May Residential Real Estate Market Update for the Orlando MSA
What's up in the Orlando MSA Residential Real Estate Market?
(The Orlando MSA is made up of Orange, Osceola, Seminole & Lake Counties)
The Orlando Regional Realtor's Association has released the most recent month's numbers for May, 2017. Read below to find out:
- How quick homes are selling.
- How close homes are selling to their asking prices.
- How the average sales price has changed over the last 5 years.
- How many homes are on the market.
- Inside look into the next 12 months and an opportunity to track your property value.
Orlando median home prices rose 7.4% in May of 2017 compared to May of 2016 - the result, in part, to declining inventory (-16.8% Y.O.Y.) and increased buyer demand. However, small relief was found in the 1% increase in the number of homes available in May compared to April. Year-over-year increases in median price have been recorded for the past 70 consecutive months now.
Here is a look at the average sales price over the last 10 years. The current 2017 average sale price is $249,873. Compare that to the 2011 sales price of $143,544 and we're up a total of 74% or approximately 12.3% annually since 2011.
Homes of all types spent an average of 49 days on the market before selling in May of 2017. That number was 62 days in May of 2016.
The original asking price compared to sales price ratio for May 2017 was 97.3%. That number was 97.1% for May of 2016.
The average sales price increased from $238,662 in May of 2016 to $258,029 in May of 2017 for an increase of 8.1%.
In May, we had 8,781 homes available for sale of all types in the Orlando MSA which is 16.8% lower than last May. That number is still decreasing as we head into the Summer months so keep an eye out for our June report to see where it trends. Current inventory combined with the current pace of sales created a 2.3 month supply of homes in Orlando for May of 2017 so we are still in favor of a seller's market, but make sure to check your local market as this number reflects an average of all of Orlando. There was a 2.81 month supply in May of 2016.
Current average mortgage rates are hovering right around 4.09% which is down from 4.11% the month prior. Rates are expected to jump around a bit in 2017 with a trend toward an overall increase by the end of the year.
For a hassle free way to find out what is selling in your neighborhood as soon as the sale closes then feel free to call Christina at 407-340-1308 or Tonio at 407-497-5705 - or click the button below and we can notify you instantly when it happens!
If you are currently renting, you can schedule a time to meet with us. We offer a free Buyers consultation that will help you determine if buying or renting is right for you!