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Orlando Housing Report-March 2016

Median Price

*The median price of all existing homes combined sold in March 2016 — $195,000 — is a 10.12 percent increase from the $177,075 median price recorded in March 2015, and a 5.41 percent increase compared to February 2016.

*The median price for “normal” existing homes sold in March is $203,970, a tiny decrease of 0.01 percent from the median price of “normal” existing homes in March 2015.

*The year-over-year median price for short sales increased by 15.38 percent in March, while the median price for bank-owned sales increased by 8.11 percent.

*The year-over-year median price for single-family homes increased by 9.74 percent, and the year-over-year median price for condos increased 16.56 percent.

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Sales

*Orlando home sales (all home types and all sales types combined) in March 2016 were down 3.51 percent when compared to March of 2015 and up 25.13 percent compared to February 2016.

*Single-family sales decreased 2.54 percent year-over-year, while condo sales decreased by 6.09 percent.

*Of the 3,022 sales in March, 2,522 normal sales accounted for 83.45 percent of all sales, while 401 bank-owned and 99 short sales respectively made up 13.27 percent and 3.28 percent.

*The number of normal sales in March increased by 18.79 percent compared to March 2015, while foreclosures decreased 53.70 percent and short-sales decreased 30.77 percent.

*The 5,798 pendings in March of this year are a decrease of 13.63 percent compared to the 6,713 pendings in March of last year (and a 6.90 percent increase compared to the 5,424 pendings last month).

*Short sales made up 17.35 percent of pendings in March, a decline of 38.62 percent from March of last year. Normal properties accounted for 67.56 percent (an increase of 15.89 percent) of sales, and bank-owned properties accounted for 15.09 percent (a decrease of 48.35 percent).

*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in March (3,675) were down by 4.30 percent when compared to March of 2015 (3,840). To date, sales within the MSA are 2.09 percent below this time in 2015.

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

  • Lake: 8.21 percent below March 2015;
  • Orange: 3.52 percent below March 2015;
  • Osceola: 6.56 percent below March 2015; and
  • Seminole: 0.97 percent below March 2015.

Inventory

*There are currently 10,583 homes available for purchase through the MLS. The March 2016 overall inventory level is 8.21 percent lower than it was in March 2015; inventory is down 1.06 percent compared to February 2016.

*The inventory of normal sales increased 4.80 percent compared to March 2015, while foreclosure inventory is down 62.22 percent and short sale inventory is down 40.92 percent.

*Year-over-year single-family home inventory is down 6.35 percent; condo inventory is down 16.31 percent.

*The current pace of sales translates into 3.50 months of inventory supply.

Other

*New contracts are down 6.50 percent compared to March of 2015. New listings are down 1.47 percent.

*The Orlando affordability index decreased to 165.41 percent in March. First-time homebuyer affordability in March decreased to 117.62 percent.

*Homes of all types spent an average of 70 days on the market (down from 82 days the month prior) before coming under contract in March 2016, and the average home sold for 97.14 percent of its listing price (up from 96.71) percent the month prior.

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