condo Update

Condos are leading the field in Orlando!  Condo sales are up 19% (433); condo inventory is up by 20% (1,157), and condo median sales price is up by 6% ($138,000) year-over-year.

Current Charts And Tables