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Orlando home sales increase 3 percent; median price rises 9 percent

Following a record-breaking summer of home sales and with school now back in session, Orlando’s housing market took its traditional August-to-September breather. Regardless, sales in September were more than 3 percent higher than in September of last year.

At the same time, the area’s median price continued its steady rise and increased nearly 9 percent in September. This latest jump marks 50 consecutive months of median price increases; as of September the Orlando median price is 57.58 percent higher than it was in July 2011.

The overall median price (all sales types and all home types combined) for the month of September 2015 is $182,000, a 8.94 percent jump compared to the $167,063 median price in September 2014. The median price is up 0.55 percent compared to the August 2015 median of $181,000.

The year-to-year median price of normal sales increased 5.97 percent, while the median price for foreclosure sales increased 4.35 percent and short sales decreased 0.91 percent. The median price of single-family homes increased 9.81 percent when compared to September of last year, and the median price of condos increased 10.56 percent.

Completed Sales

Members of the Orlando Regional REALTOR® Association participated in the sale of 2,857 homes (all home types and all sale types combined) that closed in September 2015, an increase of 3.14 percent compared to September 2014 and a decrease of 10.58 percent compared to August 2015.

According to ORRA President Sharon Voss, Watson Realty Corp, the traditional autumn lull in sales is an opportunity for those buyers who struggled with competition during the summer. “While Orlando does remain in sellers’ market conditions, the number of buyers actively house hunting tends to drop off as the temperature dips. Fall home shoppers can also enjoy a bit more attention from REALTORS®, lenders, and other service providers who do not have as many clients to attend.”

Traditional sales in Orlando increased by 15.79 percent when compared to September 2014. Closings of short sales decreased by 49 percent while closings of foreclosures decreased 16.26 percent.

Single-family home sales increased 3.29 percent in September 2015 compared to September 2014, while condo sales decreased 5.88 percent.

Homes of all types spent an average of 67 days on the market before coming under contract in September 2015, and the average home sold for 96.94 percent of its listing price. In September 2014 those numbers were 70 days and 96.33 percent, respectively.

The average interest rate paid by Orlando homebuyers in September was 3.96 percent, which is the same as the August rate. This month last year, homebuyers paid an average interest rate of 4.20.

Pending Sales

Pending sales – those under contract and awaiting closing – are currently at 5,356. The number of pending sales in September 2015 is 15.19 percent lower than it was in September 2014 (6,315) and 9.36 percent lower than it was in August 2015 (5,909).

Normal properties made up 57.17 percent of pending sales in September 2015. Short sales accounted for 22.76 percent, while bank-owned properties accounted for 20.07 percent.

Inventory

The number of existing homes (all types combined) that were available for purchase in September is 6.36 percent below that of September 2014 and now rests at 11,533. Inventory decreased in number by 128 properties over last month.

The inventory of normal homes increased 6.78 percent, while foreclosures decreased 38.60 percent and short sales decreased 44.61 percent.

The inventory of single-family homes is down by 7.89 percent when compared to September of 2014, while condo inventory is up by 1.42 percent. The inventory of duplexes, townhomes, and villas is down by 5.33 percent.

Current inventory combined with the current pace of sales created a 4.04-month supply of homes in Orlando for September. There was a 4.45-month supply in September 2014 and a 3.65-month supply last month.

Affordability

The September affordability index is 170.75 percent, a decrease from August’s index of 171.52. (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 $56,696 can qualify to purchase one of 5,259 homes in Orange and Seminole counties currently listed in the local multiple listing service for $310,760 or less.

First-time homebuyer affordability in September decreased slightly to 121.42 percent from last month’s 121.97 percent. First-time buyers who earn the reported median income of $38,553 can qualify to purchase one of the 2,774 homes in Orange and Seminole counties currently listed in the local multiple listing service for $187,837 or less.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando area were down 5.88 percent in September, with 320 sales recorded in September 2015 compared to 340 in September 2014.

Orlando homebuyers purchased 279 duplexes, town homes, and villas in September 2015, which is 14.34 percent more than in September 2014.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in September were up by 2.84 percent when compared to September of 2014. Year to date, sales are up 17.79 percent in the MSA.

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

• Lake: 11.71 percent above September 2014;
• Orange: 2.16 percent above September 2014;
• Osceola: 4.59 percent below September 2014; and
• Seminole: 4.17 percent above September 2014.

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.

ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.