Chart102016

Orlando Market Pulse: September 2016

bobbybaldor Real Estate Leave a Comment

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

 

Median Price

*The median price of all existing homes combined sold in September 2016 — $205,000 — is a 12.33 percent increase from the $182,500 median price recorded in September 2015, and was unchanged from the August 2016 median price of $205,000.

*The median price for “normal” existing homes sold in September is $215,000, an increase of 5.39 percent from the median price of “normal” existing homes in September 2015.

*The year-over-year median price for bank-owned sales increased by 4.85 percent in September while the median price for short sales increased by 15.56 percent.

*The year-over-year median price for single-family homes increased by 12.50 percent, and the year-over-year median price for condos increased 6.57 percent.

Sales

*Orlando home sales (all home types and all sales types combined) in September 2016 were up 2.59 percent when compared to September of 2015 and down 10.43 percent compared to August 2016.

*Single-family sales increased 1.43 percent year over year, while condo sales increased by 6.51 percent.

*Of the 3,091 sales in September, 2,766 normal sales accounted for 89.49 percent of all sales, while 240 bank-owned and 85 short sales respectively made up 7.76 percent and 2.75 percent.

*The number of normal sales in September increased by 20.52 percent compared to September 2015, while foreclosures decreased 60.33 percent and short-sales decreased 24.78 percent.

*The 4,594 pendings in September of this year are a decrease of 14.15 percent compared to the 5,351 pendings in September of last year (and a 7.29 percent decrease compared to the 4,955 pendings last month).

*Short sales made up 15.59 percent of pendings in September, a decline of 41.22 percent from September of last year. Normal properties accounted for 73.38 percent (an increase of 10.16 percent) of sales, and bank-owned properties accounted for 11.04 percent (a decrease of 52.75 percent).

*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in September (3,706) were up by 1.17 percent when compared to September of 2015 (3,663). To date, sales in the MSA are down 0.17 percent.

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

• Lake: 2.92 percent above September 2015;
• Orange: 1.11 percent above September 2015;
• Osceola: 4.66 percent below September 2015; and
• Seminole: 4.73 percent above September 2015.

Inventory

*There are currently 10,362 homes available for purchase through the MLS. The September 2016 overall inventory level is 10.15 percent lower than it was in September 2015; inventory is down 1.36 percent compared to August 2016.

*The inventory of normal sales increased 0.07 percent compared to September 2015, while foreclosure inventory is down 65.66 percent and short sale inventory is down 46.08 percent.

*Year-over-year single-family home inventory is down 9.16 percent; condo inventory is down 18.75 percent.

*The current pace of sales (all home types and all home types) translates into 3.35 months of inventory supply.

Other

*New contracts are down 8.79 percent compared to September of 2015. New listings are down 0.19 percent.

*The Orlando affordability index decreased to 161.74 percent in September. First-time homebuyer affordability in September decreased to 115.02 percent.

*Homes of all types spent an average of 60 days on the market (up from 56 the month prior) before coming under contract in September 2016, and the average home sold for 97.06 percent of its listing price down from 97.31) percent the month prior

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