Highlights from the Orlando Regional Realtor Association’s most recent Market Pulse.
*The median price of all existing homes combined sold in May 2015 — $181,900 — is a 10.24 percent increase from the $165,000 median price recorded in May 2014, and a 3.94 percent increase compared to April 2015.
*The median price for “normal” existing homes sold in May is $200,000, an increase of 2.59 percent from the median price of “normal” existing homes in May 2014.
*The year-to-year median price for short sales increased by 5.97 percent in May, while the median price for bank-owned sales increased by 18.62 percent.
*The year-over-year median price for single-family homes increased by 11.11 percent, and the year-over-year median price for condos increased 7.94 percent.
*Orlando home sales (all home types and all sales types combined) in May 2015 were up 9.99 percent when compared to May of 2014 and down 5.02 percent compared to April 2015.
*Single-family sales increased 11.79 percent, while condo sales decreased by 7.41 percent year to year.
*Of the 2,951 sales in May, 2,157 normal sales accounted for 73.09 percent of all sales, while 678 bank-owned and 116 short sales respectively made up 22.98 percent and 3.93 percent.
*The number of normal sales in May increased by 22.28 percent compared to May 2014, while foreclosures increased 1.50 percent and short-sales decreased 53.78 percent.
*The 7016 pendings in May of this year is a decrease of 5.28 percent compared to the 7,407 pendings in May of last year (and a 0.59 percent increase compared to the 6,975 pendings last month).
*Short sales made up 22.11 percent of pendings in May, a decline of 46.65 percent from May of last year. Normal properties accounted for 54.65 percent (an increase of 31.80 percent) of sales, and bank-owned properties accounted for 23.25 percent (an increase of 2.51 percent).
*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in May were up by 8.06 percent when compared to May of 2014. Year to date, sales are up 16.86 percent in the MSA.
Each individual county’s monthly sales comparisons are as follows:
• Lake: 0.34 percent above May 2014;
• Orange: 11.42 percent above May 2014;
• Osceola: 7.69 percent above May 2014; and
• Seminole: 7.02 percent above May 2014.
*There are currently 11,798 homes available for purchase through the MLS. The May 2015 overall inventory level is 8.16 percent higher than it was in May 2014; inventory is up 0.62 percent compared to April 2015.
*The inventory of normal sales increased 18.31 percent compared to May 2014, while foreclosure inventory is down 6.52 percent and short sale inventory is down 36.43 percent.
*Year-to-year single-family home inventory is up 5.29 percent; condo inventory is up 16.15 percent.
*The current pace of sales translates into 4.00 months of inventory supply.
*New contracts are down 2.38 percent compared to May of 2014. New listings are down 5.58 percent.
*The Orlando affordability index decreased to 170.94 percent in May. First-time homebuyer affordability in May increased to 170.94 percent.
*Homes of all types spent an average of 73 days on the market (down from 79 days the month prior) before coming under contract in May 2015, and the average home sold for 96.84 percent of its listing price (down from 95.05 percent the month prior).