Hot Housing Market: What’s Happening in Orlando?


Sunshine and warm temperatures are hallmarks of an Orlando vacation, but what about living here? Orlando has many great attributes, from theme parks, dining, many outdoor entertainment opportunities or just finding a perfect spot to just relax. It is no wonder we are a top tourist destination, but also a hot housing market too.

Orlando Housing Market Activity: May 2019

Orlando’s sales head up as summer homebuying season kicks in (released June 2019) Orlando Regional Realtors Association (ORRA)

Encouraged by continued low interest rates and a favorable economy that is drawing droves of new residents to Orlando, area homebuyers pushed sales into positive territory for the month of May. Home sales jumped by nearly 11 percent compared to May 2018, which is the first year-over-year increase in 2019. The improvement can be attributed to factors such as the slower rate of price increases and mortgage rates that are not only holding steady but even dropping a bit. According to the latest monthly report from the Orlando Regional REALTOR Association, members were involved in 3,790 property transactions during May. Sales of single-family homes improved by 12 percent over last year, while condos rose by six percent.

Speaking of condos, this home type is leading Orlando’s seven-month string of inventory increases. The number of condos available for purchase in May expanded by 27 percent, to 1,154. Single-family homes had six percent more availability than in May 2018, bringing our overall inventory up by eight percent. Despite inventory gains, Orlando is still clearly a seller’s market as it has only 2.14 months of supply (six months is considered by economists to indicate a market that is balanced between buyers and sellers). However, the balance shifts when you consider price categories, with the lower price categories firmly favoring sellers and the higher price categories ($800,000 and above) favoring buyers. Those in the market for a home priced between $2 million and $5 million currently enjoy 28 months of supply.

ORRA’s report also shows that the overall median price is once again on its years-long upward track. After a brief derailment into the red last month, the Orlando median price — the figure at which half of the homes sold for more and half sold for less — rose four percent in May to $243,000.

Jennifer’s restaurant pick for the month:
Prato on Park Ave. – If you have never experienced this Winter Park Gem, crafted with delectable delights from famed Chef Brandon McGlamery, you are missing out. From such out-of-the-box items as pretzel-crusted calamari, escarole Caesar to inventive pizzas, you are sure to enjoy the food and atmosphere. Winter Park’s Park Ave is a perfect day of strolling shops, restaurants, activities in Central Park, or even taking in an art gallery.

Interested in buying or selling in Orlando? Contact Jennifer August-Ruiz:
407.280.6091
jaugust@jasonmitchellgroup.com
www.MyFloridaEstates.com

Sources:
https://www.orlandorealtors.org/marketresources
https://www.orlandorealtors.org/housingmarketnarrative

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