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Orlando Area Market Update from Orlando Regional Realtors Association

Tuesday, September 28, 2021   /   by Todd Mowry

Orlando Area Market Update from Orlando Regional Realtors Association


Orlando Area Market Update For August 2021 from the Orlando Regional Realtors Association





Orlando Housing Market Activity


Orlando Area Residential Real Estate Snapshot for August 2021


State of the Market



    • Orlando’s median home price remained unchanged in August 2021 from the prior month – a record-high $320,000. The median price is 16% higher than August 2020’s $275,000.

    • Sales fell for a second straight month this summer. In August 2021, sales dropped 4.4% from the previous month.

    • Homes spent just 25 days on the market in August 2021, which is a record low. That is half the time homes spent on the market during the same month in 2020.

    • For a fourth straight month, inventory increased, after reaching its lowest point in April 2021. This is in line with national trends from the National Association of REALTORS®.

    • “It’s important to note that interest rates have remained low, which continues to drive demand, especially among first-time homebuyers. Despite our inventory increases, there are still not enough homes on the market to accommodate buyers,” said Natalie Arrowsmith, 2021 Orlando Regional REALTOR® Association President, NextHome Arrowsmith Realty. “As we head into fall and the market continues its cool-down, the seller still has the upper-hand. Buyers should have their financing in order and be prepared to make a strong offer.”


Market Snapshot



    • ORRA members sold 3,999 homes in August 2021, a decrease of 4.4% from 4,183 homes sold in July 2021. Sales were still 13% higher than August 2020.

    • Interest rates showed little change, as they remain low. The average interest rate in August 2021 was 2.84%, an increase of .01% over July 2021.

    • 31 distressed homes (bank-owned properties and short sales) accounted for .8% of all home sales in August 2021. That represents a 62% drop over August 2020, when 82 distressed homes sold.


Inventory



    • Orlando area inventory increased 3.2% from July 2021 to August 2021 from 3,524 homes to 3,638 homes. Inventory plunged 39% from August 2020 to August 2021.

    • The supply of homes ticked up to nearly one month in August 2021. A balanced market is six months of supply.

    • The number of new listings decreased in August 2021 from July 2021 by 7.1% from 4,710 homes to 4,375 homes.





Published by Todd Your Local Realtor


Local Orlando Realtor for over 9 years. I love seeing the smiles on the faces of my buyers and sellers when the transaction is complete. We as Realtors have a duty to our customers/client to help them along the journey of the transaction. Every owner is different and every transaction is different. Listening to my customers/clients is very important and helps me know and anticipate their needs want and desires in a home or what they need of me. 


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Jarrett West
653 Maguire BLVD, Suite 900
Orlando, FL 32803
407-227-4800

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