Orlando's Real Estate Market logged a two percent (2%) increase in median price for March 2019 while the year over year inventory increased five percent (5%) to 8,117 homes for sale regionally. This marks the fifth consecutive monthly increase. Sales, on the other hand, dropped eleven percent (11%) compared to last year. To put that into perspective, 3,530 homes sold in March 2018 and 3,127 homes sold in March 2019. The Orlando Area Median Price rose to $235,000.
Let's dive into some hard numbers:
March 2019 saw a 4.21% Average Mortgage Rate, 8,117 total properties on the market broken down to 6,406 Single Family Homes, 1,117 Condos, and 534 Townhomes & Villas. In March 2019 4,271 new listings came to market, 3,655 listings accepted new contracts bringing the total contracts to 5,216. During March 2019 656 homes previously under contract came back onto the market, 180 listings expired unsold, 613 sellers decided to take their property off the market, and 3,127 total sales closed. The average days on the market for homes in the Orlando Area in March 2019 was 62 days.
Last year, in comparison, the average days on the market in March 2018 was 60 with 3,530 total closed sales. Mortgages were priced at 4.29%, and there were 7,710 total properties on the market.
The last time the statistics reflected similarly to March 2019 was March 2017 when mortgages were also 4.29% like in 2018 but there were 8,537 total properties on the market, 3,477 sold within 64 days. The highest recent average mortgage rate was November 2018 at 4.97% so from a historical point of view and although rates increased from November 2017 (4.39%) to 4.97% a year later, they remained steady with some fluctuation although December 2018, January 2019, and February 2019 all saw rates decline from 4.97% to 4.21% in March 2019.