Orlando’s median home price increased in January year over year, while sales held steady with a 0.5 percent uptick compared to January 2017, a new report from the Orlando Regional Realtor Association shows.
The overall median price of Orlando homes sold in January was $225,000, a 12.6 percent increase above the January 2017 median price of $199,900 and 2.2 percent below the December 2017 median price of $230,000.
In addition, 2,225 sales of all home types were recorded in January, 0.5 percent more than the 2,213 sales in January 2017. However, sales declined by 26.9 percent when compared to last month.
“The nearly 27 percent drop between December and January is a decline that historically follows a big push to close in December as buyers seek to take advantage of homeownership tax benefits,” said ORRA President Lou Nimkoff. “While low inventory conditions remain a significant challenge, Realtors anticipate an improvement in month-to-month sales. In fact, the January pending sales tally increased by more than 1,000 #homes compared to December 2017, making it the greatest month-to-month increase since ORRA began tracking pendings in 2006.”
Meanwhile, the overall inventory of homes that were available in January — 7,604 — represents a decrease of 11.1 percent when compared to the year-ago period and a 1.3 percent decrease compared to last month.
Current inventory combined with the current pace of sales created a 3.42-month supply of homes in Orlando for January. There was a 3.86-month supply in January 2017 and a 2.47-month supply last month.