Orlando Housing Market December 2019

Median Price

The overall median price of Orlando homes (all types combined) sold in December is $249,700 which is 7.6% above the December 2018 median price of $232,000 and up 4.0% compared to the November 2019 median price of $240,000.

The median price for single-family homes that changed hands in December increased 5.0% over December 2018 and is now $265,000.  The median price for condos increased 5.3% to $139,000.

The Orlando housing affordability index for December is 135.73% down from 141.87% 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 than is necessary to qualify for a median-priced home.)

The first-time homebuyers affordability index decreased to 96.52% from 100.88% last month.

Sales and Inventory

Sales of single-family homes (2,401) in December increased by 27.7% compared to December 2018, while condo sales (294) decreased 2.3% year over year.

Sales of distressed homes (foreclosures and short sales) reached 103 in December and are 10.8% more than the 93 distressed sales in December 2018.  Distressed sales made up 3.4% of all Orlando area transactions last month.

The overall inventory of homes that were available for purchase in December (7,023) represents a decrease of 10.8% when compared to December 2018, and a 7.1% decrease compared to last month.  There were 12.2% fewer single-family homes and 9.2% less condos year over year.

Current inventory combined with the current pace of sales created a 2.3 month supply of homes in Orlando for December.  There was a 3.3 month supply in December 2018 and a 2.8 month supply in November 2019.

The average interest rate paid by Orlando homebuyers in December was 3.66%, up from 3.61% the prior month.

Homes that closed in December took an average of 54 days to move from listing to pending and an average of 37 days between pending and closing, for an average total of 91 days from listing to closing (static from a total of 91 days the prior month).

Pending sales in December are up 6.9% compared to December of last year and are down 18.6% compared to last month.