In April 2020, Orlando’s housing market saw its median home price increase 12%, while home sales dropped 28%. The market is showing mixed signs in the midst of COVID-19, but the outlook for both buyers and sellers is still good!
Orlando median home prices prices as April numbers reveal an expected decline in the number of homes sold
Orlando’s housing market in April saw its median home price increase 12%, while home sales dropped 28% in the first month to show an anticipated decline in activity as a result of the COVID-19 pandemic. Inventory experienced a year-over-year decline of 3%, reports the Orlando Regional REALTOR® Association.
“Our market — like those nationwide — is grappling with the coronavirus-induced slowdown,” says ORRA President Reese Stewart, RE/MAX Properties SW. “Orlando REALTORS® anticipate listings and buying activity will eventually resume, especially given our history of demand versus low supply along with the record low mortgage rates that increase buyers’ purchasing power.”
Median Price for Orlando Homes in April 2020
The overall median price of Orlando homes (all types combined) sold in April is $263,750, which is 12.2% above the April 2019 median price of $235,000 and 4.0% above the March 2020 median price of $253,500.
According to Stewart, “Although the pandemic is a major disruption in regard to sales, Orlando home prices held up in April and even increased due to the ongoing housing shortage, continues Stewart. “However, while lack of inventory in the lower-price categories will likely safeguard prices, it’s possible the upper-end market segment could experience a decline in values.”
The median price for single-family homes that changed hands in April increased 9.0% over April 2019 and is now $278,000. The median price for condos increased 5.1% to $145,000 and townhomes/villas/duplexes increased 5.6% to $225,000.
The Orlando housing affordability index for April is 136.60, down from 137.63, down from 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 97.14 from 97.87 last month.
Orlando Home Sales in April 2020
Orlando REALTORS® sold 2,393 homes in April 2020, which is 28.1% less than sales during the same time period last year (3,329 in April 2019) and 25.3% more than the sales the month prior (3,204 in March 2020).
Orlando Homes Available in April 2020
The overall inventory of homes that were available for purchase in April (7,659) represents a decrease of 2.9% when compared to April 2019, and a 4.3% increase compared to last month. There were 8.7% fewer single-family homes; 6.9% more condos; and 42.4% more duplexes/townhomes/villas, year over year.
Current inventory combined with the current pace of sales created a 3.2-month supply of homes in Orlando for April. There was a 2.4-month supply in April of last year and a 2.3-month supply last month.
Average Mortgage Rates in April 2020
The average interest rate paid by Orlando homebuyers in April was 3.20%, down from 3.45% the month prior.
Average Time on Market for Orlando Homes Sold in April 2020
Homes that closed in April took an average of 47 days to move from listing to pending and an average of 39 days between pending and closing, for an average total of 86 days from listing to closing (down from a total of 91 days the month prior).
Orlando Housing Market Recap
This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.
ORRA REALTOR® sales represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively – located in Orange and Seminole counties. Note that statistics released each month March be revised in the future as new data is received.