Orlando FL Housing Market

The Orlando housing market is obviously a tremendous one. Even if you leave out the larger metropolitan area there are around 16,000 home sales here each year. For those that are wondering yes that is nearly 3,000 more than Tampa at least in 2021.

Orlando FL Real Estate

The housing market in Orlando should not be evaluated in it's entirety if you are considering moving here or placing a home up for sale. Orlando FL has individual areas with unique characteristics that give those areas their value. Namely there is only one downtown Orlando, Lake Nona and Dr Phillips. There are some other areas but those are the hottest markets at least for now. Southern Orlando is another option just not yet as interesting. 

The Hottest Local Markets

I will be posting this information each month. You can bookmark it and return to get the latest numbers if you choose and feel free to ling to this page for others to reference. All of the information I use will be from Stellar MLS which local Realtors all use for sales data etc.

09/01/2022

The median price is what I am going by. I use it because it prevents extreme pricing from having a great effect on the number. I derive the median price based on the previous 30 days of data. The previous 30-60 days prior is what I compare the most current numbers to to detect movement. First let's start by looking at Orlando as a whole and the three main types of housing and the median price paid for them in the previous 30 days.

• Actual Active Homes For Sale 2,104 up from 2,075.

• Condos-$208,000 same as last month.

• Townhomes-$360,000 down 5k from last month.

• Traditional Single Family Homes-$420,000 down 6k.

• New Single Family Home- $570,000.

Those are the prices paid in the previous month compared to two months ago in the Orlando Housing market. Now lets look at some specific areas of interest.

Total Sales Volume of the Orlando FL Housing Market

• August- 1026

• July- 955

• June- 1,171

• May- 1,340

Will these tends continue? Time will tell and you will need to check back and see. First let's talk about some housing indicators, prophets of doom, prophets of prosperity and the foreclosure market.

There is always the possibility of an unknown major event effecting the housing market in Orlando or even nation wide. Nobody knows everything and neither do I or I would would figure out a way to feed the world and get everyone clean water. Here are just a few things to look for as signs of a collapse.

1. A reason appears for people to fall behind in their house payments. Or a reason appears for housing purchases to drastically slow at the current prices. Maybe a reason for fewer people to move to the Orlando/ Central FL area.
2. Purchases begin to slow as prices begin to fall. Banks begin to report that more people are behind in an assorted payments like auto's and housing.
3. More people request their banks to allow them to sell their homes short of what the owner owes on the home so they can avoid default. This is usually disclosed publicly.
4. After a couple of bad months "Short Sales" begin to show up online.
5. Florida does not have non-judicial foreclosure. So court proceedings for foreclosures are filed publicly. As the number of homes owned by banks (foreclosed on) more and more show up for sale. Normally when the banks inventory increases prices fall. When banks have very few foreclosed homes they want full market price for them.

Orlando Housing Market-Bank Owned Homes-Foreclosures Available

This may surprise you because the number is so low. This number is for all of Orlando Florida. In the previous 30 days 5 homes sold that were either Auctioned, Short Sales or Bank Owned. However in Florida homes are auctioned in counties and I think that number may be going up soon if not already. Be careful with these auctions is my advise.

Buy, Sell or Flee To The Hills?

At this point I personally would still buy before interest rates go up higher. In ten years most likely prices and interest rates will be much higher. Buy location, buy affordable to you and try not to buy the most expensive home in any community. Only one person wanted it, that is not a good sign for re-sale. If you are currently considering purchasing in Orlando Reach out to us  for assistance. Thank you for reading this Orlando FL Housing Market Update.