It has been a roller coaster year for the housing market in Orlando, and results from November show a decrease in home sales as well as a substantial uptick in median price.
According to the Orlando Business Journal, the Orlando Regional Realtor Association (ORRA) has released their November report. Home sales in the area have dropped by approximately 3% this month while median price rose by a whopping 10.3%.
During the month of November, Orlando realtors participated in the sale of 2,225 homes. This was about 22.66% less than October, and 2.84% less than sales in Nov. 2014.
Sharon Voss, President of ORRA, believes that several current market forces are responsible for the drastic decline.
“Steady decreases in inventory, continued increases in median price, and a rising interest rate all contributed to this month’s numbers,” said Voss.
The median price for Orlando homes was particularly affected by the decrease in inventory, which saw more expensive homes left on the market at the end of the month. As of Nov. 2015, the overall median price for local homes is $182,000, marking a 10.3% jump from last year’s median price of $165,000.
Florida’s real estate market was extremely bullish for the entire first half of the year, which was on par with national trends. RealEstate Business Intelligence recently reported that June 2015 recorded the highest national home sale numbers in nearly a decade, and sales in July were even higher.
According to the Orlando Sentinel, closings during the summer and fall in Orlando were up almost 30% from a year before. However, the market has balanced as winter approaches, which was expected by local real estate experts.
Only 2,668 homes sold in the counties of Orange, Seminole Lake, and Osceola in October, compared to 3,314 sales in the same region during July. State median prices also experienced a substantial increase similar to Orlando, finishing at $198,995 in October.
As for Orlando’s housing market, potential home buyers will be displeased to know that median home prices in the area are not projected to decrease any time soon. The city’s median home price has increased for 52 consecutive months, and the current median price is 57.58% higher than it was in July 2011.
While the report may be disappointing for home buyers, those who prolong their real estate search until the spring may be privy to a more favorable market if this year was any indication of future housing trends.