Orlando Market Pulse: April 2016

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Highlights from the Orlando Regional Realtor Association’s most recent Market Pulse.

OrlHousMrktSnap052016

 

Median Price

*The median price of all existing homes combined sold in April 2016 — $191,900 — is a 9.66 percent increase from the $175,000 median price recorded in April 2015, and a 1.59 percent decrease compared to March 2016.

*The median price for “normal” existing homes sold in April is $201,063, an increase of 1.55 percent from the median price of “normal” existing homes in April 2015.

*The year-over-year median price for short sales increased by 11.45 percent in April, while the median price for bank-owned sales increased by 11.66 percent.

*The year-over-year median price for single-family homes increased by 7.73 percent, and the year-over-year median price for condos increased 13.92 percent.

Sales

*Orlando home sales (all home types and all sales types combined) in April 2016 were up 1.67 percent when compared to April of 2015 and up 3.30 percent compared to March 2016.

*Single-family sales increased 1.68 percent year-over-year, while condo sales decreased by 0.81 percent.

*Of the 3,159 sales in April, 2,652 normal sales accounted for 83.95 percent of all sales, while 403 bank-owned and 104 short sales respectively made up 12.76 percent and 3.29 percent.

*The number of normal sales in April increased by 22.44 percent compared to April 2015, while foreclosures decreased 48.53 percent and short-sales decreased 34.18 percent.

*The 6,075 pendings in April of this year are a decrease of 12.90.69 percent compared to the 6,975 pendings in April of last year (and a 4.78 percent increase compared to the 5,798 pendings last month).

*Short sales made up 15.88 percent of pendings in April, a decline of 39.57 percent from April of last year. Normal properties accounted for 71.62 percent (an increase of 17.69 percent) of sales, and bank-owned properties accounted for 12.49 percent (a decrease of 54.85 percent).

*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in April (3,773) were down by 0.55 percent when compared to April of 2015 (3,794). To date, sales in the MSA are down 1.30 percent.

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

• Lake: 6.13 percent below April 2015;
• Orange: 0.92 percent below April 2015;
• Osceola: 5.52 percent above April 2015; and
• Seminole: 0.14 percent above April 2015.

Inventory

*There are currently 10,447 homes available for purchase through the MLS. The April 2016 overall inventory level is 10.90 percent lower than it was in April 2015; inventory is down 1.29 percent compared to March 2016.

*The inventory of normal sales increased 1.66 percent compared to April 2015, while foreclosure inventory is down 65.86 percent and short sale inventory is down 47.42 percent.

*Year-over-year single-family home inventory is down 9.30 percent; condo inventory is down 17.80 percent.

*The current pace of sales translates into 3.31 months of inventory supply.

Other

*New contracts are down 4.42 percent compared to April of 2015. New listings are down 1.29 percent.

*The Orlando affordability index increased to 169.87 percent in April. First-time homebuyer affordability in April increased to 120.80 percent.

*Homes of all types spent an average of 70 days on the market (equal to the month prior) before coming under contract in April 2016, and the average home sold for 97.10 percent of its listing price (down from 97.16) percent the month prior.

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