Market Update January 2016: Steady Start to the New Year

We left 2015 with a median home price of $185,000. In January median home prices went down about 4% at $176,500. Compared to this time last year the median price has increased 14%, and it has increased steadily for the past 54 months.

Orlando’s inventory remains lean which has affected sales, and traditionally at this time of year there is a lull in buying. We’re seeing a 6-month supply when inventory and sales are compared. 1,745 homes were sold in Orlando this past month. Sparrow Realty Group closed three of those sales, and has three pending sales for February.

This past week Florida Realtors reported Freddie Mac’s Multi-Indicator Mark Index (MiMi score) for Florida. This measures market data to judge current housing stability. Orlando had the “most improved metro area” MiMi score which means less foreclosures, better employment, and most improved since the recession.

The average interest rate in Orlando was 3.93%. The national average just recently dipped down to 3.62%, and it has been falling for sometime.

Overall this outlook is a continuation of the market last year. We’re pleased that Orlando has bounced back, and hope to see continued stability this quarter.

Below is the infographic from the Orlando Regional Realtors Association. See the stats here.