Orlando’s housing market is riding its traditional summertime wave of home sales — fueled in part by both low interest rates and more inventory — and posted positive numbers for the month of May. Sales of existing homes increased 10 percent while the median price also increased 10 percent when compared to May of 2014, reports the Orlando Regional REALTOR® Association.

The overall median price (all sales types and all home types combined) for the month of May 2015 is $181,900, a 10.24 percent increase compared to the $165,000 median price in May 2014. The year-to-year median price comparison has increased for 46 consecutive months and is now 57.49 percent higher than the $115,500 recorded in July 2011.

Orlando’s median home price increased compared to last month as well; the May 2015 median price is 3.94 percent higher than the April 2015 median price of $175,000.

In addition to the overall median price increase, each individual sale type and home type all experienced a year-to-year median price increase in May. Foreclosures led the way with an 18.62 percent jump, while the median price of short sales increased 5.97 percent and normal sales increased 2.59 percent.

The median price of single-family homes increased 11.11 percent when compared to May of last year, and the median price of condos increased 7.94 percent.

Completed Sales

Members of ORRA participated in the sale of 2,951 homes (all home types and all sale types combined) that closed in May 2015, an increase of 9.99 percent compared to May 2014 and a decrease of 5.02 percent compared to April 2015.

According to ORRA President Sharon Voss, Watson Realty Corp, buyers are enjoying the boost in available properties that traditionally takes place during the spring/summer homebuying season, plus some.

“The number of homes now on the market is up 8 percent over this time last year,” points out Voss. “In addition, there are considerably more non-distressed homes available. These easier-to-close homes now make up 80 percent of our total inventory.”

Traditional sales in Orlando increased by 22.28 percent when compared to May 2014. Closings of short sales decreased by 53.78 percent while closings of foreclosures increased 1.50 percent.OrlHousMrktSnap062015

Single-family home sales increased 11.79 percent in May 2015 compared to May 2014, while condo sales decreased 7.41 percent.

Homes of all types spent an average of 72 days on the market before coming under contract in May 2015, and the average home sold for 96.84 percent of its listing price. In May 2014 those numbers were 73 days and 96.40 percent, respectively.

The average interest rate paid by Orlando homebuyers in May increased to 3.92 percent, from the April 2015 rate of 3.69. This month last year, homebuyers paid an average interest rate of 4.16.

Pending Sales

Pending sales – those under contract and awaiting closing – are currently at 7,016. The number of pending sales in May 2015 is 5.28 percent lower than it was in May 2014 (7,407) and 0.59 percent higher than it was in April 2015 (6,975).

Normal properties made up 54.65 percent of pending sales in May 2015. Short sales accounted for 22.11 percent of pendings, while bank-owned properties accounted for 23.25 percent.

Inventory

The number of existing homes (all types combined) that were available for purchase in May is 8.16 percent above that of May 2014 and now rests at 11,798. Inventory increased in number by 73 properties over last month.

The inventory of single-family homes is up by up by 5.29 percent when compared to May of 2014, while condo inventory is up by 16.15 percent. The inventory of duplexes, townhomes, and villas is up by 21.19 percent.

Current inventory combined with the current pace of sales created a 4.00-month supply of homes in Orlando for May. There was a 4.07-month supply in May 2014 and a 3.77-month supply last month.

Affordability

The May affordability index is 170.94 percent, a decrease from April’s index of 182.67. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)

Buyers who earn the reported median income of $56,468 can qualify to purchase one of 5,523 homes in Orange and Seminole counties currently listed in the local multiple listing service for $310,939 or less.

First-time homebuyer affordability in May decreased to 121.56 percent from last month’s 129.90 percent. First-time buyers who earn the reported median income of $38,398 can qualify to purchase one of the 3,001 homes in Orange and Seminole counties currently listed in the local multiple listing service for $187,945 or less.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando area were down 7.41 percent in May, with 325 sales recorded in May 2015 compared to 351 in May 2014.

Orlando homebuyers purchased 294 duplexes, town homes, and villas in May 2015, which is 19.51 percent more than in May 2014.

MSA Numbers

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.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy.

Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received. Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

Orlando’s housing market continues to see across-the-board increases in median prices, with each sales type and each home type recording positive year-to-year comparisons in May.

The overall median price for the month of May is $165,000, a 13.68 percent increase over the May 2013 median price of $145,148. (In addition, the May overall median price is 1.54 percent above that of the $162,500 posted last month.) In fact, Orlando’s overall median price has recorded year-to-year gains for 35 consecutive months and has risen 42.86 percent since July 2011.
OrlHousMrktSnap062014
Short sales experienced the greatest jump in median price increase in May, coming in at 13.56 percent higher than May 2013. The median for foreclosure sales increased 10.00 percent, while that for “normal” sales increased 9.00 percent.

The median price of single-family homes increased 9.62 percent when compared to May of last year, and the median price of condos increased 4.44 percent.

Completed Sales

Members of ORRA participated in the sales of 2,651 homes (all home types and all sale types combined) that closed in May 2014, a decrease of 11.16 percent compared to May 2013 and a decrease of 1.74 percent compared to April 2014.

Orlando Regional REALTOR® Association Chairman Zola Szerences, RE/MAX 200 Realty, attributes the decrease in sales partly to a decline in investors due Orlando’s rising home values, and also partly to the increase of available foreclosures.

“While foreclosures are adding a much needed injection of inventory, they are also slowing completed sales,” says Szerencses. “Much like short sales, foreclosure transactions take longer to process than normal transactions. As the proportion of foreclosures rises in the pending sales category (it’s up 41 percent in May), year-to-year closing comparisons will drop as a side effect.”

Closing of foreclosures in Orlando increased by 15.49 percent in when compared to May 2013. “Normal” home sales in Orlando decreased by 0.34 percent when compared to May 2013 and now make up 66.01 percent of the sales pie. Closings of short sales decreased by 62.88 percent.

Single-family home sales decreased 8.31 percent in May 2014 compared to May 2013, while condo sales decreased 24.01 percent. Compared to last month, single-family home sales decreased 1.99 percent and condo sales decreased 1.71 percent.

Homes of all types spent an average of 73 days on the market before coming under contract in May 2014, and the average home sold for 96.21 percent of its listing price. In May 2013 those numbers were 69 days and 96.77 percent, respectively.

The average interest rate paid by Orlando homebuyers in May decreased to 4.16 percent. Last month, homebuyers paid an average interest rate of 4.39 percent; this month last year, homebuyers paid an average interest rate of 3.64 percent.

Pending Sales

Pending sales – those under contract and awaiting closing – are currently at 7,407. The number of pending sales in May 2014 is 14.18 percent lower than it was in May 2013 (8,631), and 0.78 percent lower than it was in April 2014 (7,465).

Short sales made up 39.25 percent of pending sales in May 2014. Normal properties accounted for 39.27 percent of pendings, while bank-owned properties accounted for 21.48 percent.

Inventory

The number of existing homes (all sales types and all home types combined) that were available for purchase in May is 50.00 percent above that of May 2013 and now rests at 10,908. Inventory increased in number by 261 properties over last month.

The inventory of single-family homes is up by up by 53.27 percent when compared to May of 2013, while condo inventory is up by 38.56 percent. The inventory of duplexes, townhomes, and villas is up by 42.57 percent.

Current inventory combined with the current pace of sales created a 4.11-month supply of homes in Orlando for May. There was a 2.44-month supply in May 2013 and a 3.95-month supply last month.

Affordability

The May affordability index is 180.86 percent, an increase from April’s index of 178.51. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)

Buyers who earn the reported median income of $55,784 can qualify to purchase one of 7,581 homes in Orange and Seminole counties currently listed in the local multiple listing service for $298,419 or less.

First-time homebuyer affordability in May increased to 128.61 percent from last month’s 126.94 percent. First-time buyers who earn the reported median income of $37,933 can qualify to purchase one of the 4.534 homes in Orange and Seminole counties currently listed in the local multiple listing service for $180,378 or less.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando area were down 24.01 percent in May, with 345 sales recorded in May 2014 compared to 454 in May 2013.

Orlando homebuyers purchased 242 duplexes, town homes, and villas in May 2014, which is a 13.26 percent decrease compared to the 279 purchased in May 2013.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in May were down by 9.55 percent when compared to May of 2013. Throughout the MSA, 3,269 homes were sold in May 2014 compared with 3,614 in May 2013. To date, MSA sales are down 7.69 percent.

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

  • Lake: 2.23 percent below May 2013;
  • Orange: 14.21 percent below May 2013;
  • Osceola: 8.01 percent below May 2013; and
  • Seminole: 4.79 percent below May 2013.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

Sales of Orlando homes increased by almost 6 percent in June, which marks the first positive year-over-year sales comparison in eight months. In addition, sales increased by nearly 5 percent when compared to last month.
OrlHousMrktSnap072014
ORRA Chairman Zola Szerencses, RE/MAX 200 Realty, attributes the bump in sales to more homes being available for purchase. “We’ve had double-digit increases in inventory for months, and the additional supply is accelerating sales,” says Szerencses. “Would-be buyers who were blocked by competition last year are finding more to choose from.”

Orlando’s housing market also charted positive for overall median price in June. The overall median price for the month is $165,100, a 9.88 percent increase over June 2013 and a 0.06 percent increase over last month.

Orlando’s overall median price has now recorded year-to-year gains for 36 consecutive months and has risen 42.94 percent since July 2011.

Short sales experienced the greatest jump in median price increase in June, coming in at 16.36 percent higher than June 2013. The median for foreclosure sales decreased 0.47 percent, while that for “normal” sales increased 4.87 percent.

The median price of single-family homes increased 7.06 percent when compared to June of last year, and the median price of condos increased 5.13 percent.

Completed Sales

Members of ORRA participated in the sales of 2,817 homes (all home types and all sale types combined) that closed in June 2014, an increase of 5.94 percent compared to June 2013 and an increase of 4.99 percent compared to May 2014.

Closing of foreclosures in Orlando increased by 54.66 percent in when compared to June 2013. “Normal” home sales in Orlando increased by 11.31 percent when compared to June 2013 and made up 65.67 percent of the sales pie. Closings of short sales decreased by 57.20 percent.

Single-family home sales increased 7.91 percent in June 2014 compared to June 2013, while condo sales decreased 6.91 percent. Compared to last month, single-family home sales increased 5.90 percent and condo sales decreased 0.28 percent.

Homes of all types spent an average of 71 days on the market before coming under contract in June 2014, and the average home sold for 96.98 percent of its listing price. In June 2013 those numbers were 68 days and 97.18 percent, respectively.

The average interest rate paid by Orlando homebuyers increased a hundredth of a percent to 4.17 percent. Last month, homebuyers paid an average interest rate of 4.16 percent; this month last year, homebuyers paid an average interest rate of 4.25 percent.

Pending Sales

Pending sales – those under contract and awaiting closing – are currently at 7,135. The number of pending sales in June 2014 is 15.47 percent lower than it was in June 2013 (8,441), and 3.67 percent lower than it was in May 2014 (7,407).

Short sales made up 37.74 percent of pending sales in June 2014. Normal properties accounted for 40.98 percent of pendings, while bank-owned properties accounted for 21.28 percent.

Inventory

The number of existing homes (all sales types and all home types combined) that were available for purchase in June is 51.23 percent above that of June 2013 and now rests at 11,518. Inventory increased in number by 610 properties over last month.

The inventory of single-family homes is up by up by 55.69 percent when compared to June of 2013, while condo inventory is up by 36.46 percent. The inventory of duplexes, townhomes, and villas is up by 39.30 percent.

Current inventory combined with the current pace of sales created a 4.09-month supply of homes in Orlando for June. There was a 2.86-month supply in June 2013 and a 4.07-month supply last month.

Affordability

The June affordability index is 180.85 percent, a very small decrease from May’s index of 180.86. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)

Buyers who earn the reported median income of $55,841 can qualify to purchase one of 5,810 homes in Orange and Seminole counties currently listed in the local multiple listing service for $298,581 or less.

First-time homebuyer affordability in June decreased a teeny fraction to 128.60 percent from last month’s 128.61 percent. First-time buyers who earn the reported median income of $37,972 can qualify to purchase one of the 3,373 homes in Orange and Seminole counties currently listed in the local multiple listing service for $180,476 or less.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando area were down 6.91 percent in June, with 350 sales recorded in June 2014 compared to 376 in June 2013.

Orlando homebuyers purchased 258 duplexes, town homes, and villas in June 2014, which is a 9.32 percent increase compared to the 236 purchased in June 2013.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in June were up by 1.38 percent when compared to June of 2013. Throughout the MSA, 3,242 homes were sold in June 2014 compared with 3,198 in June 2013. To date, MSA sales are down 5.57 percent.

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

-Lake: 4.14 percent above June 2013;
-Orange: 5.06 percent below June 2013;
-Osceola: 14.16 percent above June 2013; and
-Seminole: 6.47 percent above June 2013.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

Fewer homes are selling for higher prices, reveals the latest housing market activity report from the Orlando Regional REALTOR® Association. The data shows that home sales in July dropped more than 17 percent from that recorded in July 2013, while prices rose nearly 9 percent in the same year-over-year comparison.
OrlHousMrktSnap082014
The overall median price for the month is $171,000, an 8.92 percent increase over July 2013 and a 1.49 percent increase over last month.

Orlando’s overall median price has now recorded year-to-year gains for 37 consecutive months and has risen 48 percent since July 2011.

Foreclosures experienced the greatest jump in median price increase in July, coming in at 10.40 percent higher than in July 2013. The median for “normal” sales increased 8.11 percent, while that for short sales increased 6.53 percent.

The median price of single-family homes increased 11.47 percent when compared to July of last year, and the median price of condos increased 1.69 percent.

Completed Sales

Members of ORRA participated in the sales of 2,431 homes (all home types and all sale types combined) that closed in July 2014, a decrease of 17.82 percent compared to July 2013 and a decrease of 14.22 percent compared to June 2014.

According to ORRA Chairman Zola Szerencses, the biggest percentages of decline took place among cash sales and among homes in the lowest price categories, which are indicators of investor activity. “All-cash transactions have dropped 32 percent while sales of homes priced below $100,000 have dropped 30 percent,” explains Szerencses. “As Orlando’s values rise, investors are looking elsewhere for a better return on their investments.”

Closing of foreclosures in Orlando increased by 14.29 percent in when compared to July 2013. “Normal” home sales in Orlando decreased by 14.34 percent when compared to July 2013 and made up 67.34 percent of the sales pie. Closings of short sales decreased by 61.81 percent.

Single-family home sales decreased 16.39 percent in July 2014 compared to July 2013, while condo sales decreased 19.45 percent. Compared to last month, single-family home sales decreased 12.50 percent and condo sales decreased 17.42 percent.

Homes of all types spent an average of 73 days on the market before coming under contract in July 2014, and the average home sold for 96.61 percent of its listing price. In July 2013 those numbers were 63 days and 96.89 percent, respectively.

The average interest rate paid by Orlando homebuyers in July – 4.17 percent – remained the same from June. In July of last year, homebuyers paid an average interest rate of 4.51 percent.

Pending Sales

Pending sales – those under contract and awaiting closing – are currently at 6,768. The number of pending sales in July 2014 is 15.29 percent lower than it was in July 2013 (7,990), and 5.14 percent lower than it was in June 2014 (7,135).

Short sales made up 35.45 percent of pending sales in July 2014. Normal properties accounted for 42.45 percent of pendings, while bank-owned properties accounted for 22.10 percent.

Inventory

The number of existing homes (all sales types and all home types combined) that were available for purchase in July is 49.31 percent above that of July 2013 and now rests at 12,093. Inventory increased in number by 575 properties over last month.

The inventory of single-family homes is up by up by 52.34 percent when compared to July of 2013, while condo inventory is up by 37.40 percent. The inventory of duplexes, townhomes, and villas is up by 43.57 percent.

Current inventory combined with the current pace of sales created a 4.97-month supply of homes in Orlando for July. There was a 2.74-month supply in July 2013 and a 4.06-month supply last month.

Affordability

The July affordability index is 174.75 percent, a decrease from June’s index of 177.22. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)

Buyers who earn the reported median income of $55,898 can qualify to purchase one of 6,048 homes in Orange and Seminole counties currently listed in the local multiple listing service for $298,814 or less.

First-time homebuyer affordability in July decreased to 124.26 percent from last month’s 126.02 percent. First-time buyers who earn the reported median income of $38,011 can qualify to purchase one of the 3,479 homes in Orange and Seminole counties currently listed in the local multiple listing service for $180,617 or less.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando area were down 19.45 percent in July, with 294 sales recorded in July 2014 compared to 365 in July 2013.

Orlando homebuyers purchased 198 duplexes, town homes, and villas in July 2014, which is a 27.94 percent decrease compared to the 274 purchased in July 2013.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in July were down by 7.02 percent when compared to July of 2013. Throughout the MSA, 3,286 homes were sold in July 2014 compared with 3,534 in July 2013. To date, MSA sales are down 4.92 percent.

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

• Lake: 9.94 percent below July 2013;
• Orange: 7.42 percent below July 2013;
• Osceola: 9.59 percent below July 2013; and
• Seminole: 1.61 percent below July 2013.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.
ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received. Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

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Fewer homes are selling for higher prices, reveals the latest housing market activity report from the Orlando Regional REALTOR® Association. The data shows that home sales in July dropped more than 17 percent from that recorded in July 2013, while prices rose nearly 9 percent in the same year-over-year comparison.

The overall median price for the month is $171,000, an 8.92 percent increase over July 2013 and a 1.49 percent increase over last month.

Orlando’s overall median price has now recorded year-to-year gains for 37 consecutive months and has risen 48 percent since July 2011.

Foreclosures experienced the greatest jump in median price increase in July, coming in at 10.40 percent higher than in July 2013. The median for “normal” sales increased 8.11 percent, while that for short sales increased 6.53 percent.

The median price of single-family homes increased 11.47 percent when compared to July of last year, and the median price of condos increased 1.69 percent.

Completed Sales

Members of ORRA participated in the sales of 2,431 homes (all home types and all sale types combined) that closed in July 2014, a decrease of 17.82 percent compared to July 2013 and a decrease of 14.22 percent compared to June 2014.

According to ORRA Chairman Zola Szerencses, the biggest percentages of decline took place among cash sales and among homes in the lowest price categories, which are indicators of investor activity. “All-cash transactions have dropped 32 percent while sales of homes priced below $100,000 have dropped 30 percent,” explains Szerencses. “As Orlando’s values rise, investors are looking elsewhere for a better return on their investments.”

Closing of foreclosures in Orlando increased by 14.29 percent in when compared to July 2013. “Normal” home sales in Orlando decreased by 14.34 percent when compared to July 2013 and made up 67.34 percent of the sales pie. Closings of short sales decreased by 61.81 percent.

Single-family home sales decreased 16.39 percent in July 2014 compared to July 2013, while condo sales decreased 19.45 percent. Compared to last month, single-family home sales decreased 12.50 percent and condo sales decreased 17.42 percent.

Homes of all types spent an average of 73 days on the market before coming under contract in July 2014, and the average home sold for 96.61 percent of its listing price. In July 2013 those numbers were 63 days and 96.89 percent, respectively.

The average interest rate paid by Orlando homebuyers in July – 4.17 percent – remained the same from June. In July of last year, homebuyers paid an average interest rate of 4.51 percent.

Pending Sales

Pending sales – those under contract and awaiting closing – are currently at 6,768. The number of pending sales in July 2014 is 15.29 percent lower than it was in July 2013 (7,990), and 5.14 percent lower than it was in June 2014 (7,135).

Short sales made up 35.45 percent of pending sales in July 2014. Normal properties accounted for 42.45 percent of pendings, while bank-owned properties accounted for 22.10 percent.

Inventory

The number of existing homes (all sales types and all home types combined) that were available for purchase in July is 49.31 percent above that of July 2013 and now rests at 12,093. Inventory increased in number by 575 properties over last month.

The inventory of single-family homes is up by up by 52.34 percent when compared to July of 2013, while condo inventory is up by 37.40 percent. The inventory of duplexes, townhomes, and villas is up by 43.57 percent.

Current inventory combined with the current pace of sales created a 4.97-month supply of homes in Orlando for July. There was a 2.74-month supply in July 2013 and a 4.06-month supply last month.

Affordability

The July affordability index is 174.75 percent, a decrease from June’s index of 177.22. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)

Buyers who earn the reported median income of $55,898 can qualify to purchase one of 6,048 homes in Orange and Seminole counties currently listed in the local multiple listing service for $298,814 or less.

First-time homebuyer affordability in July decreased to 124.26 percent from last month’s 126.02 percent. First-time buyers who earn the reported median income of $38,011 can qualify to purchase one of the 3,479 homes in Orange and Seminole counties currently listed in the local multiple listing service for $180,617 or less.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando area were down 19.45 percent in July, with 294 sales recorded in July 2014 compared to 365 in July 2013.

Orlando homebuyers purchased 198 duplexes, town homes, and villas in July 2014, which is a 27.94 percent decrease compared to the 274 purchased in July 2013.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in July were down by 7.02 percent when compared to July of 2013. Throughout the MSA, 3,286 homes were sold in July 2014 compared with 3,534 in July 2013. To date, MSA sales are down 4.92 percent.

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

Lake: 9.94 percent below July 2013;
Orange: 7.42 percent below July 2013;
Osceola: 9.59 percent below July 2013; and
Seminole: 1.61 percent below July 2013.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

Orlando’s housing market took its traditional month-to-month springtime sales hop in March, with 17.28 percent more closings taking place in March than in February. “Normal” transactions led the way with a month-to-month increase of nearly 24 percent.

Buyer demand is continuing to also drive increases in the area’s median price. The overall median price (all sales types and all home types combined) for the month of March is $160,000, a 1.27 percent increase over the February 2014 median price of $158,000.

In addition, the March median price is a 14.29 percent increase compared to the $140,000 median price in March 2013.

Orlando’s overall median price (all sales types and all home types combined) has recorded year-to-year gains for 32 consecutive months and has risen 38.53 percent since July 2011.

Each individual sales type and home type saw a median price increase in March. “Normal” sales experienced a year-to-year 11.37 percent jump, while the median price of short sales increased 4.59 percent and foreclosures increased 9.46 percent.

The median price of single-family homes increased 16.13 percent when compared to March of last year, and the median price of condos increased 12.83 percent.

 

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Completed Sales

Members of ORRA participated in the sales of 2,342 homes (all home types and all sale types combined) that closed in March 2014, a decrease of 13.58 percent compared to March 2013 and an increase of 17.28 percent compared to February 2014.

“Normal” home sales increased by 3.69 percent when compared to March 2013 and now make up 68.45 percent of the sales pie. Closings of short sales decreased by 68.37 percent while closings of foreclosures decreased 3.99 percent.

Orlando Regional REALTOR® Association Chairman Zola Szerences, RE/MAX 200 Realty, says the percentage of foreclosure closings is expected to rise in the near future due to a tremendous injection of foreclosures into inventory over the past few months. “For example, in March the number of foreclosures available for purchase was 125 percent more than in March 2013,” explains Szerencses. “For buyers who have struggled to find a suitable home within Orlando’s tight inventory and who have been worn down by competition and bidding wars, foreclosures represent a new avenue of opportunity.”

Single-family home sales decreased 11.56 percent in March 2014 compared to March 2013, while condo sales decreased 28.01 percent. Compared to last month, single-family home sales increased 18.75 percent and condo sales increased 6.51 percent.

Homes of all types spent an average of 76 days on the market before coming under contract in March 2014, and the average home sold for 96.50 percent of its listing price. In March 2013 those numbers were 79 days and 96.03 percent, respectively.

The average interest rate paid by Orlando homebuyers in March increased to 4.43 percent. Last month, homebuyers paid an average interest rate of 4.37 percent; this month last year, homebuyers paid an average interest rate of 3.65 percent.

Pending Sales

Pending sales – those under contract and awaiting closing – are currently at 7,530. The number of pending sales in March 2014 is 14.42 percent lower than it was in March 2013 (8,799), but 6.28 percent higher than it was in February 2014 (7,085).

Short sales made up 42.46 percent of pending sales in March 2014. Normal properties accounted for 37.94 percent of pendings, while bank-owned properties accounted for 19.60 percent.

Inventory

The number of existing homes (all sales types and all home types combined) that were available for purchase in March is 49.10 percent above that of March 2013 and now rests at 10,343. Inventory increased in number by 159 properties over last month.

The inventory of single-family homes is up by up by 50.00 percent when compared to March of 2013, while condo inventory is up by 44.03 percent. The inventory of duplexes, townhomes, and villas is up by 50.70 percent.

Current inventory combined with the current pace of sales created a 4.42-month supply of homes in Orlando for March. There was a 2.56-month supply in March 2013 and a 5.10-month supply last month.

Affordability

The March affordability index is 180.26 percent, a decrease from February’s index of 183.65. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)

Buyers who earn the reported median income of $55,670 can qualify to purchase one of 5,180 homes in Orange and Seminole counties currently listed in the local multiple listing service for $288,418 or less.

First-time homebuyer affordability in March decreased to 128.19 percent from last month’s 130.60 percent. First-time buyers who earn the reported median income of $37,856 can qualify to purchase one of the 3,079 homes in Orange and Seminole counties currently listed in the local multiple listing service for $174,332 or less.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando area were down 28.01 percent in March, with 311 sales recorded in March 2014 compared to 432 in March 2013.

Orlando homebuyers purchased 226 duplexes, town homes, and villas in March 2014, which is a 4.64 percent decrease compared to the 237 purchased in March 2013.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in March were down by 12.19 percent when compared to March of 2013. Throughout the MSA, 2,897 homes were sold in March 2014 compared with 3,299 in March 2013. To date, MSA sales are down 10.18 percent.

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

  • Lake: 2.13 percent above March 2013;
  • Orange: 17.92 percent below March 2013;
  • Osceola: 15.47 percent below March 2013; and
  • Seminole: 5.82 percent below March 2013.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

 

ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

 

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.http://youtu.be/faIJlZpfwnU

Rising prices continue amid long-awaited inventory increases

Orlando’s buyers who were stymied in their quest to purchase a home by last year’s anemic inventory conditions will find lots more to choose from this year: Inventory increased by 42 percent in February, just in time for the start of the spring selling season.

But despite tremendous gains in inventory over the last months, demand has continued to fuel the ongoing rise in Orlando’s median price. The overall median price (all sales types and all home types combined) for the month of February is $158,000, an 18.80 percent increase compared to the $133,000 median price in February 2013.

“As prices continue to rise, non-distressed homeowners are entering the market and giving inventory a much-needed boost,” says Orlando Regional REALTOR® Association Chairman Zola Szerencses, RE/MAX 200 Realty. “Even so, inventory still remains tight. Desirable homes are selling very fast and often receiving multiple offers.”

Orlando’s overall median price (all sales types and all home types combined) has recorded year-to-year gains for 31 consecutive months and has risen 36.80 percent since July 2011.

In addition to the year-to-year gain, the February median price is 5.69 percent higher than the January 2014 median price of $149,500.

Each individual sales type and home type saw a median price increase in February. “Normal” sales experienced a 12.23 percent jump, while the median price of short sales increased 18.30 percent and foreclosures increased 0.67 percent.

The median price of single-family homes increased 17.69 percent when compared to February of last year, and the median price of condos increased 16.40 percent.

Completed Sales

Members of ORRA participated in the sales of 1,917 homes (all home types and all sale types combined) that closed in February 2014, a decrease of 17.26 percent compared to February 2013. However, it is an increase of 1.48 percent compared to January 2014.

Szerencses explains that the pace of home sales has slowed as some would-be buyers — especially first-time buyers — face the challenge of higher prices, higher mortgage rates, and tight credit.

“Normal” home sales increased by 0.72 percent when compared to February 2013. Closings of short sales decreased by 63.53 percent while closings of foreclosures decreased 15.29 percent.

In February, short sales and foreclosures made up 34.27 percent of the entire sales pie, while normal sales made up 65.73 percent. Last year in February, those percentages were 46.01 percent and 53.99 percent, respectively.

Single-family home sales decreased 16.71 percent in February 2014 compared to February 2013, while condo sales decreased 18.40 percent. Compared to last month, single-family home sales increased 2.81 percent and condo sales increased 0.36 percent.

Homes of all types spent an average of 76 days on the market before coming under contract in February 2014, and the average home sold for 96.63 percent of its listing price. In February 2013 those numbers were 84 days and 96.22 percent, respectively.

The average interest rate paid by Orlando homebuyers in February decreased to 4.37 percent. Last month, homebuyers paid an average interest rate of 4.47 percent; this month last year, homebuyers paid an average interest rate of 3.21 percent.

Pending Sales

Pending sales – those under contract and awaiting closing – are currently at 7,085. The number of pending sales in February 2014 is 19.72 percent lower than it was in February 2013 (8,825), but 9.67 percent higher than it was in January 2014 (6,460).

Short sales made up 45.42 percent of pending sales in February 2014. Normal properties accounted for 35.67 percent of pendings, while bank-owned properties accounted for 18.91 percent.

Inventory

The number of existing homes (all sales types and all home types combined) that were available for purchase in February is 41.78 percent above that of February 2013 and now rests at 10,184. Inventory increased in number by 257 properties over last month.

The inventory of single-family homes is up by up by 44.01 percent when compared to February of 2013, while condo inventory is up by 34.29 percent. The inventory of duplexes, townhomes, and villas is up by 35.39 percent.

Current inventory combined with the current pace of sales created a 5.31-month supply of homes in Orlando for February. There was a 3.10-month supply in February 2013 and a 5.26-month supply last month.

Affordability

The February affordability index is 183.65 percent, a decrease from January’s index of 191.09. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)

Buyers who earn the reported median income of $55,613 can qualify to purchase one of 5,117 homes in Orange and Seminole counties currently listed in the local multiple listing service for $290,169 or less.

First-time homebuyer affordability in February decreased to 130.60 percent from last month’s 135.89 percent. First-time buyers who earn the reported median income of $37,817 can qualify to purchase one of the 3,107 homes in Orange and Seminole counties currently listed in the local multiple listing service for $175,391 or less.

Condos and Town Homes/Duplexes/Villas

 The sales of condos in the Orlando area were down 18.40 percent in February, with 275 sales recorded in February 2014 compared to 337 in February 2013.

Orlando homebuyers purchased 177 duplexes, town homes, and villas in February 2014, which is a 19.91 percent decrease over the 221 purchased in February 2013.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in February were down by 16.63 percent when compared to February of 2013. Throughout the MSA, 2,337 homes were sold in February 2014 compared with 2,803 in February 2013. Today, MSA sales are down 10.88 percent.

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

  •  Lake: 6.20 percent above February 2013;
  • Orange: 21.26 percent below February 2013;
  • Osceola: 16.56 percent below February 2013; and
  • Seminole: 21.04 percent below February 2013.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

 

ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

 

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

Rising prices continue amid long-awaited inventory increases; inventory jumps 42 percent

Orlando’s buyers who were stymied in their quest to purchase a home by last year’s anemic inventory conditions will find lots more to choose from this year: Inventory increased by 42 percent in February, just in time for the start of the spring selling season.

But despite tremendous gains in inventory over the last months, demand has continued to fuel the ongoing rise in Orlando’s median price. The overall median price (all sales types and all home types combined) for the month of February is $158,000, an 18.80 percent increase compared to the $133,000 median price in February 2013.

“As prices continue to rise, non-distressed homeowners are entering the market and giving inventory a much-needed boost,” says Orlando Regional REALTOR® Association Chairman Zola Szerencses, RE/MAX 200 Realty. “Even so, inventory still remains tight. Desirable homes are selling very fast and often receiving multiple offers.”

Orlando’s overall median price (all sales types and all home types combined) has recorded year-to-year gains for 31 consecutive months and has risen 36.80 percent since July 2011.

In addition to the year-to-year gain, the February median price is 5.69 percent higher than the January 2014 median price of $149,500.

Each individual sales type and home type saw a median price increase in February. “Normal” sales experienced a 12.23 percent jump, while the median price of short sales increased 18.30 percent and foreclosures increased 0.67 percent.

The median price of single-family homes increased 17.69 percent when compared to February of last year, and the median price of condos increased 16.40 percent.

Completed Sales

Members of ORRA participated in the sales of 1,917 homes (all home types and all sale types combined) that closed in February 2014, a decrease of 17.26 percent compared to February 2013. However, it is an increase of 1.48 percent compared to January 2014.

Szerencses explains that the pace of home sales has slowed as some would-be buyers — especially first-time buyers — face the challenge of higher prices, higher mortgage rates, and tight credit.

“Normal” home sales increased by 0.72 percent when compared to February 2013. Closings of short sales decreased by 63.53 percent while closings of foreclosures decreased 15.29 percent.

In February, short sales and foreclosures made up 34.27 percent of the entire sales pie, while normal sales made up 65.73 percent. Last year in February, those percentages were 46.01 percent and 53.99 percent, respectively.

Single-family home sales decreased 16.71 percent in February 2014 compared to February 2013, while condo sales decreased 18.40 percent. Compared to last month, single-family home sales increased 2.81 percent and condo sales increased 0.36 percent.

Homes of all types spent an average of 76 days on the market before coming under contract in February 2014, and the average home sold for 96.63 percent of its listing price. In February 2013 those numbers were 84 days and 96.22 percent, respectively.

The average interest rate paid by Orlando homebuyers in February decreased to 4.37 percent. Last month, homebuyers paid an average interest rate of 4.47 percent; this month last year, homebuyers paid an average interest rate of 3.21 percent.

Pending Sales

Pending sales – those under contract and awaiting closing – are currently at 7,085. The number of pending sales in February 2014 is 19.72 percent lower than it was in February 2013 (8,825), but 9.67 percent higher than it was in January 2014 (6,460).

Short sales made up 45.42 percent of pending sales in February 2014. Normal properties accounted for 35.67 percent of pendings, while bank-owned properties accounted for 18.91 percent.

Inventory

The number of existing homes (all sales types and all home types combined) that were available for purchase in February is 41.78 percent above that of February 2013 and now rests at 10,184. Inventory increased in number by 257 properties over last month.

The inventory of single-family homes is up by up by 44.01 percent when compared to February of 2013, while condo inventory is up by 34.29 percent. The inventory of duplexes, townhomes, and villas is up by 35.39 percent.

Current inventory combined with the current pace of sales created a 5.31-month supply of homes in Orlando for February. There was a 3.10-month supply in February 2013 and a 5.26-month supply last month.

Affordability

The February affordability index is 183.65 percent, a decrease from January’s index of 191.09. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)

Buyers who earn the reported median income of $55,613 can qualify to purchase one of 5,117 homes in Orange and Seminole counties currently listed in the local multiple listing service for $290,169 or less.

First-time homebuyer affordability in February decreased to 130.60 percent from last month’s 135.89 percent. First-time buyers who earn the reported median income of $37,817 can qualify to purchase one of the 3,107 homes in Orange and Seminole counties currently listed in the local multiple listing service for $175,391 or less.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando area were down 18.40 percent in February, with 275 sales recorded in February 2014 compared to 337 in February 2013.

Orlando homebuyers purchased 177 duplexes, town homes, and villas in February 2014, which is a 19.91 percent decrease over the 221 purchased in February 2013.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in February were down by 16.63 percent when compared to February of 2013. Throughout the MSA, 2,337 homes were sold in February 2014 compared with 2,803 in February 2013. Today, MSA sales are down 10.88 percent.

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

  •  Lake: 6.20 percent above February 2013;
  •  Orange: 21.26 percent below February 2013;
  •  Osceola: 16.56 percent below February 2013; and
  •  Seminole: 21.04 percent below February 2013.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

 

Orlando’s annual median home price continued its upward climb with yet another double-digit year-to-year increase in January, a trend that has continued for 14 consecutive months. Read more