Orlando Housing Market Activity in April 2021
Since April of last year, when the pandemic brought sales to a standstill, home inventory has been in a free-fall, despite record-high demand for homes. Last month, inventory hit an all time low, at least since records have been kept since 1995. Due to the demand, home prices are STILL trending upwards. If you have a home to sell, there’s no question you’d make money!
New Orlando Regional REALTOR® Association report shows just three weeks of inventory available, as new listings quickly come under contract.
State of the Market
- The pandemic’s biggest impact on the Orlando housing market hit in April 2020, putting the brakes on sales. Since then, inventory has continued to decline – despite high demand from buyers – and hit an all-time-low last month (April 2021). There were major gains in sales year-over-year for April 2021, due to effects of the pandemic last year.
- There were only 2,655 homes for sale in April 2021; that is a record low dating back to 1995, as far back as ORRA data goes. For perspective, the Orlando area’s population in 1995 was 1,092,514; today it is 1,814,118, according to Florida’s Office of Economic and Demographic Research.
- April inventory fell 7.8% from the previous month, March 2021. If all the available homes were sold, it would take just three weeks (a balanced market is considered six months of inventory).
- The median home price increased to $295,000 in April 2021, a 3.5% bump from March 2021. The median home price jumped 11.9% from $263,750 in April 2020.
“A positive sign is that new listings are on the rise as more homeowners look to take advantage of the extreme seller’s market that we are in. As we head into the summer, more sellers will likely consider selling their homes before the start of the new school year, which would help balance our housing market out,” said Natalie Arrowsmith, 2021 Orlando Regional REALTOR® Association President. “Homes are selling faster than ever, so potential buyers must come prepared and pre-approved with a strong offer.”
- ORRA members sold 4,081 homes in April 2021, a 4.4% decrease in the 4,268 sales from March 2021.
- Interest rates dipped slightly to 2.98% in April 2021 from 3.07% in March 2021
- Listings spent an average of 42 days on the market until contract in April 2021, a drop of 12.5% from March 2021.
- 50 distressed homes (bank-owned properties and short sales) accounted for 1% of all home sales in April 2021, the same as the prior month.
- Orlando’s housing market is in line with reports from the National Association of REALTORS®, which reports two consecutive months of falling home sales, declining inventory and rising prices.
- The Orlando area inventory is down 65% from 7,659 homes in April 2020 to just 2,655 homes in April 2021.
- The number of new listings increased 7.6% from 3,959 in March 2021 to 4,258 in April 2021.
How Does Your Home Value Stack Up?
ORRA’s full Market Pulse Report can be found here.
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 may be revised in the future as new data is received.
Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.