Sales of Orlando homes posted positive increases in October, just one month after Hurricane Irma hit the pause button on housing transactions, reports the Orlando Regional REALTOR® Association. Sales increased by 7 percent in October when compared to October of last year, and increased by 14 percent when compared to last month.
In addition to increased sales, the median price of Orlando homes sold during the month of October continued its year-over-year upward trend. The overall median home price (all home types combined) is $218,000, which is 6.3 percent above the October 2016 median price of $205,000.
Year-over-year increases in median price have been recorded for the past 75 consecutive months; as of October 2017, the overall median price is 88.7 percent higher than it was back in July 2011.
The current median price is 3.1 percent lower than last month’s $225,000.
The median price for single-family homes that changed hands in October increased 7.3 percent over October 2016 and is now $238,530. The median price for condos increased 10.5 percent to $110,500.
The overall average home price for October 2017 is $259,567, an increase of 4.7 percent over the average home price in October 2016. The average home listed for $267,157 in October and sold for 97.16 percent of its listing price (96.92 percent in October 2016).
Members of ORRA participated in 2,898 sales of all home types combined in October, which is 7.3 percent more than the 2,701 sales in October 2016 and 13.6 percent more than the 2,552 sales in September 2017.
Sales of single-family homes (2,228) in October 2017 increased by 3.1 percent compared to October 2016, while condo sales (365) increased 23.7 percent.
Sales of distressed homes (foreclosures and short sales) reached only 156 in October and is 50.6 percent less than the 316 distressed sales in October 2016. Distressed sales made up 5.4 percent of all Orlando-area transactions last month.
The average interest rate paid by Orlando homebuyers in October was 4.03 percent, up from 3.84 percent the month prior.
The overall inventory of homes that were available for purchase in October (8,464) represents a decrease of 15.6 percent when compared to October 2016, and a 2.1 percent decrease compared to last month. There were 12.5 percent fewer single-family homes and 28.2 percent fewer condos.
Current inventory combined with the current pace of sales created a 2.9-month supply of homes in Orlando for October. There was a 3.7-month supply in October 2016 and a 3.4-month supply last month.
Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in October were up by 5.4 percent when compared to October of 2016. Year to date, MSA sales are up by 2.7 percent.
Each individual county’s sales comparisons are as follows:
*Lake: 10.6 percent above October 2016;
*Orange: 4.6 percent above October 2016;
*Osceola: 12.9 percent above October 2016; and
*Seminole: 2.9 percent below October 2016.