The Orlando Market
On August 15, 2017, The Orlando Regional Realtors’ Association (ORRA) reported that the median price for homes sold in July in Orlando was $220,000, up 6.8% from July 2016, when the median home price was $206,000. Home prices have increased now for 72 consecutive months and almost doubled since July 2011.
Overall inventory continues to decrease and now sits at 2.7 months’ supply of sales. Six months, with a range of five to seven months, of supply as a balanced market between buyers and sellers. This market continues to be a fiercely strong sellers’ market.
The affordability index* for July was essentially steady at 143% overall and 102% for first-time home buyers. *(An affordability index of 101% means a family with median income earns 1% more than they need to be able to purchase a median priced home).
In July, Orlando area home buyers paid an average interest rate of 4.01, up only 3 basis points from June. Interest rates are a key factor of affordability. Mortgage loan interest rates are very low by historical standards. See 30-Year Fixed-Rate Mortgages Since 1971 as reported by Freddie Mac for historical, national ,average mortgage interest rates.
For the complete ORRA report, including all the statistics and an excellent analysis, see ORRA Real Estate Market Report.
Are you thinking about selling your home and moving? We can apply this information and your local market data to value the price of your home to buyers. Learn more about us and what we have to offer by visiting http://LearnMore.JeanScottHomes.com.