Orlando Area Home Sales Hot for the Holidays, as Low Inventory Persists
“There are fewer homes on the market, but they are selling quickly. The highest demand is for homes between $200,000 to $350,000,” said 2020 ORRA President Reese Stewart. “Sellers in this price range are getting multiple offers, sometimes within just a few hours. Buyers in this price range should check with their REALTOR® to ensure they have everything they need, so they’re ready to pounce when they see that dream home.”
Median Price for Orlando Homes in November 2020
The overall median price of Orlando homes (all types combined) sold in November is $275,000, which is 14.6% above the November 2019 median price of $240,000 and 1.8% above the October 2020 median price of $269,950.
The median price for single-family homes that changed hands in November increased 15.1% over November 2019 and is now $298,000. The median price for condos increased 11.1% to $150,000 and townhomes/villas/duplexes increased 4.2% to $226,000.
Orlando Home Sales in November 2020
Orlando REALTORS® sold 3,251 homes in November 2020, which is 20.4% higher than sales during the same time period last year (November 2019) but 11.1% less than the sales the month prior (October 2020).
Orlando Homes Available in November 2020
The overall inventory of homes that were available for purchase in November 2020 (5,583) represents a decrease of 26.2% when compared to the same time period last year (November 2019), and a 4.5% decrease compared to last month (October 2020). There were 10% fewer single-family homes; 14.9% fewer condos; and 10.9% more duplexes/townhomes/villas, year over year.
Current inventory combined with the current pace of sales created a 1.72-month supply of homes in Orlando for November. There was a 2.8-month supply in November of last year and a 1.61-month supply last month.
Average Mortgage Rates in November 2020
The average interest rate paid by Orlando homebuyers in November was 2.7%, down from 3.6% in 2019 and 4.9% in 2018.
Average Time on Market for Orlando Homes Sold in November 2020
The number of days on market (DOM) has fallen to an average of just 44 days, the lowest in three years. Low mortgage rates play a key role in driving the home buying frenzy, according to a survey of ORRA members this fall. Average rates have fallen to 2.7%, a dramatic difference from the past two years: 3.6% in 2019 and 4.9% in 2018.
Inventory shortages are putting the squeeze on home sales heading into the new year. For a second straight month, the number of pending home sales has decreased, and now stands at 4,688, a drop of 5.8%. The number of new homes listed for sale in November fell 3.8% year-over-year. However, new contracts rose from November 2019 by 14%, during what is typically a slow time of year.
“We are closing out the year the same way it began — with inventory dropping and prices rising,” Stewart said. “We know that people are coming from other parts of Florida and the country to take advantage of Central Florida’s more affordable cost-of-living and desirable lifestyle.”
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.