Orlando, FL Housing Market Report April 2017

Orlando median home price continues upward climb as sales and inventory dip

Orlando home sales declined 4 percent in April compared to April of 2016, in large part the result of sustained declines in the number of homes available for purchase. Orlando’s skimpy inventory also continued to push prices upwards, with the area’s year-over-year median home price again hitting a double-digit increase.

Orlando’s overall median home price (all home types combined) is $215,000, which is 12.0percent above the April 2016 median price of $192,000. Year-over-year increases in median price have been recorded for the past 69 consecutive months; as of April 2017, the overall median is 86.2 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in April increased 11.2 percent over April 2016 and is now $233,500. The median price for condos increased 20.0 percent to $108,000.

The overall average home price for April 2017 is $252,653, an increase of 9.7 percent over the average home price in April 2016. The average home listed for $260,321 in April and sold for 97.1 percent of its listing price (97.12 percent in April 2016).


Members of ORRA participated in 3,061 sales of all home types combined in April, which is 3.5 percent less than the 3,172 sales in April 2016 and 12.0 percent less than the 3,477 sales in March 2017.

“Despite the decline in sales compared to last month — March experienced record-setting increase that REALTORS® anecdotally attribute to market-savvy buyers seeking to get a jump on the traditional spring/summer homebuying season — conditions remain favorable to sellers,” says Orlando Regional REALTOR® Association President Bruce Elliott, Regal R.E. Professionals LLC. “We’re seeing buyers compete for homes with tactics such as above-price offers, cash for sellers’ closing costs, and minimal contingencies, particularly for properties within the highly desired under-$300,000 price range. At the higher price points, buyers are more likely to both find a suitable property and successfully negotiate a price reduction.”

Sales of single-family homes (2,373) in April 2017 decreased by 4.9 percent compared to April 2016, while condo sales (381) increased 3.0 percent.

Sales of distressed homes (foreclosures and short sales) reached only 247 in April and is 56.5 percent less than in April 2016. Distressed sales made up 8.1 percent of all Orlando-area transactions last month.

The average interest rate paid by Orlando homebuyers in April was 4.11 percent, down from 4.29 percent the month prior.

The overall inventory of homes that were available for purchase in April (8,675) represents a decrease of 17.0 percent when compared to April 2016. There were 16.5 percent fewer single family homes and 20.6 percent fewer condos.

Current inventory combined with the current pace of sales created a 2.83-month supply of homes in Orlando for April. There was a 3.29-month supply in April 2016 and a 2.46-month supply last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in April are down by 2.9 percent when compared to April of 2016. Year to date, MSA sales are up 4.5 percent

Each individual county’s sales comparisons are as follows:

• Lake: 14.6 percent above April 2016;
• Orange: 6.8 percent below April 2016;
• Osceola: 0.2 percent above April 2016; and
• Seminole: 10.0 percent below April 2016.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

Cherie Foutz

Broker and Owner of Lakes & Links International Realty, Cherie Foutz has been a top producing Realtor in the Central Florida area since 1989. She has owned and managed several successful real estate companies, a title company, and a mortgage company. In 2010, she opened her boutique real estate company, Lakes & Links International Realty to focus on the sale nationally and internationally of luxury properties that offer "resort like amenities" such as golf, tennis, and recreational lakes.

She specializes in the gated golf and lake communities in Heathrow, Lake Mary, and the Markham Woods corridor. Since 2002, she has sold hundreds of area homes. In 2016 and YTD in 2017, Cherie is ranked the #1 Agent in Lake Mary for Volume Sales, selling more volume real estate in Lake Mary/Heathrow than any other agent in the Orlando Regional Realtor Association comprised of over 11,000 agents.

Since 2006, she has been one of the Top 100 agents in the Orlando Regional Realtor Association for Volume Residential Sales and named to the "Hot 100 Real Estate's Best." She was awarded exclusive membership in the Who's Who in Luxury Real Estate. She is an Accredited Luxury Home Specialist, a designated Transnational Relocation Specialist, a Resort & Second Home Property Specialist and holds membership in the following: Global Real Estate Council, Associated Realty of the Americas, The International Real Estate Federation (FIABCI), and Worldwide ERC-The Association for WorkPlace Mobility.

Cherie Foutz, Broker, Lakes & Links International Realty