Orlando Housing Market Snap Shot-October 2016

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Median Price

*The median price of all existing homes combined sold in October 2016 — $205,000 — is a 13.95 percent increase from the $179,900 median price recorded in October 2015, and was unchanged from the September 2016 median price of $205,000.

*The median price for “normal” existing homes sold in October is $212,000, an increase of 8.30 percent from the median price of “normal” existing homes in October 2015.

Orlando Housing Market Snap Shot Nov 2016

Orlando Housing Market Snap Shot Nov 2016

*The year-over-year median price for bank-owned sales increased by 16.60 percent in October while the median price for short sales increased by 20.00 percent.

*The year-over-year median price for single-family homes increased by 14.13 percent, and the year-over-year median price for condos increased 9.08 percent.

Sales

*Orlando home sales (all home types and all sales types combined) in October 2016 were down 7.75 percent when compared to October of 2015 and down 14.66 percent compared to September 2016.

*Single-family sales decreased 6.38 percent year over year, while condo sales decreased by 14.03 percent.

*Of the 2,654 sales in October, 2,338 normal sales accounted for 88.09 percent of all sales, while 241 bank-owned and 75 short sales respectively made up 9.08 percent and 2.83 percent.

*The number of normal sales in October increased by 6.08 percent compared to October 2015, while foreclosures decreased 57.12 percent and short-sales decreased 32.43 percent.

*The 4,719 pendings in October of this year are a decrease of 10.64 percent compared to the 5,281 pendings in October of last year (and a 2.72 percent increase compared to the 4,594 pendings last month).

*Short sales made up 14.45 percent of pendings in October, a decline of 44.01 percent from October of last year. Normal properties accounted for 75.19 percent (an increase of 17.56 percent) of sales, and bank-owned properties accounted for 10.36 percent (a decrease of 53.21 percent).

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in October (3,150) were down by 8.27 percent when compared to October of 2015 (3,434). To date, sales in the MSA are down 0.86 percent.

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

• Lake: 2.49 percent below October 2015;
• Orange: 9.56 percent below October 2015;
• Osceola: 14.54 percent below October 2015; and
• Seminole: 4.07 percent below October 2015.

Inventory

*There are currently 10,025 homes available for purchase through the MLS. The October 2016 overall inventory level is 12.15 percent lower than it was in October 2015; inventory is down 3.25 percent compared to September 2016.

*The inventory of normal sales decreased 2.28 percent compared to October 2015, while foreclosure inventory is down 67.11 percent and short sale inventory is down 46.12 percent.

*Year-over-year single-family home inventory is down 12.67 percent; condo inventory is down 13.81 percent.

*The current pace of sales (all home types and all home types) translates into 3.78 months of inventory supply.

Other

*New contracts are down 11.98 percent compared to October of 2015. New listings are down 17.39 percent.

*The Orlando affordability index decreased to 161.08 percent in October. First-time homebuyer affordability in October decreased to 114.55 percent.

*Homes of all types spent an average of 61 days on the market (up from 60 the month prior) before coming under contract in October 2016, and the average home sold for 96.88 percent of its listing price (down from 97.08 percent the month prior).