Orlando Housing Market Report
*The median price of all existing homes combined sold in December 2014 — $170,000 — is a 6.25 percent increase from the $160,000 median price recorded in December 2013.
*The median price for “normal” existing homes sold in December is $194,900, an increase of 5.35 percent from the median price of “normal” existing homes in December 2013.
*The year-to-year median price for short sales increased by 16.72 percent in December, while the median price for bank-owned sales increased by 15.34 percent.
*The year-over-year median price for single-family homes increased by 0.57 percent, and the year-over-year median price for condos increased 10.67 percent.
*Orlando home sales (all home types and all sales types combined) in December 2014 were up 11.13 percent when compared to December of 2013 and up 18.56 compared to November 2014.
*Single-family sales increased 14.71 percent, while condo sales decreased by 6.03 percent year to year.
*Of the 2,715 sales in December, 1,860 normal sales accounted for 68.51 percent of all sales, while 718 bank-owned and 137 short sales respectively made up 26.45 percent and 5.05 percent.
*The number of normal sales in December increased by 14.04 percent compared to December 2013, while foreclosures increased 55.08 percent and short-sales decreased 60.74 percent.
*The 5,310 pendings in December of this year is a decrease of 11.88 percent compared to the 6,026 pendings in December of last year (and a 13.81 percent decrease compared to the 6,161 pendings last month).
*Short sales made up 32.88 percent of pendings in December, a decline of 47.39 percent from December of last year. Normal properties accounted for 37.14 percent (an increase of 14.12 percent) of sales and bank-owned properties accounted for 29.98 percent (an increase of 62.61 percent).
Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in December were up by 14.46 percent when compared to December of 2013. Throughout the MSA, 3,412 homes were sold in December 2014 compared with 2,981 in December 2013. To date, sales throughout the MSA are 2.03 percent above this time last year.
Each individual county’s monthly sales comparisons are as follows:
• Lake: 18.86 percent above December 2013;
• Orange: 17.61 percent above December 2013;
• Osceola: 24.67 percent above December 2013; and
• Seminole: 4.51 percent below December 2013.
*There are currently 11,557 homes available for purchase through the MLS. The December 2014 overall inventory level is 22,67 percent higher than it was in December 2013; inventory is down 4.65 percent compared to November 2014.
*The inventory of normal sales increased 30.95 percent compared to December 2013, while foreclosure inventory is up 29.30 percent and short sale inventory is down 22.23 percent.
*Year-to-year single-family home inventory is up 20.98 percent; condo inventory is up 25.58 percent.
*The current pace of sales translates into 4.26 months of inventory supply.
*New contracts are down 10,71 percent compared to December of 2013. New listings are up 4.02 percent.
*The Orlando affordability index decreased to 183.40 percent in December. First-time homebuyer affordability in December decreased to 130.42 percent.
*Homes of all types spent an average of 78 days on the market (up from 77 days the month prior) before coming under contract in December 2014, and the average home sold for 96.50 percent of its listing price (down from 95.89 percent the month prior).
Margus Mahar, Realtor®
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– www.MargusMahar.Realtor – (search homes)
– www.FLHomeDeal.com – (info about investing and local area)
JC Penny Realty LLC
8701 W Irlo Bronson Memorial Hwy, Suite 200
Kissimmee, FL 34747