Orlando’s real estate market is still healthy despite growing concerns of a recession. That’s the word from the Orlando Regional Realtor Association in their August report.
Last month, Orlando’s overall median sales price climbed by 8.7% from last year to $250,000. Sales were up slightly over last August’s numbers.
Members of the ORRA participated in 3,385 real estate sales last month, which is exactly four more sales than were recorded in August of 2018.
“Orlando’s ongoing challenge with the lower-price range categories, which have solid demand and insufficient supply, is consequently pushing up home prices,” says Orlando Regional REALTOR® Association Jeffrey M. Fagan, Watson Realty Corp. “In addition, while our local economic indicators — particularly very favorable interest rates — point toward a housing strong market, low supply that leaves first-time homebuyers with few options is restraining sales up the ladder.”
Sales of single-family homes rose year-over-year to 2,657 in August, an increase of 2.7%. Condo sales fell by 6.7% from last year to 419 for the month of August.
The overall inventory of homes available for purchase fell by 2% from a year ago to 7,652. From July to August, Orlando’s inventory of homes available fell by 4.3%.
Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in August were up by 0.2% when compared to August of 2018. To date, sales are down 4.2%.
Each individual county’s sales comparisons are as follows:
*Lake: 1.7% below August 2018;
*Orange: 1.1% below August 2018;
*Osceola: 6.1% above August 2018;
*Seminole: 0.5% above August 2018.