The Orlando Market
On August 15, 2017, The Orlando Regional Realtors’ Association (ORRA) reported, “The median price of all existing homes combined sold in August 2017 — $225,000 — is a 9.8 percent increase from the $205,000 median price recorded in August 2016, and is 2.3 percent above the July 2017 median price of $220,000″.”.
Overall inventory continues to decrease and now sits at 2.5 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 and there is no sign of it letting up.
The affordability index* for August was essentially steady at 142% overall and 101% 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 August, Orlando area home buyers paid an average interest rate of 3.92%, down 9 basis points from July. 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.
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.