Housing Market Activity: April 2021
Lake, Orange, Osceola and Seminole Counties
State Of The Market
The pandemic's biggest impact on the Orlando housing market hit in April 2020, putting the brakes on sales. Since then, inventory has continued to decline- despite high demand from buyers- and hit an all-time-low last month (April 2021). There were major gains in sales year-over-year for April 2021, due to the effects of the pandemic last year.
There were only 2,655 homes for sale in April 2021; that is a record low dating back to 1995, as far back as ORRA data goes. For perspective, the Orlando area's population in 1995 was 1,092,514; today it is 1,814,118, according to Florida's Office of Economic and Demographic Research.
April inventory fell 7.8% from the previous month, March 2021. If all available homes were sold, it would take just three weeks (a balanced market is considered 6 months of inventory).
The median home price increased to $295,000 in April 2021, a 3.5% bump from March 2021. The median home price jumped 11.9% from $263,750 in April 2020.
ORRA members sold 4,081 homes in April 2021, a 4.4% decrease in the 4,268 sales from March 2021.
Interest rates dipped slightly to 2.98% in April 2021 from 3.07% in March 2021.
Listings spent an average of 42 days on the market until contract in April 2021, a drop of 12.5% from March 2021.
50 distressed homes (bank-owned properties and short sales) accounted for 1% of all home sales in April 2021, the same as the prior month.
Orlando's housing market is in line with reports from the National Association of REALTORS, which reports two consecutive months of falling home sales, declining inventory and rising prices.
The Orlando area inventory is down 65% from 7,659 homes in April 2020 to just 2,655 homes in April 2021.
The number of new listings increased 7.6% from 3,959 in March 2021 to 4,258 in April 2021.
Inventory continues to decline since April 2020, and based on historical data, is at its lowest point since 1995. The limited inventory, low interest rates, and high demand (due to large numbers of migration to central Florida) have resulted in a decrease of days on market and an increase in multiple offer scenarios.
The number of new listings on the market continues to increase. Demand for homes continues to out pace the supply resulting in declining inventory.
The number of sales decreased from March 2021, but is still out pacing supply. The median sale price has increased for the third straight month which is expected when demand out paces supply.