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Orlando home sales increase 12 percent; median price up 8 percent

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Wed, May 27, 2015 at 8:05AM

 

Orlando’s housing market posted positive numbers for the month of April, with the sales of existing homes showing a 12 percent rise and the median price showing an 8 percent rise when compared to April of 2014, reports the Orlando Regional REALTOR® Association.

The overall median price (all sales types and all home types combined) for the month of April 2015 is $175,000, a 7.69 percent increase compared to the $162,500 median price in April 2014. The year-to-year median price comparison has increased for 45 consecutive months and is now 51.52 percent higher than the $115,500 recorded in July 2011.

Orlando’s median home price decreased a bit compared to last month; the April 2015 median price is 1.17 percent lower than the March 2015 median price of $177,075.

In addition to the overall median price increase, each individual sale type and home type all experienced a year-to-year median price increase in April. Foreclosures led the way with an 9.09 percent jump, while the median price of normal sales increased 7.03 percent and short sales increased 2.96 percent.

The median price of single-family homes increased 8.99 percent when compared to April of last year, and the median price of condos increased 2.60 percent.

Completed Sales

Members of ORRA participated in the sale of 3,031 homes (all home types and all sale types combined) that closed in April 2015, an increase of 12.34 percent compared to April 2014 and a decrease of 3.22 percent compared to March 2015.

According to ORRA President Sharon Voss, Watson Realty Corp, buyer demand for homes drove Orlando’s inventory of available houses to a 3.87-month supply in April, well below the six month tally that economists consider an indicator of a balanced market. “Desirable homes that show well and are priced appropriately are seeing multiple offers,” says Voss. “Buyers with a REALTOR® to prep them for purchase and to craft stand-out offers vastly improve their chances of getting a house.”

Traditional sales in Orlando increased by 17.89 percent when compared to April 2014. Closings of short sales decreased by 40.65 percent while closings of foreclosures increased 17.00 percent.

Single-family home sales increased 13.20 percent in April 2015 compared to April 2014, while condo sales increased 1.99 percent.

Homes of all types spent an average of 79 days on the market before coming under contract in April 2015, and the average home sold for 94.99 percent of its listing price. In April 2014 those numbers were 77 days and 96.30 percent, respectively.

The average interest rate paid by Orlando homebuyers in April decreased to 3.69 percent. This month last year, homebuyers paid an average interest rate of 4.39.

Pending Sales

Pending sales – those under contract and awaiting closing – are currently at 6,975. The number of pending sales in April 2015 is 6.56 percent lower than it was in April 2014 (7,465) and 3.90 percent higher than it was in March 2015 (6,713).

Normal properties made up 53.00 percent of pending sales in April 2015. Short sales accounted for 22.90 percent of pendings, while bank-owned properties accounted for 24.10 percent.

Inventory

The number of existing homes (all types combined) that were available for purchase in April is 10.12 percent above that of April 2014 and now rests at 11,725. Inventory increased in number by 196 properties over last month.

The inventory of single-family homes is up by up by 6.22 percent when compared to April of 2014, while condo inventory is up by 23.86 percent. The inventory of duplexes, townhomes, and villas is up by 22.48 percent.

Current inventory combined with the current pace of sales created a 3.87-month supply of homes in Orlando for April. There was a 3.95-month supply in April 2014 and a 3.68-month supply last month.

Affordability

The April affordability index is 182.67 percent, an increase from March’s index of 178.30. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)

Buyers who earn the reported median income of $56,411 can qualify to purchase one of 5,620 homes in Orange and Seminole counties currently listed in the local multiple listing service for $319,670 or less.

First-time homebuyer affordability in April increased to 129.90 percent from last month’s 126.79 percent. First-time buyers who earn the reported median income of $38,359 can qualify to purchase one of the 3,236 homes in Orange and Seminole counties currently listed in the local multiple listing service for $193,223 or less.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando area were up 1.99 percent in April, with 358 sales recorded in April 2015 compared to 351 in April 2014.

Orlando homebuyers purchased 289 duplexes, town homes, and villas in April 2015, which is 19.92 percent more than in April 2014.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in April were up by 13.46 percent when compared to April of 2014. Year to date, sales are up 18.55 percent in the MSA.

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

•Lake: 13.41 percent above April 2014;
•Orange
: 19.42 percent above April 2014;
•Osceola
: 2.69 percent above April 2014; and
•Seminole
: 9.10 percent above April 2014.


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