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Friday, May 15, 2020

Orlando housing sales drop and prices rise, as coronavirus slows closings

Posted By on Fri, May 15, 2020 at 1:18 PM

click to enlarge PHOTO VIA ADOBE STOCK
  • Photo via Adobe Stock
The Orlando Regional Realtor Association released new numbers Thursday showing the effects of coronavirus on home sales in Central Florida.

Orlando's median home price in April rose by 12 percent, while the number of home sales dropped by 28 percent, as a result of the COVID-19 pandemic, according to the report. The changes come as the inventory of available homes for sale stays steady, down just 3 percent from last year. Despite the slowdown, the real estate association remains optimistic.

"Orlando Realtors anticipate listings and buying activity will eventually resume, especially given our history of demand versus low supply, along with the record low mortgage rates that increase buyers' purchasing power," said ORRA President Reese Stewart in a statement.

The median price for all types of homes sold in Orlando in April is $263,750, up 12.2 percent from the April 2019 median price of $235,000. That's 4 percent above the March 2020 median price of $253,500. The sale price of single-family homes increased by 9 percent over last year, and condo prices increased by 5 percent.
The price increases are due to the ongoing housing shortage, says Stewart.

"While lack of inventory in the lower-price categories will likely safeguard prices, it's possible the upper-end market segment could experience a decline in values."

ORRA members participated in 2,393 sales of all home types combined in April, which is 28.1 percent lower than the 3,329 sales in April 2019 and 25.3 percent lower than the 3,204 sales in March 2020. Sales of existing homes within Lake, Orange, Osceola and Seminole counties in April were 32.4 percent lower than in April of 2019.

There have been even deeper drops in the number of existing-home sales, with Orange County experiencing the largest local decline in existing-home sales, down 35.8 percent below April 2019.

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