Rewind the clock for 93 months. After seven and three-quarters of consecutive year over year (YOY) increases in the median price – the Orlando housing market recorded its first decline in April. At 1% the needle moved, but marginally. The importance of this factoid is that traditionally the summer selling season (between Memorial Day and Labor Day) typically records jumps in both median prices and overall sales.
Let’s analyze some of the data:
Median Price: $235,000, 3,515 homes sold April 2019 vs 3,371 (2% decrease). Is the number of homes selling a reflection of inventory (or lack thereof)? It’s unknown at this point. However, Orlando currently has 2.38 months of supply (6 months is balanced). The result is that the market is still is “seller’s market” territory. Keeping that point in mind, if you are a seller of a house over $600,000 – your market is decidedly a “buyer’s market.”
Small, but consistent, increases in inventory are present in the market. But the overall demand exceeds the overall supply. The greatest rise in availability is in the condominium market. YOY condo inventory is up 20%.
Recap of April 2019:
April saw a 5% decline in dollar volume, a 2% increase in active listings, a 2% decrease in sales, a 4% decrease in average price, a 1% decline in median price, a 4% increase in months of supply, an 8 % decline in pending sales, a net zero percent change in new listings (4,283 4/19 vs 4,278 4/18), new contracts jumped 6%, and lastly the days on the market increased by 6%.