Orlando Market Pulse – July 2015

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

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Median Price

*The median price of all existing homes combined sold in July 2015 — $183,875 — is a 7.56 percent increase from the $170,950 median price recorded in July 2014, and a 2.15 percent increase compared to June 2015.

*The median price for “normal” existing homes sold in July is $202,500, an increase of 1.25 percent from the median price of “normal” existing homes in July 2014.

*The year-to-year median price for short sales decreased by 22.55 percent in July, while the median price for bank-owned sales increased by 13.30 percent.

*The year-over-year median price for single-family homes increased by 5.26 percent, and the year-over-year median price for condos increased 10.31 percent.

Sales

*Orlando home sales (all home types and all sales types combined) in July 2015 were up 33.28 percent when compared to July of 2014 and down 5.97 percent compared to June 2015.

*Single-family sales increased 33.73 percent, while condo sales increased by 20.26 percent year to year.

*Of the 3,388 sales in July, 2,557 normal sales accounted for 75.47 percent of all sales, while 701 bank-owned and 130 short sales respectively made up 20.69 percent and 3.84 percent.

*The number of normal sales in July increased by 51.48 percent compared to July 2014, while foreclosures increased 10.22 percent and short-sales decreased 40.37 percent.

*The 6,260 pendings in July of this year is a decrease of 7.51 percent compared to the 6,768 pendings in July of last year (and a 9.29 percent decrease compared to the 6,901 pendings last month).

*Short sales made up 21.37 percent of pendings in July, a decline of 44.23 percent from July of last year. Normal properties accounted for 56.29 percent (an increase of 22.66 percent) of sales, and bank-owned properties accounted for 22.33 percent (a decrease of 6.55 percent).

*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in July were up by 16.16 percent when compared to July of 2014. Year to date, sales are up 19.26 percent in the MSA.

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

Lake: 24.26 percent above July 2014;
• Orange: 11.39 percent above July 2014;
Osceola: 14.72 percent above July 2014; and
Seminole: 23.11 percent above July 2014.

Inventory

*There are currently 11,819 homes available for purchase through the MLS. The July 2015 overall inventory level is 2.27 percent lower than it was in July 2014; inventory is down 1.98 percent compared to June 2015.

*The inventory of normal sales increased 9.90 percent compared to July 2014, while foreclosure inventory is down 28.83 percent and short sale inventory is down 44.04 percent.

*Year-to-year single-family home inventory is down 4.41 percent; condo inventory is up 3.37 percent.

*The current pace of sales translates into 3.49 months of inventory supply.

Other

*New contracts are up 8.23 percent compared to July of 2014. New listings are up 0.87 percent.

*The Orlando affordability index decreased to 168.26 percent in July. First-time homebuyer affordability in July decreased to 119.65 percent.

*Homes of all types spent an average of 69 days on the market (up from 67 days the month prior) before coming under contract in July 2015, and the average home sold for 96.92 percent of its listing price (down from 96.99 percent the month prior).

Florida Market Overview

*Sales, existing single-family: 19.60 percent decrease compared to July 2014.

*Sales, existing condo: 14.60 percent decrease compared to July 2014.

*Median price, existing single-family: 10.00 percent increase compared to July 2014.

*Median price, existing condo: 7.90 percent increase compared to July 2014.

National Market Overview

*Sales, existing single-family: 13.60 percent increase compared to July 2014.

*Sales, existing condo: 10.70 percent increase compared to July 2014.

*Median price, existing single-family: 6.60 percent increase compared to July 2014.

*Median price, existing condo: 5.50 percent increase compared to July 2014.

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