Orlando, FL Housing Market Report June 2017


Orlando median price, sales on the rise as inventory slide decelerates

The median price of Orlando homes sold during the month of June increased more than 7 percent while sales likewise climbed nearly 8 percent compared to June 2016, reports the Orlando Regional REALTOR® Association. Inventory continued its year-over-year slide but registered the smallest decline this year: 14 percent.

Orlando’s overall median home price (all home types combined) is $222,500, which is 7.5 percent above the June 2016 median price of $207,000. Year-over-year increases in median price have been recorded for the past 71 consecutive months; as of June 2017, the overall median is 92.6 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in June increased 8.0 percent over June 2016 and is now $243,000. The median price for condos increased 11.7 percent to $110,000.

The overall average home price for June 2017 is $269,811, an increase of 7.5 percent over the average home price in June 2016. The average home listed for $276,779 in June and sold for 97.5 percent of its listing price (96.9 percent in June 2016).


Members of ORRA participated in 3,837 sales of all home types combined in June, which is 7.9 percent more than the 3,556 sales in June 2016 and 0.21 percent less than the 3,845 sales in May 2017.

ORRA President Bruce Elliott, Regal R.E. Professionals LLC, explains that the downward trend in mortgage rates helped Orlando’s sales activity expand in June despite the ongoing inventory challenge.

“Those able to close on a home last month are probably feeling both happy and relieved,” says Elliott. “Listings in the affordable price range are scarce, homes are coming off the market at an extremely fast pace, and the prevalence of multiple offers in some cases are pushing prices higher.”

Sales of single-family homes (3,047) in June 2017 increased by 6.80 percent compared to June 2016, while condo sales (436) increased 8.2 percent.

Sales of distressed homes (foreclosures and short sales) reached only 261 in June and is 38.4 percent less than in June 2016. Distressed sales made up 6.8 percent of all Orlando-area transactions last month.

The average interest rate paid by Orlando homebuyers in June was 3.98 percent, down from 4.09 percent the month prior.

The overall inventory of homes that were available for purchase in June (9,141) represents a decrease of 14.0 percent when compared to June 2016, and a 4.1 percent increase compared to last month. There were 12.5 percent fewer single family homes and 21.9 percent fewer condos.

Current inventory combined with the current pace of sales created a 2.38-month supply of homes in Orlando for June. There was a 2.99-month supply in June 2016 and a 2.28-month supply last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in May are up by 5.3 percent when compared to June of 2016. Year to date, MSA sales are up 5.8 percent

Each individual county’s sales comparisons are as follows:

•Lake: 5.8 percent above June 2016;
•Orange: 7.1 percent above June 2016;
•Osceola: 15.4 percent above June 2016; and
•Seminole: 6.3 percent below June 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