Almost a Third of Orlando Homes Sell Within a Week
Last month, ORRA reports 30% of Orlando homes sell in a week
The Metro Orlando housing market heated enough during May that about 30 percent of Orlando homes sell (land a contract) within about a week of being listed, according to the Orlando Regional Realtor Association.
Central Florida’s dynamic job growth, combined with relatively few listings, drove a fast-paced sales arena that was reminiscent of peak-market conditions from more than a decade ago, said Bruce Elliott, president of a real estate group serving mostly Orange and Seminole counties.
“Orlando homes are selling at the quickest clip since the red-hot market of 2005,” said Elliott. “Not only is the area’s 2.3 months of supply statistic at its lowest point since September 2005, nearly 30 percent of those homes sold in May came under contract after less than eight days on the market.”
Orlando-area residential real estate prices, including houses, townhomes and condos, reached a midpoint of $218,000 in May, up 7 percent from a year earlier and up about 1 percent from a month earlier. Prices for single-family homes in that area were $235,000.
The association reported 3,817 sales of all home types by its members in May, which was up 14 percent from a year earlier and up 24 percent from a month earlier. Sales rose as interest rates edged down. The average rate slipped to 4.09 percent in May from 4.11 in April.
Prospective buyers had 8,781 properties from which to chose during May, which is down 17 percent from May 2016 and up 1.2 percent from April. The condo market became more strained with 22 percent fewer listings compared to 16.2 percent fewer single-family homes from a year earlier.
The market had enough supply to meet current demand for 2.3 months. Supply was 3.15 months a year ago and 2.81 months in April.
Orlando real estate broker Frederik Eriksson suggested buyers consider new construction or fixer uppers to avoid competing in multiple-offer situations.
“Homes that are move-in ready in the $100,000 to $300,000 range will have multiple offers within days,” said Eriksson, of Owners.com.
Baldwin Park’s ZIP code was the highest ranking within Central Florida for median prices during the first quarter of this year, according to a new report by PropertyShark.com. The midpoint price in that area east of downtown Orlando was $410,000 for the quarter, which ranked 46th for ZIP codes within the state.
Florida’s most expensive ZIP was Miami Beach, which was $3.4 million, the property research group reported. It cited low inventory levels and job growth for pushing home prices higher across the state.
Source: “Almost a third of Orlando homes sell within a week, Realtors find,” Orlando Sentinel