February 2014 Orlando Real Estate Market Pulse

Rising prices continue amid long-awaited inventory increases

Orlando’s buyers who were stymied in their quest to purchase a home by last year’s anemic inventory conditions will find lots more to choose from this year: Inventory increased by 42 percent in February, just in time for the start of the spring selling season.
But despite tremendous gains in inventory over the last months, demand has continued to fuel the ongoing rise in Orlando’s median price. The overall median price (all sales types and all home types combined) for the month of February is $158,000, an 18.80 percent increase compared to the $133,000 median price in February 2013.
“As prices continue to rise, non-distressed homeowners are entering the market and giving inventory a much-needed boost,” says Orlando Regional REALTOR® Association Chairman Zola Szerencses, RE/MAX 200 Realty. “Even so, inventory still remains tight. Desirable homes are selling very fast and often receiving multiple offers.”
Orlando’s overall median price (all sales types and all home types combined) has recorded year-to-year gains for 31 consecutive months and has risen 36.80 percent since July 2011.
In addition to the year-to-year gain, the February median price is 5.69 percent higher than the January 2014 median price of $149,500.
Each individual sales type and home type saw a median price increase in February. “Normal” sales experienced a 12.23 percent jump, while the median price of short sales increased 18.30 percent and foreclosures increased 0.67 percent.

The median price of single-family homes increased 17.69 percent when compared to February of last year, and the median price of condos increased 16.40 percent.