Highlights from the Orlando Regional Realtor Association’s most recent Market Pulse.
*The median price of all existing homes combined sold in October 2015 — $180,000 — is a 12.50 percent increase from the $160,000 median price recorded in October 2014, and a 1.37 percent decrease compared to September 2015.
*The median price for “normal” existing homes sold in October is $196,000, an increase of 5.95 percent from the median price of “normal” existing homes in October 2014.
*The year-over-year median price for short sales decreased by 4.14 percent in October, while the median price for bank-owned sales increased by 7.79 percent.
*The year-over-year median price for single-family homes increased by 11.43 percent, and the year-over-year median price for condos increased 20.67 percent.
*Orlando home sales (all home types and all sales types combined) in October 2015 were down 3.05 percent when compared to October of 2014 and down 7.07 percent compared to September 2015.
*Single-family sales increased 0.14 percent, while condo sales decreased by 20.35 percent year-over-year.
*Of the 2,800 sales in October, 2,151 normal sales accounted for 76.82 percent of all sales, while 546 bank-owned and 103 short sales respectively made up 19.50 percent and 3.68 percent.
*The number of normal sales in October increased by 10.71 percent compared to October 2014, while foreclosures decreased 30.71 percent and short-sales decreased 34.39 percent.
*The 5,284 pendings in October of this year are a decrease of 17.23 percent compared to the 6,384 pendings in October of last year (and a 1.25 percent decrease compared to the 5,351 pendings last month).
*Short sales made up 23.07 percent of pendings in October, a decline of 39.98 percent from October of last year. Normal properties accounted for 57.13 percent (an increase of 15.54 percent) of sales, and bank-owned properties accounted for 19.80 percent (a decrease of 39.89 percent).
*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in October were down by 5.57 percent when compared to October of 2014. Year to date, sales are up 15.77 percent in the MSA.
Each individual county’s monthly sales comparisons are as follows:
• Lake: 3.44 percent above October 2014;
• Orange: 6.65 percent below October 2014;
• Osceola: 6.84 percent below October 2014; and
• Seminole: 8.27 percent below October 2014.
*There are currently 11,411 homes available for purchase through the MLS. The October 2015 overall inventory level is 8.76 percent lower than it was in October 2014; inventory is down 1.06 percent compared to September 2015.
*The inventory of normal sales increased 3.45 percent compared to October 2014, while foreclosure inventory is down 39.53 percent and short sale inventory is down 45.84 percent.
*Year-over-year single-family home inventory is down 9.60 percent; condo inventory is down 6.61 percent.
*The current pace of sales translates into 4.08 months of inventory supply.
*New contracts are down 2.46 percent compared to October of 2014. New listings are down 4.78 percent.
*The Orlando affordability index increased to 174.95 percent in October. First-time homebuyer affordability in October increased to 121.41 percent.
*Homes of all types spent an average of 71 days on the market (down from 67 days the month prior) before coming under contract in October 2015, and the average home sold for 96.70 percent of its listing price (down from 96.96 percent the month prior).
Florida Market Overview
*Sales, existing single-family: 13.40 percent increase compared to September 2014.
*Sales, existing condo: 8.40 percent increase compared to September 2014.
*Median price, existing single-family: 11.10 percent increase compared to September 2014.
*Median price, existing condo: 5.10 percent increase compared to September 2014.