Orlando Housing Market Snapshot – August 2016

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Median Price

*The median price of all existing homes combined sold in July 2016 — $205,383 — is a 12.04 percent increase from the $183,310 median price recorded in July 2015, and a 0.78 percent decrease compared to June 2016.

*The median price for “normal” existing homes sold in July is $217,000, an increase of 6.90 percent from the median price of “normal” existing homes in July 2015.

Orlando Housing Market Snapshot August 2016

Orlando Housing Market Snapshot August 2016

*The year-over-year median price for bank-owned sales increased by 4.92 percent in July while the median price for short sales decreased by 3.20 percent.

*The year-over-year median price for single-family homes increased by 14.50 percent, and the year-over-year median price for condos increased 9.20 percent.

Sales

*Orlando home sales (all home types and all sales types combined) in July 2016 were down 6.28 percent when compared to July of 2015 and down 6.02 percent compared to June 2016.

*Single-family sales decreased 6.83 percent year over year, while condo sales decreased by 7.65 percent.

*Of the 3,342 sales in July, 2,969 normal sales accounted for 88.84 percent of all sales, while 273 bank-owned and 100 short sales respectively made up 8.17 percent and 2.99 percent.

*The number of normal sales in July increased by 10.45 percent compared to July 2015, while foreclosures decreased 62.91 percent and short-sales decreased 29.58 percent.

*The 5,178 pendings in July of this year are a decrease of 17.20 percent compared to the 6,254 pendings in July of last year (and a 6.06 percent decrease compared to the 5,512 pendings last month).

*Short sales made up 15.30 percent of pendings in July, a decline of 40.72 percent from July of last year. Normal properties accounted for 72.44 percent (an increase of 6.50 percent) of sales, and bank-owned properties accounted for 12.26 percent (a decrease of 54.51 percent).

*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in July (3,975) were down by 6.58 percent when compared to July of 2015 (4,255). To date, sales in the MSA are down 1.15 percent.

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

• Lake: 8.40 percent below July 2015;
• Orange: 5.53 percent below July 2015;
• Osceola: 7.03 percent below July 2015; and
• Seminole: 7.31 percent below July 2015.

Inventory

*There are currently 10,648 homes available for purchase through the MLS. The July 2016 overall inventory level is 9.91 percent lower than it was in July 2015; inventory is up 0.18 percent compared to June 2016.

*The inventory of normal sales increased 1.01 percent compared to July 2015, while foreclosure inventory is down 66.79 percent and short sale inventory is down 47.83 percent.

*Year-over-year single-family home inventory is down 8.66 percent; condo inventory is down 15.16 percent.

*The current pace of sales translates into 3.19 months of inventory supply.

Other

*New contracts are down 14.68 percent compared to July of 2015. New listings are down 7.83 percent.

*The Orlando affordability index increased to 162.77 percent in July. First-time homebuyer affordability in July increased to 115.75 percent.

*Homes of all types spent an average of 60 days on the market (down from 62 the month prior) before coming under contract in July 2016, and the average home sold for 97.28 percent of its listing price (up from 96.93) percent the month prior.