Apr 15, 2016
The traditional start to Orlando’s homebuying season — April 1 — finds buyers continuing to grapple with a dwindling inventory that in March pushed home prices up 10 percent.
“Like much of the country, Orlando home sales are being impacted by a lack of inventory rather than a lack of buyers,” says ORRA President John Lazenby. “For example, there is only 2.16 months’ worth of non-distressed single-family homes (not short sales or foreclosures) in the critical first-time homebuyer price categories. That’s even below the area’s overall 3.5 months-of-supply, which is far below the six months that economists consider balanced between supply and demand.”
The overall median price for the month of March 2016 was $195,000, a jump of 5.41 percent compared to the February 2016 median price of $185,000.
Homes of all types spent an average of 70 days on the market before coming under contract in March 2016, and the average home sold for 97.14 percent of its listing price. In March 2015 those numbers were 80 days and 96.87 percent, respectively.
The average interest rate paid by Orlando homebuyers in March was 3.70 percent. Last month, the average interest rate was 3.75 while this month last year homebuyers paid an average interest rate of 3.78.
Buyers who earn the reported median income of $57,038 can qualify to purchase one of 4,391 homes in Orange and Seminole counties currently listed in the local multiple listing service for $322,548 or less.
First-time buyers earning the reported median income of $38,786 can qualify to purchase one of the 2,207 homes in Orange and Seminole counties currently listed in the local multiple listing service for $191,963 or less.