Orlando-January 2016 Housing Market

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January 2016 Housing Market
Released February 15, 2016

Median Price

*The median price of all existing homes combined sold in January 2016 — $176,500 — is a 13.87 percent increase from the $155,000 median price recorded in January 2015, and a 4.59 percent decrease compared to December 2015.

*The median price for “normal” existing homes sold in January is $198,000, an increase of 7.03 percent from the median price of “normal” existing homes in January 2015.

*The year-over-year median price for short sales decreased by 2.94 percent in January, while the median price for bank-owned sales increased by 4.19 percent.

*The year-over-year median price for single-family homes increased by 12.73 percent, and the year-over-year median price for condos increased 11.71 percent.
Orlando Housing Market Snapshot February 2016
Sales

*Orlando home sales (all home types and all sales types combined) in January 2016 were down 17.69 percent when compared to January of 2015 and down 33.88 percent compared to December 2015.

*Single-family sales decreased 15.07 percent, while condo sales decreased by 32.26 percent year-over-year.

*Of the 1,745 sales in January, 1,306 normal sales accounted for 74.84 percent of all sales, while 356 bank-owned and 83 short sales respectively made up 20.40 percent and 4.76 percent.

*The number of normal sales in January increased by 2.67 percent compared to January 2015, while foreclosures decreased 51.23 percent and short-sales decreased 29.66 percent.

*The 4,932 pendings in January of this year are a decrease of 18.23 percent compared to the 6,034 pendings in January of last year (and a 10.29 percent increase compared to the 4,472 pendings last month).

*Short sales made up 20.84 percent of pendings in January, a decline of 37.73 percent from January of last year. Normal properties accounted for 59.89 percent (an increase of 16.34 percent) of sales, and bank-owned properties accounted for 19.27 percent (a decrease of 48.40 percent).

*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in January (2,537) were down by 0.24 percent when compared to January of 2015 (2,543).

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

•    Lake: 9.57 percent above January 2015;
•    Orange: 6.02 percent below January 2015;
•    Osceola: 5.26 percent above January 2015; and
•    Seminole: 3.58 percent above January 2015.

Inventory

*There are currently 10,777 homes available for purchase through the MLS. The January 2016 overall inventory level is 7.34 percent lower than it was in January 2015; inventory is up 1.34 percent compared to December 2015.

*The inventory of normal sales increased 5.72 percent compared to January 2015, while foreclosure inventory is down 50.42 percent and short sale inventory is down 43.53 percent.

*Year-over-year single-family home inventory is down 6.71 percent; condo inventory is down 10.81 percent.

*The current pace of sales translates into 6.18 months of inventory supply.

Other

*New contracts are down 14.19 percent compared to January of 2015. New listings are down 6.20 percent.

*The Orlando affordability index increased to 177.36 percent in January. First-time homebuyer affordability in January increased to 126.12 percent.

*Homes of all types spent an average of 78 days on the market (up from 72 days the month prior) before coming under contract in January 2016, and the average home sold for 96.69 percent of its listing price (down from 96.92) percent the month prior).