Highlights from the Orlando Regional Realtor Association’s most recent Market Pulse.
*The median price of all existing homes combined sold in February 2015 — $165,000 — is a 4.43 percent increase from the $158,000 median price recorded in February 2014.
*The median price for “normal” existing homes sold in February is $189,000, an increase of 5.88 percent from the median price of “normal” existing homes in February 2014.
*The year-to-year median price for short sales increased by 0.91 percent in February, while the median price for bank-owned sales increased by 18.81 percent.
*The year-over-year median price for single-family homes increased by 4.59 percent, and the year-over-year median price for condos decreased 1.04 percent.
*Orlando home sales (all home types and all sales types combined) in February 2015 were up 19.03 percent when compared to February of 2014 and up 12.12 percent compared to January 2015.
*Single-family sales increased 21.45 percent, while condo sales increased by 6.85 percent year to year.
*Of the 2,377 sales in February, 1,563 normal sales accounted for 65.76 percent of all sales, while 677 bank-owned and 137 short sales respectively made up 28.48 percent and 5.76 percent.
*The number of normal sales in February increased by 20.60 percent compared to February 2014, while foreclosures increased 36.22 percent and short-sales decreased 32.84 percent.
*The 6,669 pendings in February of this year is a decrease of 5.87 percent compared to the 7,085 pendings in February of last year (and a 10.52 percent increase compared to the 6,034 pendings last month).
*Short sales made up 24.26 percent of pendings in February, a decline of 49.72 percent from February of last year. Normal properties accounted for 47.16 percent (an increase of 24.46 percent) of sales and bank-owned properties accounted for 28.58 percent (an increase of 42.24 percent).
*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in February were up by 19.51 percent when compared to February of 2014.
Each individual county’s monthly sales comparisons are as follows:
• Lake: 18.38 percent above February 2014;
• Orange: 25.33 percent above February 2014;
• Osceola: 10.70 percent above February 2014; and
• Seminole: 14.22 percent above February 2014.
*There are currently 11,446 homes available for purchase through the MLS. The February 2015 overall inventory level is 12.39 percent higher than it was in February 2014; inventory is down 1.59 percent compared to January 2015.
*The inventory of normal sales increased 23.62 percent compared to February 2014, while foreclosure inventory is down 3.15 percent and short sale inventory is down 26.54 percent.
*Year-to-year single-family home inventory is up 8.37 percent; condo inventory is up 24.50 percent.
*The current pace of sales translates into 4.82 months of inventory supply.
*New contracts are down 4.95 percent compared to February of 2014. New listings are down 1.51 percent.
*The Orlando affordability index decreased to 190.71 percent in February. First-time homebuyer affordability in February decreased to 136.62 percent.
*Homes of all types spent an average of 88 days on the market (up from 82 days the month prior) before coming under contract in February 2015, and the average home sold for 96.27 percent of its listing price (down from 96.36 percent the month prior).