Home sales are surging in Orlando! While not quite the volume of last June, Orlando REALTORS®, including GO Realty pros, drove home sales up 46% from May! And, with median prices still on a steady climb, it’s been a great market for buyers AND sellers. Check the #’s in our June Market Update.
Orlando’s June Home Sales Surge As COVID-19 Pandemic Continues
Orlando home sales are surging despite the region’s continuing struggle with COVID-19. A new report from the Orlando Regional REALTOR® Association shows that home sales skyrocketed in June, up nearly 46% from May. The number of homes for sale continues to be an issue, as June inventory experienced a decline of 19% when compared to June of 2019.
“Despite the ongoing pandemic, there is still strong demand from homebuyers throughout the Orlando area. With virtual tours and other measures, such as limiting in-person showings, REALTORS® have been able to accommodate buyers and sellers and conduct business while maintaining safety protocols,” said 2020 ORRA President Reese Stewart. “The outlook continues to be positive, as pending sales in June were also up, showing an increase of 14.5% from May.”
Median Price for Orlando Homes in June 2020
The overall median price of Orlando homes (all types combined) sold in May is $265,000, which is 6% above the June 2019 median price of $249,999 and 1.9% above the May 2020 median price of $259,900.
The median price for single-family homes sold in June 2020 increased 3.7% over June 2019 and is now $280,000. The median price for condos increased 4.9% to $141,000 and townhomes/villas/duplexes increased 0.5% to $219,950.
The Orlando housing affordability index for June was 139.10%, up from 138.37% 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 homebuyer’s affordability index increased to 98.92% from 98.40% last month.
Orlando Home Sales in June 2020
Orlando REALTORS® sold 3,103 homes in June 2020, which is 9% less than sales during the same time period last year (3,412 in June 2019) and 45.9% more than the sales the month prior (2,127 sold in May 2020).
Orlando Homes Available in June 2020
The overall inventory of homes that were available for purchase in June (6,557) represents a decrease of 18.6% when compared to June 2019, and a 9.7% decrease compared to last month (May 2020). There were 26.8% fewer single-family homes; 6.3% more condos; and 19% more duplexes/townhomes/villas, year over year.
Current inventory combined with the current pace of sales created a 2.1-month supply of homes in Orlando for June. There was a 2.4-month supply in June of last year and a 3.4-month supply last month.
Average Mortgage Rates in June 2020
The average interest rate paid by Orlando homebuyers in June was 3.04%, down from 3.22% the month prior.
Average Time on Market for Orlando Homes Sold in June 2020
Homes that closed in June took an average of 52 days to move from listing to pending and an average of 38 days between pending and closing, for an average total of 90 days from listing to closing (up from a total of 87 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.