Orlando Housing Market Update – June 2014

Orlando Median Home Price

  • The median price of all existing homes combined sold in May 2014 — $165,000 — is a 13.68 percent increase from the $145,148 median price recorded in May 2013.
  • The median price for “normal” existing homes sold in May is $194,700, an increase of 9.00 percent from the median price of “normal” existing homes in May 2013.
  • The year-to-year median price for short sales increased by 13.56 percent in May, while the median price for bank-owned sales increased by 10.00 percent.
  • The year-over-year median price for single-family homes increased by 9.62 percent, and the year-over-year median price for condos increased 4.44 percent.

Orlando Home Sales

  • Orlando home sales (all home types and all sales types combined) in May 2014 were down 11.16 percent when compared to May of 2013 and down 1.74 percent when compared to April 2014.
  • Single-family home sales in the Orlando area decreased by 8.31 percent in May when compared to  May 2013 and decreased 1.99 percent compared to April 2014. Condo sales decreased by 24.01 percent year to year; townhomes and villa sales decreased by 13.26 percent.
  • Of the 2,651 sales in May, 1,750 normal sales accounted for 66.01 percent of all sales, while 656 bank-owned and 245 short sales respectively made up 24.75 percent and 9.24 percent.
  • The number of normal sales in May decreased by 0.34 percent compared to May 2013, while short-sales decreased 62.88 percent and foreclosures increased by 15.49 percent.
  • The 7,407 pendings in May of this year is a decrease of 14.18 percent compared to the 8,631 pendings in May of last year (and a 0.78 percent decrease compared to the 7,465 pendings last month).
  • Short sales made up 39.25 percent of pendings in May, a decline of 41.23 percent from May of last year. Normal properties accounted for 39.27 percent (an increase of 13.94 percent) and bank-owned properties accounted for 21.48 percent (an increase of 40.55 percent).
  • Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in May were down by 9.55 percent when compared to May of 2013. Throughout the MSA, 3,269 homes were sold in May 2014 compared with 3,614 in May 2013. To date, MSA sales are down 7.69 percent.

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

  • Lake: 2.23 percent below May 2013;
  • Orange: 14.21 percent below May 2013;
  • Osceola: 8.01 percent below May 2013; and
  • Seminole: 4.79 percent below May 2013.

Orlando Area Inventory

  • There are currently 10,908 homes available for purchase through the MLS. The May 2014 overall inventory level is 50.00 percent higher than it was in May 2013; inventory is up 2.45 percent compared to April 2014.
  • The inventory of normal sales increased 57.29 percent compared to May 2013, while foreclosure inventory is up 101.46 percent and short sale inventory is down 7.63 percent.
  • Year-to-year single-family home inventory is up 53.27 percent; condo inventory is up 38.56 percent.
  • The current pace of sales translates into 4.11 months of inventory supply.

Orlando Housing Market Update Details

  • New contracts are down 6.93 percent compared to May of 2013. New listings are up 22.18 percent.
  • The Orlando affordability index increased to 180.86 percent in May. First-time homebuyer affordability in May increased to 128.61 percent.
  • Homes of all types spent an average of 73 days on the market before coming under contract in May 2014, and the average home sold for 96.21 percent of its listing price.

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