In March 2020, Orlando’s housing market saw its home sales move up by nearly 2% compared to March 2019. At the same time, the median price increased by 8%. Though the number of homes available for sale fell by 10% from last year, that number is UP 8% from this February.
Orlando sales and median price record increases as housing market awaits impact from COVID-19
Orlando’s housing market in March saw its home sales improve by nearly 2% compared to March 2019, while the median price increased by 8%. Inventory experienced a year-over-year decline of 10%, reports the Orlando Regional REALTOR® Association.
ORRA President Reese Stewart, RE/MAX Properties SW, points out that we will have to wait another month to see solid evidence of the influence of the COVID-19 pandemic in Orlando’s home sales statistics. “Because of the amount of time it traditionally takes a home to move through the transaction process (an average of 37 days in March), the properties that closed in March most likely went under contract sometime in February, before the stock market declines and stay-at-home orders.”
“It’s important to remember that we’re in a global pandemic, not a real estate recession. Orlando is a vibrant destination in great demand to new residents, international homebuyers, investors, etc.,” continues Stewart. “It’s clear we are probably going to see a slowdown in sales, but we can’t offer short-term market predictions because this is a situation the likes of which we’ve never encountered. However, we are confident in the long-term strength of Orlando’s real estate market.”
Median Price for Orlando Homes in March 2020
The overall median price of Orlando homes (all types combined) sold in March is $253,500, which is 7.9% above the March 2019 median price of $235,000 and 1.4% above the February 2020 median price of $250,000.
According to Stewart, the increase in median price can be attributed in part to the historically low interest rates that increase purchasing power and allow buyers to qualify for homes with higher price tags.
The median price for single-family homes that changed hands in March increased 5.9% over March 2019 and is now $270,000. The median price for condos increased 14.5% to $146,000 and townhomes/villas/duplexes increased 5.0% to $220,000.
The Orlando housing affordability index for March is 137.63, down from 139.71 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 97.87 from 99.35% last month.
Orlando Home Sales in March 2020
Orlando REALTORS® sold 3,204 homes in March 2020, which is 2.0% higher than sales during the same time period last year (March 2019) and 27.1% more than the sales the month prior (February 2020).
Orlando Homes Available in March 2020
The overall inventory of homes that were available for purchase in March 2020 (7,341) represents a decrease of 9.6% when compared to the same time period last year (March 2019), and a 7.6% increase compared to last month (February 2020). There were 14.2% fewer single-family homes; 1.3% fewer condos; and 27.3% more duplexes/townhomes/villas, year over year.
Current inventory combined with the current pace of sales created a 2.3-month supply of homes in Orlando for March. There was a 2.6-month supply in March of last year and a 2.7-month supply last month.
Average Mortgage Rates in March 2020
The average interest rate paid by Orlando homebuyers in March was 3.45%, up from 3.43% the month prior.
Average Time on Market for Orlando Homes Sold in March 2020
Homes that closed in March 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 (down from a total of 94 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.