Highlights from the Orlando Regional Realtor Association’s most recent Market Pulse.
*The median price of all existing homes combined sold in September 2015 — $182,000 — is a 8.94 percent increase from the $167,063 median price recorded in September 2014, and a 0.55 percent increase compared to August 2015.
*The median price for “normal” existing homes sold in September is $204,000, an increase of 5.97 percent from the median price of “normal” existing homes in September 2014.
*The year-over-year median price for short sales decreased by 0.91 percent in September, while the median price for bank-owned sales increased by 4.35 percent.
*The year-over-year median price for single-family homes increased by 9.81 percent, and the year-over-year median price for condos increased 10.56 percent.
*Orlando home sales (all home types and all sales types combined) in September 2015 were up 3.14 percent when compared to September of 2014 and down 10.58 percent compared to August 2015.
*Single-family sales increased 3.29 percent, while condo sales decreased by 5.88 percent year-over-year.
*Of the 2,857 sales in September, 2,178 normal sales accounted for 76.23 percent of all sales, while 577 bank-owned and 102 short sales respectively made up 20.20 percent and 3.57 percent.
*The number of normal sales in September increased by 15.79 percent compared to September 2014, while foreclosures decreased 16.26 percent and short-sales decreased 49.00 percent.
*The 5,356 pendings in September of this year are a decrease of 15.19 percent compared to the 6,315 pendings in September of last year (and a 9.36 percent decrease compared to the 5,909 pendings last month).
*Short sales made up 22.76 percent of pendings in September, a decline of 42.15 percent from September of last year. Normal properties accounted for 57.17 percent (an increase of 12.74 percent) of sales, and bank-owned properties accounted for 20.07 percent (a decrease of 27.95 percent).
*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in September were up by 2.84 percent when compared to September of 2014. Year to date, sales are up 17.79 percent in the MSA.
Each individual county’s monthly sales comparisons are as follows:
• Lake: 11.71 percent above September 2014;
• Orange: 2.16 percent above September 2014;
• Osceola: 4.59 percent below September 2014; and
• Seminole: 4.17 percent above September 2014.
*There are currently 11,533 homes available for purchase through the MLS. The September 2015 overall inventory level is 6.36 percent lower than it was in September 2014; inventory is down 1.10 percent compared to August 2015.
*The inventory of normal sales increased 6.78 percent compared to September 2014, while foreclosure inventory is down 38.60 percent and short sale inventory is down 48.61 percent.
*Year-to-year single-family home inventory is down 7.89 percent; condo inventory is up 1.42 percent.
*The current pace of sales translates into 4.04 months of inventory supply.
*New contracts are down 10.39 percent compared to September of 2014. New listings are down 7.84 percent.
*The Orlando affordability index decreased to 170.75 percent in September. First-time homebuyer affordability in September decreased to 121.42 percent.
*Homes of all types spent an average of 67 days on the market (down from 69 days the month prior) before coming under contract in September 2015, and the average home sold for 96.44 percent of its listing price (up from 97.04 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.