Orlando Market Pulse – February 2015

bobbybaldor Real Estate Leave a Comment

Highlights from the Orlando Regional Realtor Association’s most recent Market Pulse.

OrlHousMrkt

Median Price 

*The median price of all existing homes combined sold in January 2015 — $155,000 — is a 3.68 percent increase from the $149,500 median price recorded in January 2014.

*The median price for “normal” existing homes sold in January is $185,000, an increase of 7.56 percent from the median price of “normal” existing homes in January 2014.

*The year-to-year median price for short sales increased by 16.60 percent in January, while the median price for bank-owned sales increased by 8.40 percent.

*The year-over-year median price for single-family homes increased by 5.38 percent, and the year-over-year median price for condos decreased 3.72 percent.

Sales

*Orlando home sales (all home types and all sales types combined) in January 2015 were up 9.79 percent when compared to January of 2014 and down 26.01 percent compared to December 2014.

*Single-family sales increased 13.96 percent, while condo sales increased by 2.55 percent year to year.

*Of the 2,074 sales in January, 1,249 normal sales accounted for 60.22 percent of all sales, while 712 bank-owned and 113 short sales respectively made up 34.33 percent and 5.45 percent.

*The number of normal sales in January increased by 6.66 percent compared to January 2014, while foreclosures increased 45.01 percent and short-sales decreased 50.22 percent.

*The 6,037 pendings in January of this year is a decrease of 6.55 percent compared to the 6,460 pendings in January of last year (and a 13.69 percent increase compared to the 5,310 pendings last month).

*Short sales made up 27.36 percent of pendings in January, a decline of 47.79 percent from January of last year. Normal properties accounted for 42.09 percent (an increase of 20.09 percent) of sales and bank-owned properties accounted for 30.54 percent (an increase of 56.27 percent).

*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in January were up by 6.38 percent when compared to January of 2014.

*Each individual county’s monthly sales comparisons are as follows:

• Lake: 5.33 percent below January 2014;
• Orange: 14.25 percent above January 2014;
• Osceola: 6.31 percent below January 2014; and
• Seminole: 8.41 percent above January 2014.

Inventory

*There are currently 11,631 homes available for purchase through the MLS. The January 2015 overall inventory level is 17.17 percent higher than it was in January 2014; inventory is up 0.63 percent compared to December 2014.

*The inventory of normal sales increased 27.39 percent compared to January 2014, while foreclosure inventory is up 13.69 percent and short sale inventory is down 27.47 percent.

*Year-to-year single-family home inventory is up 14.08 percent; condo inventory is up 26.37 percent.

*The current pace of sales translates into 5.61 months of inventory supply.

Other

*New contracts are down 4.18 percent compared to January of 2014. New listings are up 3.43 percent.

*The Orlando affordability index increased to 206.07 percent in December. First-time homebuyer affordability in January increased to 146.54 percent.

*Homes of all types spent an average of 82 days on the market (up from 79 days the month prior) before coming under contract in January 2015, and the average home sold for 96.41 percent of its listing price (down from 96.52 percent the month prior).

About the Author

bobbybaldor