ORLANDO HOUSING MARKET SNAPSHOT FOR OCTOBER 2021

Ben Market Updates, Orlando Homes, Orlando Housing Market Snapshot, Orlando Market Pulse, Orlando News, ORRA, Real Estate News Leave a Comment

State of the Market

  • October’s median home price was recorded at $325,000, increasing once again after a slight drop in September to $318,000. Orlando saw a 10-month steady increase in the median home price prior to September when the record high hit $320,000 in July (maintained in August).
  • Overall sales in October dropped by 0.77%, with a total of 3,760 sales.
  • Homes spent an average of 27 days on the market in October, the same amount as September 2021.
  • Inventory dropped for the first time in six months, decreasing by 7.12% from September to October, for a total of 3,406 homes on the market in October.
  • “The market traditionally slows down during the winter months and that’s what we’re seeing with the drop in inventory in October – the first decrease in 6 months,” says Tansey Soderstrom, 2021 Orlando Regional REALTOR® Association President. “While the inventory is dropping, the median home price remains steady, still over 20% compared to 2020.”

Market Snapshot

  • Interest rates showed a slight increase, as the average interest rate in October 2021 was 3.01%, an increase of 5.14% over September 2021. 
  • ORRA members sold 3,760 homes in October 2021, a decrease of 0.77% from 3,789 homes sold in September 2021. Sales were still 3% higher than October 2020. 
  • 26 distressed homes (bank-owned properties and short sales) accounted for .6% of all home sales in October 2021. That represents a 61% drop over October 2020, when 67 distressed homes sold. 

Inventory

  • Orlando area inventory decreased by 7.12% from September 2021 to October 2021 from 3,667 homes to 3,406 homes. Inventory in October 2021 was 42% lower than in October 2020.
  • The supply of homes remained at nearly one month in October 2021. A balanced market is six months of supply. 
  • The number of new listings decreased in October 2021 from September 2021 by 2.14% from 4,026 homes to 3,940 homes.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the Stellar Multiple Listing Service. Neither the association nor StellarMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or by StellarMLS does not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales represent sales involving Orlando Regional REALTOR® Association members, who are primarily – but not exclusively – located in Orange and Seminole counties. Note that statistics released each month of 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.

Sources:

https://www.orlandorealtors.org/housingmarketnarrative

https://www.orlandorealtors.org/clientuploads/Market%20Statistics/Monthly%20Market%20Reports/2021/112021MarketPulse.pdf

Leave a Reply

Your email address will not be published.