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Orlando Housing Market-November 2016

Orlando Housing Market-November 2016  Median Price

*The median price of all existing homes combined sold in November 2016 — $200,000 — is an 8.70 percent increase from the $184,000 median price recorded in November 2015, and is 2.44 percent below the October 2016 median price of $205,000.

*The median price for “normal” existing homes sold in November is $210,000, an increase of 5.00 percent from the median price of “normal” existing homes in November 2015.

*The year-over-year median price for bank-owned sales increased by 20.00 percent in November while the median price for short sales decreased by 9.38 percent.

*The year-over-year median price for single-family homes increased by 10.79 percent, and the year-over-year median price for condos increased 16.00 percent.

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Sales

*Orlando home sales (all home types and all sales types combined) in November 2016 were up 6.71 percent when compared to November of 2015 and down 8.15 percent compared to October 2016.

*Single-family sales increased 8.42 percent year over year, while condo sales increased by 0.36 percent.

*Of the 2,481 sales in November, 2,203 normal sales accounted for 88.79 percent of all sales, while 209 bank-owned and 69 short sales respectively made up 8.42 percent and 2.78 percent.

*The number of normal sales in November increased by 22.94 percent compared to November 2015, while foreclosures decreased 52.61 percent and short-sales decreased 25.00 percent.

*The 5,122 pendings in November of this year are a decrease of 1.18 percent compared to the 5,183 pendings in November of last year (and a 8.54 percent increase compared to the 4,719 pendings last month).

*Short sales made up 13.65 percent of pendings in November, a decline of 38.90 percent from November of last year. Normal properties accounted for 76.94 percent (an increase of 29.98 percent) of sales, and bank-owned properties accounted for 9.41 percent (a decrease of 52.14 percent).

*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in November (3,037) were up by 5.23 percent when compared to November of 2015 (2,886). To date, sales in the MSA are down 0.27 percent.

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

Lake: 18.89 percent above November 2015;
Orange: 2.88 percent below November 2015;
Osceola: 19.23 percent above November 2015; and
Seminole: 5.77 percent above November 2015.

Inventory

*There are currently 9,270 homes available for purchase through the MLS. The November 2017 overall inventory level is 17.96 percent lower than it was in November 2015. Note: When adjusted for the elimination of “Active With Contract” status homes from of the active listings category within the local multiple listing service — a process that began in November — the November 2016 inventory is 12.40 percent lower than in November 2015.

*Inventory is down 7.53 percent compared to October 2016.

*The inventory of normal sales decreased 8.85 percent compared to November 2015, while foreclosure inventory is down 70.47 percent and short sale inventory is down 51.69 percent.

*Year-over-year single-family home inventory is down 19.12 percent; condo inventory is down 14.44 percent.

*The current pace of sales (all home types and all home types) translates into 3.74 months of inventory supply.

Other

*New contracts are up 19.46 percent compared to November of 2015. New listings are down 5.61 percent.

*The Orlando affordability index decreased to 160.37 percent in November. First-time homebuyer affordability in November decreased to 114.04 percent.

*Homes of all types spent an average of 66 days on the market (up from 61 the month prior) before coming under contract in November 2016, and the average home sold for 96.92 percent of its listing price (up from 96.93 percent the month prior).

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