The Orlando Market
On November 15, 2017, The Orlando Regional Realtors’ Association (ORRA) reported, “… 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”.
Overall inventory of homes decreased to 2.9 months’ supply of sales in October. Five to seven months of supply is considered a balanced market between buyers and sellers. This is still a strong sellers’ market with the best homes, based on price and condition, selling quickly.
The affordability index* for October was essentially steady at 145% overall and 103% 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 October, Orlando area home buyers paid an average interest rate of 4.03%, up 18 basis points from September. 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://www.JeanScottHomes.com/LearnMore.
If you’re looking to buy, we can help you compete strategically for the limited inventory of quality, well-priced homes on the market. Call us today at 407-765-2912 to schedule your free, no-obligation buyer consultation.