Housing market stats were just recently released for the month of January by the Orlando Regional Realtor Association, and overall, we didn’t see anything too out of the ordinary.
Total sales only jumped by 0.5% compared to January 2017, while the overall median price of sold homes in Orlando increased by 12.6% from $199,900 to $225,000 year-over-year.
Compared to December, sales did drop by almost 27%, although with many buyers rushing to close in December in order to take advantage of tax benefits for the year, the month-to-month decline from December to January is historically quite common.
Inventory remains to be a challenge facing the Central Florida market heading into the busy spring season, especially given that pending sales in January increased by more than 1,000 homes compared to just one month prior.
For added perspective, current inventory combined with the current sales pace allowed for just a 3.42-month supply of available homes at the end of January, which is down from a 3.86 month supply in January 2017. A healthy housing market is generally considered to have around a 6-month supply, further demonstrating the inventory issues the Orlando area is experiencing.