Highlights from the Orlando Regional Realtor Association’s most recent Market Pulse.
*The median price of all existing homes combined sold in April 2015 — $175,000 — is a 7.69 percent increase from the $162,500 median price recorded in April 2014, and a 1.17 percent decrease compared to March 2015.
*The median price for “normal” existing homes sold in April is $198,000, an increase of 7.03 percent from the median price of “normal” existing homes in April 2014.
*The year-to-year median price for short sales increased by 2.96 percent in April, while the median price for bank-owned sales increased by 9.09 percent.
*The year-over-year median price for single-family homes increased by 8.99 percent, and the year-over-year median price for condos increased 2.60 percent.
*Orlando home sales (all home types and all sales types combined) in April 2015 were up 12.34 percent when compared to April of 2014 and down 3.22 percent compared to March 2015.
*Single-family sales increased 13.20 percent, while condo sales increased by 1.99 percent year to year.
*Of the 3,031 sales in April, 2,135 normal sales accounted for 70.44 percent of all sales, while 750 bank-owned and 146 short sales respectively made up 24.74 percent and 4.82 percent.
*The number of normal sales in April increased by 17.89 percent compared to April 2014, while foreclosures increased 17.00 percent and short-sales decreased 40.65 percent.
*The 6,975 pendings in April of this year is a decrease of 6.56 percent compared to the 7,465 pendings in April of last year (and a 3.90 percent increase compared to the 6,713 pendings last month).
*Short sales made up 22.90 percent of pendings in April, a decline of 46.91 percent from April of last year. Normal properties accounted for 53.00 percent (an increase of 26.44 percent) of sales and bank-owned properties accounted for 24.10 percent (an increase of 9.65 percent).
*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in April were up by 13.46 percent when compared to April of 2014. Year to date, sales are up 18.55 percent in the MSA.
Each individual county’s monthly sales comparisons are as follows:
•Lake: 13.41 percent above April 2014;
•Orange: 19.42 percent above April 2014;
•Osceola: 2.69 percent above April 2014; and
•Seminole: 9.10 percent above April 2014.
*There are currently 11,725 homes available for purchase through the MLS. The April 2015 overall inventory level is 10.12 percent higher than it was in April 2014; inventory is up 1.70 percent compared to March 2015.
*The inventory of normal sales increased 20.85 percent compared to April 2014, while foreclosure inventory is down 1.13 percent and short sale inventory is down 38.02 percent.
*Year-to-year single-family home inventory is up 6.22 percent; condo inventory is up 23.86 percent.
*The current pace of sales translates into 3.87 months of inventory supply.
*New contracts are down 8.35 percent compared to April of 2014. New listings are up 2.43 percent.
*The Orlando affordability index increased to 182.67 percent in April. First-time homebuyer affordability in April increased to 129.90 percent.
*Homes of all types spent an average of 79 days on the market (down from 80 days the month prior) before coming under contract in April 2015, and the average home sold for 94.99 percent of its listing price (down from 96.87 percent the month prior).