Highlights from the Orlando Regional Realtor Association’s most recent Market Pulse.
*The median price of all existing homes combined sold in August 2015 — $182,000 — is a 11.08 percent increase from the $163,850 median price recorded in August 2014, and a 0.71 percent decrease compared to July 2015.
*The median price for “normal” existing homes sold in August is $207,000, an increase of 8.95 percent from the median price of “normal” existing homes in August 2014.
*The month-over-month median price for short sales decreased by 3.21 percent in August, while the median price for bank-owned sales increased by 14.21 percent.
*The month-over-month median price for single-family homes increased by 11.33 percent, and the month-over-month median price for condos increased 13.14 percent.
*Orlando home sales (all home types and all sales types combined) in August 2015 were up 21.81 percent when compared to August of 2014 and down 13.24 percent compared to July 2015.
*Single-family sales increased 26.23 percent, while condo sales decreased by 0.87 percent month-over-month.
*Of the 3,094 sales in August, 2,316 normal sales accounted for 74.85 percent of all sales, while 659 bank-owned and 119 short sales respectively made up 21.30 percent and 3.85 percent.
*The number of normal sales in August increased by 37.53 percent compared to August 2014, while foreclosures decreased 0.75 percent and short-sales decreased 38.02 percent.
*The 5,913 pendings in August of this year are a decrease of 9.13 percent compared to the 6,507 pendings in August of last year (and a 5.54 percent decrease compared to the 6,260 pendings last month).
*Short sales made up 21.38 percent of pendings in August, a decline of 43.60 percent from August of last year. Normal properties accounted for 57.70 percent (an increase of 25.81 percent) of sales, and bank-owned properties accounted for 20.92 percent (a decrease of 20.40 percent).
*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in August were up by 12.06 percent when compared to August of 2014. Year to date, sales are up 19.24 percent in the MSA.
Each individual county’s monthly sales comparisons are as follows:
• Lake: 1.88 percent above August 2014;
• Orange: 12.36 percent above August 2014;
• Osceola: 26.72 percent above August 2014; and
• Seminole: 8.97 percent above August 2014.
*There are currently 11,661 homes available for purchase through the MLS. The August 2015 overall inventory level is 10.88 percent lower than it was in August 2014; inventory is down 1.34 percent compared to July 2015.
*The inventory of normal sales increased 2.33 percent compared to August 2014, while foreclosure inventory is down 41.45 percent and short sale inventory is down 51.24 percent.
*Year-to-year single-family home inventory is down 13.29 percent; condo inventory is down 0.83 percent.
*The current pace of sales translates into 3.77 months of inventory supply.
*New contracts are up 4.32 percent compared to August of 2014. New listings are up 0.10 percent.
*The Orlando affordability index increased to 170.58 percent in August. First-time homebuyer affordability in August increased to 121.30 percent.
*Homes of all types spent an average of 69 days on the market (steady from 69 days the month prior) before coming under contract in August 2015, and the average home sold for 97.02 percent of its listing price (up from 96.90 percent the month prior).
Florida Market Overview
*Sales, existing single-family: 21.80 percent increase compared to August 2014.
*Sales, existing condo: 13.90 percent increase compared to August 2014.
*Median price, existing single-family: 8.10 percent increase compared to August 2014.
*Median price, existing condo: 9.10 percent increase compared to August 2014.
National Market Overview
*Sales, existing single-family: 12.20 percent increase compared to August 2014.
*Sales, existing condo: 5.80 percent increase compared to August 2014.
*Median price, existing single-family: 8.30 percent increase compared to August 2014.
*Median price, existing condo: 3.20 percent increase compared to August 2014.