Orlando Market Pulse – March 2015

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

Chart042015

Median Price

*The median price of all existing homes combined sold in March 2015 — $177,500 — is a 10.94 percent increase from the $160,000 median price recorded in March 2014, and a 7.64 percent increase compared to February 2015.

*The median price for “normal” existing homes sold in March is $203,000, an increase of 6.28 percent from the median price of “normal” existing homes in March 2014.

*The year-to-year median price for short sales increased by 7.77 percent in March, while the median price for bank-owned sales increased by 18.58 percent.

*The year-over-year median price for single-family homes increased by 8.33 percent, and the year-over-year median price for condos increased 1.88 percent.

Sales

*Orlando home sales (all home types and all sales types combined) in March 2015 were up 25.95 percent when compared to March of 2014 and up 24.83 percent compared to February 2015.

*Single-family sales increased 29.94 percent, while condo sales increased by 8.59 percent year to year.

*Of the 3,067 sales in March, 2,099 normal sales accounted for 68.44 percent of all sales, while 835 bank-owned and 133 short sales respectively made up 27.23 percent and 4.34 percent.

*The number of normal sales in March increased by 27.14 percent compared to March 2014, while foreclosures increased 42.74 percent and short-sales decreased 33.17 percent.

*The 6,715 pendings in March of this year is a decrease of 10.82 percent compared to the 7,530 pendings in March of last year (and a 0.70 percent increase compared to the 6,668 pendings last month).

*Short sales made up 24.42 percent of pendings in March, a decline of 48.70 percent from March of last year. Normal properties accounted for 50.35 percent (an increase of 18.34 percent) of sales and bank-owned properties accounted for 25.23 percent (an increase of 14.77 percent).

*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in March were up by 24.25 percent when compared to March of 2014.

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

• Lake: 15.10 percent above March 2014;
• Orange: 24.49 percent above March 2014;
• Osceola: 24.42 percent above March 2014; and
• Seminole: 19.93 percent above March 2014.

Inventory

*There are currently 11,529 homes available for purchase through the MLS. The March 2015 overall inventory level is 11.47 percent higher than it was in March 2014; inventory is up 0.73 percent compared to February 2015.

*The inventory of normal sales increased 22.37 percent compared to March 2014, while foreclosure inventory is down 1.21 percent and short sale inventory is down 33.08 percent.

*Year-to-year single-family home inventory is up 7.28 percent; condo inventory is up 23.92 percent.

*The current pace of sales translates into 3.76 months of inventory supply.

Other

*New contracts are down 11.34 percent compared to March of 2014. New listings are up 0.27 percent.

*The Orlando affordability index decreased to 177.87 percent in March. First-time homebuyer affordability in March decreased to 126.49 percent.

*Homes of all types spent an average of 79 days on the market (down from 88 days the month prior) before coming under contract in March 2015, and the average home sold for 96.83 percent of its listing price (up from 96.32 percent the month prior).

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