Market Analysis
Jun 9, 2020

Real Estate Activity in Orlando - April 2020

Average price of homes sold in Orlando rises, with April figures revealing expected drop in sales due to COVID-19.

Real Estate Activity in Orlando - April 2020

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Real Estate Activity in Details

Orlando's housing market in April saw its overall average price of homes sold increase 12%, while the number of homes sold fell 28% in the first month to show an anticipated decline in activity as a result of the OVID-19 pandemic. The inventory showed a 3 percent decline from the previous year, reports the Orlando Regional Brokerage Association (ORRA).

"Our market - like the entire country - is facing deceleration induced by the coronavirus," says Reese Stewart, president of ORRA, RE/MAX Properties SW. "ORRA anticipates that listings and buying activity will resume, especially due to our history of demand versus low supply, along with low interest rates that increase purchasing power.
"Although the pandemic is a major break in sales, house prices in Orlando were maintained in April and even increased due to continued housing shortages," Stewart continues. "However, while shortages in the lower price categories are likely to protect prices, it is possible that the higher market segment may experience a decline in values.

Property market indicators

Average Price

The general average price of Orlando homes (all types combined) sold in April is $263,750, 12.2% above the average April 2019 price of $235,000 and 4.0% above the average March 2020 price of $253,500.

The average price of single-family homes sold in April increased 9.0% over April 2019 and is now $278,000. The average price of condos increased 5.1% to $145,000, and the sobrados/townhomes/duplexes increased 5.6% to $225,000.

The housing accessibility index in Orlando in April is 136.60, compared to 137.63 last month.

*A 99% affordability index means that buyers who get the median income reported by the state are 1% below the income needed to buy a home at an average price. On the other hand, an accessibility index of more than 100 means that median wage earners earn more needed to qualify for an average price home.

The accessibility index for first-time buyers decreased from 97.87 to 97.14 last month.

Sales and Inventory

ORRA member brokers participated in 2,393 sales of all types of houses combined in April, 28.1% less than the 3,329 in April 2019 and 25.3% less than the 3,204 in March 2020.

Sales of single-family homes (1.926) in April 2020 were down 24.0% from April 2019, while sales of condos (249) decreased 42.5% year-on-year. Duplexes, townhomes and sobrados (218 combined) decreased 37.2% in relation to April 2019.

Sales of houses in financial difficulties (foreclosures and short sales) reached 61 in April and are 41.9% less than the 105 sales in April 2019. Ailing sales accounted for 2.6% of all transactions in the Orlando area last month.

The general stock of houses available for purchase in April (7,659) represents a drop of 2.9% compared to April 2019 and an increase of 4.3% compared to last month. There were 8.7% fewer single-family homes; 6.9% more condos; and 42.4% more duplex/townhomes/ houses, year after year.

The current stock combined with the current pace of sales has created a 3.2 month stock of homes in Orlando in April. There was a 2.4 month offer in April last year and a 2.3 month offer last month.

 The average interest rate paid by homebuyers in Orlando in April was 3.20%, up from 3.45% the previous month.

Houses whose deeds were signed in April took an average of 47 days to go from listing to closing (when the deed is signed) and an average of 39 days between listing to closing (when the deed is signed), to an average total of 86 days from listing to closing (below a total of 91 days in the previous month).

Pending sales (contract signed but pending to sign the deed) in April fell 36.3% from April last year and 17.1% from last month.

Orlando MSA Numbers

Existing home sales in all Metro Orlando area municipalities (Lake, Orange, Osceola and Seminole counties) were 32.4% lower than in April 2019. To date, Metro Orlando sales have dropped 7.2%.

Each individual county’s sales comparisons are as follows:

  • Lake: 33.5% less than April 2019;
  • Orange: 35.8% less than April 2019;
  • Osceola: 30.8% less than April 2019; and
  • Seminole: 23.5% less than April 2019.
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Andrea Pointon

Andrea Pointon

CEO - Broker

Entrepreneur from an early age, Andrea conquered her space as an immigrant and today leads one of the most recognized real estate agencies in Orlando. She has received numerous awards and never tires of learning and improving professionally, serving entrepreneurs, investors, and families who trust in her professionalism and success for these very important decisions.