It’s crazy to think that we are now halfway through 2019! I hope that everyone is still sticking to their resolutions, and that you are making progress toward all of the goals you set for yourself.
Today, we are going to take a look at the current housing market conditions in Central Florida. According to the Orlando Regional Realtors Association (ORRA), the Orlando housing market enjoyed an increase of 2% in median price for the month of March. Year-over-year inventory increased by 5%, which is the 5th consecutive month of growth. However, the total number of sales dropped 11% compared to March 2018.
With that being said, Central Florida home sales of all types jumped 30%, and condo sales 42% compared to February 2019. While this jump is significant, it is also to be expected. March is typically the start of the housing market heating up, due to an increase in listings and potential home buyers and sellers having a couple of months reprieve from the Holidays.
The overall median price of homes (all types combined) sold in March is $235,000, which is 2.2% above the March 2018 median price of $230,000 and steady compared to the February 2019 median price of $235,000 as well.
Year-over-year increases in median price have been recorded for the past 93 consecutive months; as of March 2019, the overall median price is 103.5% higher than it was back in July 2011.
The median price for single-family homes that changed hands in March increased 2.0% over March 2018 and is now $255,000. The median price for condos increased 3.7% to $127,500.
The Orlando housing affordability index for March is 133.81%, up from 131.64% last month. (An affordability index of 99% means that buyers earning the state-reported median income are 1% short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home). In other words, the Orlando housing affordability index looks great for potential home buyers!
At the end of the day, all of these statistics are great! They give us a lot of information and help us to understand what is happening with the local housing market. But, nothing can replace a conversation with a trusted Realtor who can help you navigate all aspects of the home buying and home selling process. Every situation is unique, so give me a call or send me an email and I would be happy to discuss what these numbers mean for you and your family.