Mar 18, 2016
Orlando buyers demand for homes outstrips inventory
Orlando median price continues upward trek
as buyer demand for homes outstrips inventory in February
The inventory of Orlando homes available for purchase took another tumble in February, slowing year-over-year sales by 5 percent and driving a double digit increase in median price. Orlando median home price has now experienced year-over-year increases for the past 55 consecutive months; as of February the median price is 60.17 percent higher than it was in July 2011. The median price of single-family homes increased 11.06 percent when compared to February of last year, and the median price of condos increased 3.26 percent.
Sales of duplexes, townhomes, and villas in February jumped 9.91 percent compared to February 2015, yet another sign of limited buyer choice within lower-priced, single-family inventory.
The number of existing homes that were available for purchase in February is 6.55 percent below that of February 2015 and now rests at 10,696
The average interest rate paid by Orlando homebuyers in February was 3.75 percent. Last month, the average interest rate was 3.93. The average interest rate paid by homebuyers one year ago was 3.80 percent.
Affordability
Buyers who earn the reported median income of $56,981 can qualify to purchase one of 4,471 homes in Orange and Seminole counties currently listed in the local multiple listing service for $320,609 or less. First-time buyers who earn the reported median income of $38,747 can qualify to purchase one of the 2,312 homes in Orange and Seminole counties currently listed in the local multiple listing service for $193,790 or less.
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