In May 2020, Orlando’s housing market saw its median home price increase by nearly 7%, while the number of homes sold dropped 44%.
Orlando median home prices continue to rise in May, as the number of homes available to buy falls
The median price of homes sold in May increased nearly 7% while transactions dropped 44% during the second month to illustrate the impact of COVID-19 on Orlando’s housing market. Inventory experienced a year-over-year decline of 11%, reports the Orlando Regional REALTOR® Association.
“Despite year-over-year comparison that are in the red, our month-over-month forward-facing indicators are showing signs of eagerness within the market,” says ORRA President Reese Stewart, RE/MAX Properties SW. “For example, when compared to the previous month, pending sales, new listings, and new contracts are up by double digits. In fact, the number of new contracts in May soared 61 percent compared to April.”
Median Price for Orlando Homes in May 2020
The overall median price of Orlando homes (all types combined) sold in May is $259,900, which is 7% above the May 2019 median price of $243,000 and 1.5% below the April 2020 median price of $263,750.
The median price for single-family homes that changed hands in May increased 5.4% over May 2019 and is now $277,250. The median price for condos increased 2.8% to $140,000 and townhomes/villas/duplexes increased 3.1% to $218,250.
The Orlando housing affordability index for May is 138.37%, up from 136.60%, 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 increased to 98.4% from 97.14% last month.
Orlando Home Sales in May 2020
Orlando REALTORS® sold 2,127 homes in May 2020, which is 44.1% less than sales during the same time period last year (3,806 in May 2019) and 11.1% less than the sales the month prior (2,393 sold in April 2020).
Orlando Homes Available in May 2020
The overall inventory of homes that were available for purchase in May (7,260) represents a decrease of 10.6% when compared to May 2019, and a 5.2% decrease compared to last month. There were 18.4% fewer single-family homes; 9.5% more condos; and 35.3% more duplexes/townhomes/villas, year over year.
Current inventory combined with the current pace of sales created a 3.4-month supply of homes in Orlando for May. There was a 2.1-month supply in May of last year and a 3.2-month supply last month.
Pending sales (home under contract) in May are down 13.5% compared to May of last year and are up 34.0% compared to last month.
Average Mortgage Rates in May 2020
The average interest rate paid by Orlando homebuyers in May was 3.22%, up from 3.20% the month prior.
Average Time on Market for Orlando Homes Sold in May 2020
Homes that closed in May took an average of 48 days to move from listing to pending and an average of 39 days between pending and closing, for an average total of 87 days from listing to closing (up from a total of 84 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.