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Orlando Market Pulse: February 2017

bobbybaldor Real Estate Leave a Comment

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

Price

*The median price of all existing homes combined sold in February 2017 — $205,000 — is a 10.8 percent increase from the $185,000 median price recorded in February 2016, and is 2.5 percent above the January 2017 median price of $199,900.

*The median price for “normal” existing homes sold in February is $212,000, an increase of 8.1 percent from the median price of “normal” existing homes in February 2016.

*The year-over-year median price for bank-owned sales increased by 17.8 percent in February while the median price for short sales decreased by 5.8 percent.

*The year-over-year median price for single-family homes increased by 12.0 percent, and the year-over-year median price for condos increased 20.9 percent.

*The overall average home price for February 2017 is $239,219 an increase of 9.9 percent over the average home price in February 2016.

Sales

*Orlando home sales (all home types and all sales types combined) in February 2017 were up 0.3 percent when compared to February of 2016 and up 9.5 percent compared to January 2017.

*Single-family sales decreased 0.9 percent year over year, while condo sales increased by 19.3 percent.

*Of the 2,423 sales in February, 2,190 normal sales accounted for 90.4 percent of all sales, while 182 bank-owned and 51 short sales respectively made up 7.5 percent and 2.1 percent.

*The number of normal sales in February increased by 17.2 percent compared to February 2016, while foreclosures decreased 59.7 percent and short-sales decreased 46.3 percent.

*The 5,849 pendings in February of this year are an increase of 7.8 percent compared to the 5,424 pendings in February of last year (and a 13.7 percent increase compared to the 5,145 pendings last month).

*Normal properties made up 81.1 percent of pendings in February, an increase of 36.8 percent. Short sales made up 12.4 percent of pendings (a decrease of 28.8 percent), and bank-owned properties accounted for 6.5 percent (a decrease of 59.5 percent).

*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in February are up by 0.7 percent when compared to February of 2016. Year to date, MSA sales are up 2.7 percent

Each individual county’s sales comparisons are as follows:

• Lake: 2.8 percent below February 2016;
• Orange: 0.7 percent above February 2016;
• Osceola: 10.5 percent above February 2016; and
• Seminole: 5.1 percent below February 2016.

Inventory

*There are currently 8,457 homes available for purchase through the MLS. The February 2017 overall inventory level is 20.9 percent lower than it was in February 2016. Note: When adjusted for the elimination of “Active With Contract” status homes from of the active listings category within the local multiple listing service, the February 2017 inventory is 12.3 percent lower than in February 2016.

*Inventory is down 1.1 percent compared to January 2017.

*The inventory of normal properties decreased 15.5 percent compared to February 2016, while foreclosure inventory is down 52.4 percent and short sale inventory is down 71.9 percent.

*Year-over-year single-family home inventory is down 21.1 percent; condo inventory is down 23.5 percent.

*The current pace of sales (all home types and all home types) translates into 3.49 months of inventory supply.

 
*New contracts are up 19.4 percent compared to February of 2016. New listings are down 2.3 percent.

*The Orlando affordability index decreased to 148.17 percent in February. First-time homebuyer affordability in February decreased to 105.36 percent.

*Homes of all types spent an average of 69 days on the market (up from 70 the month prior) before coming under contract in February 2017.

*The average home sold for 96.7 percent of its listing price (96.7 percent in February 2016).

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