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Orlando Median Home Prices Continue Record Growth in April

Kevin Johnson Market Trends Leave a Comment

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KEY TAKEAWAYS:

  • The median home price in Orlando grew nearly 10% in April 2016.
  • Overall available inventory continues to decline helping to drive median home prices.
  • Average sale price to list price ration 97.10%.
  • Average days on market for homes closed in April was 70-days.
  • Distressed sales continue slide; Foreclosures down 49% and Short Sales down 34%.

The Orlando Regional REALTOR Association (ORRA) released its monthly market update report for April 2016 and it was good news for home sellers. The Orlando metro area saw a median home value increase of 9.66% year-over-year in April 2016. This increase marked the 57th consecutive month that home values have climbed in the metro area helped by continued decrease in inventory and increasing buyer demand.

“With the continued decline of available homes for sale, we will continue to see median home prices continue their growth in the near term,” says Orlando REALTOR® Kevin Johnson, Broker/Owner of OneBlue Real Estate. “We’ve seen a sustained decrease in inventory levels for the better part of a year now and with more homes being sold than being listed, home prices will continue grow.

Median Home Price Tops $190,000

The median home price in the Central Florida area was $191,900 for April 2016. This represents a 9.66% increase compared to April 2015 when the median home price was $175,000. Having said that, we did see a slight decrease in the median home price from March 2015, down 1.59%. The area seeing the best growth in median home prices is distressed inventory. April 2016 saw the median home price of a foreclosure sale increase 11.66% with short sales increasing 11.45%. Single family homes were also beat out by condos in year-over-year growth with a 7.73% increase while condos saw a 13.92% growth.

Completed Sales

Members of ORRA were involved in 3,159 sales that closed in April of 2016; an increase of 1.67% year-over-year. The average home sold for 97.10% of the original list price and the average home was on the market for 70-days; Both improved year-over-year. The average homebuyer paid a 3.63% interest rate for all closed sales in April 2016, down from 3.70 in 2015.

County-by-County Sales:

  • Lake: 6.13% below April 2015;
  • Orange: 0.92% below April 2015;
  • Osceola: 5.52% above April 2015; and
  • Seminole: 0.14% above April 2015.

The information in this representation was based in whole or in part by data received in the Orlando Regional Realtor® Association (ORRA) and the My Florida Regional MLS. Kevin Louis Johnson LLC, Orlando Real Estate Services LLC, OneBlue Real Estate, United Real Estate, ORRA, or MFRMLS guarantees the accuracy of the information contained in this post.

ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received. Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

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