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Orlando median price increases 18 percent; sales experience traditional January dip

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Mon, Mar 17, 2014 at 8:45AM

 

Orlando’s annual median home price continued its upward climb with yet another double-digit year-to-year increase in January, a trend that has continued for 14 consecutive months.

The overall median price (all sales types and all home types combined) for the month of January is $149,950, an 18.07 percent increase compared to the $127,000 median price in January 2013. But the January median price is 6.28 percent lower than the December 2013 median price of $160,000, a month-to-month seasonal decline that occurs regularly.

Orlando’s overall median price (all sales types and all home types combined) recorded year-to-year gains for 30 consecutive months and has risen 30 percent since July 2011.

In addition to the overall median price increase, each individual sales type and home type all experienced a year-to-year median price increase in January. "Normal” sales experienced a 10.81 percent jump, while the median price of short sales increased 11.11 percent and foreclosures increased 11.92 percent.\

The median price of single-family homes increased 16.43 percent when compared to January of last year, and the median price of condos increased 11.59 percent.

Completed Sales

Members of ORRA participated in the sales of 1,800 homes (all home types and all sale types combined) that closed in January 2014, a decrease of 10.67 percent compared to January 2013. It’s also a decrease of 26.32 percent compared to December 2013, another regularly occurring decline.

According to Orlando Regional REALTOR® Association Chairman Zola Szerencses, RE/MAX 200 Realty, the traditional December-to-January sales decline is due in part to an annual rush in December to close prior to the end of the year. "The homestead tax exemption is a primary financial benefit of homeownership,” explains Szerencses. "Owners have to be in possession of their new home before January 1 of the New Year in order to claim the exemption on the coming year’s taxes.”

In addition, the rise in interest rates over the previous year has exacerbated both the month-to-month decline and the year-to-year decline reported for January, believes Szerencses. This time last year buyers were racing to secure record-low rates.

"Normal” home sales increased by 13.05 percent when compared to January 2013. Closings of short sales decreased by 56.13 percent while closings of foreclosures decreased 13.94 percent.

In January, short sales and foreclosures made up 37.44 percent of the entire sales pie, while normal sales made up 62.56 percent. Last year in January, those percentages were 50.57 percent and 49.43 percent, respectively.

Single-family home sales decreased 11.38 percent in January 2014 compared to January 2013, while condo sales decreased 13.91 percent.

Homes of all types spent an average of 72 days on the market before coming under contract in January 2014, and the average home sold for 96.35 percent of its listing price. In January 2013 those numbers were 80 days and 96.04 percent, respectively.

The average interest rate paid by Orlando homebuyers in January decreased to 4.47 percent. Last month, homebuyers paid an average interest rate of 4.57 percent; this month last year, homebuyers paid an average interest rate of 3.44 percent.

Pending Sales

Pending sales – those under contract and awaiting closing – are currently at 6,460. The number of pending sales in January 2014 is 23.39 percent lower than it was in January 2013 (8,432) and 7.20 percent higher than it was in December 2013 (6,026).

Short sales made up 48.98 percent of pending sales in January 2014. Normal properties accounted for 32.76 percent of pendings, while bank-owned properties accounted for 18.27 percent.

Inventory

The number of existing homes (all sales types and all home types combined) that were available for purchase in January is 35.32 percent above that of January 2013 and now rests at 9,927. Inventory increased in number by 506 properties over last month.

The inventory of single-family homes is up by up by 38.32 percent when compared to January of 2013, while condo inventory is up by 19.32 percent. The inventory of duplexes, townhomes, and villas is up by 40.77 percent.

Current inventory combined with the current pace of sales created a 5.52-month supply of homes in Orlando for January. There was a 3.64-month supply in January 2013 and a 3.86-month supply last month. 

Affordability

The January affordability index is 191.09 percent, an increase from December’s index of 176.72. (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 $55,556 can qualify to purchase one of 4,884 homes in Orange and Seminole counties currently listed in the local multiple listing service for $286,544 or less.

First-time homebuyer affordability in January increased to 135.89 percent from last month’s 125.67 percent. First-time buyers who earn the reported median income of $37,778 can qualify to purchase one of the 2,957 homes in Orange and Seminole counties currently listed in the local multiple listing service for $173,200 or less.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando area were down 13.91 percent in January, with 260 sales recorded in January 2014 compared to 302 in January 2013.

Orlando homebuyers purchased 185 duplexes, town homes, and villas in January 2014, which is a 0.54 percent increase over the 184 purchased in January 2013.

 

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in January were down by 8.53 percent when compared to January of 2013. Throughout the MSA, 2,230 homes were sold in January 2014 compared with 2,438 in January 2013.

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

  • Lake: 0.52 percent below January 2013;
  • Orange: 10.31 percent below January 2013;
  • Osceola: 11.56 percent below January 2013; and
  • Seminole: 7.85 percent below January 2013.

 

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.


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