New Southern Properties
Lake Mary, FL Real Estate
321-262-6162
MENU
Lake Mary Homes For Sale

Orlando Florida Regional Housing Market Update February 2017

NEXT
PREV

 

THE ORLANDO FLORIDA

REGIONAL HOUSING

MARKET UPDATE  

 

 

February 2017

 

 

The latest housing market data are in for Central Florida, including Lake Mary Florida, Heathrow Florida, Longwood Florida, Sanford Florida, Winter Springs Florida, Oviedo Florida, Debary Florida, New Smyrna Beach Florida, Apopka Florida, Orlando Florida, Belle Isle Florida, Maitland Florida, and Altamonte Springs Florida. Here are the highlights taken from the Orlando Realtor Regional Board report ending January 2017 (the latest now available):

 

 

Inventory

There are now just 8,550 homes on the market, virtually unchanged from the 8,590 homes on the market last month.

As discussed last month, the Multiple Listing Service has removed a designation that allowed a property to remain “Active” on the market while asking for back up contracts. With the change now implemented, those properties became “Pending” or under contract and were removed from the available inventory numbers.  This has made the drop in inventory look larger than it really has been and this effect will continue to ripple through the statistics for the next few months.

 

 

The current inventory is 13.4% lower than last year at this time when adjusted for the aforementioned change (20.7% unadjusted) and down by .5% from last month.     

These inventory numbers include all homes: single family homes, condos, duplexes and townhomes.  For comparison:  In December of 2008, there were 22,524 on the market. In March 2013, which was where inventory bottomed out, there were only 6,937. 

Normal (aka arms-length) sale inventory is down 13.5% from last year and bank-owned inventory is now down by 61.3% from a year ago.  This is the twenty-third month in a row the bank-owned inventory number has dropped.  Short sale inventory declined again and is now down by 70.6% from a year ago.

Single family home inventory is down 21.5% from a year ago, and the condo inventory is down by 19.3%.   

What is notable in the above statistics is that all over the Orlando MSA there have been numerous housing starts and new communities developed. Despite all of the new inventory by new home builders – which does not typically show up on the Multiple Listing Service – the inventory numbers on the MLS continues to slightly decline each month.  This infers that much of this new inventory is being readily absorbed.

 

 

IF YOU ARE LOOKING TO BUY OR SELL

YOUR HOME OR PROPERTY –

PLEASE CONTACT US AND FIND OUT HOW WE CAN HELP!

 

 

Sales

There were 2,195 closings (actual sales) in January – an increase of 26.8% from last month, and an increase of 2.3% from a year ago.  The large month over month increase can be somewhat attributed to the holiday season slow-down typical of that time of year.

Single family home sales decreased .3% but condo sales were up 14.2% compared to a year ago.   

Of the sales in January, 88.9% (1,952) were normal, arms-length transactions. Short sales made up only 2.2% (49) and Bank Owned properties rounded out the total with 8.8% (194).

 

The number of normal sales increased 20.9% as compared to a year ago.  At the same time, bank-owned sales were down 55.1% and short sales were down 51.0% from a year ago.

Sales of existing homes in the entire MSA are up 4.1% from a year ago.

Homes spent an average of 71 days on the market in January – five days more than last month, but five days fewer than a year ago. The average home sold for 96.99% of its then-current listing price – which is generally a bit more than the average. “Then current listing price” is an important distinction since a home may have been on the market with prior price reductions.  Thus, it may have ended up selling for a lot less than the percentage cited from its original debut listing price. At the current pace of sales, there is a 3.90 month supply – up from last month’s 2.91.  

Estimated Supply is tied to both inventory and pace of sales.  Six months of supply is generally considered balanced. Under normal economic conditions, anything above six months is generally considered a “buyer’s market” and anything below is then considered a “seller’s market”.  However, these are terms used loosely as descriptors. Regardless of what you tend to hear – there is no true Seller’s market - Buyers ultimately set the market price no matter what the inventory numbers are at any particular moment.

 

 

IF YOU ARE LOOKING TO BUY OR SELL

YOUR HOME OR PROPERTY –

PLEASE CONTACT US AND FIND OUT HOW WE CAN HELP!

 

 

Prices

The median (usually the average) price of all homes sales rose 10.6% from a year ago to $199,000. This resumes the previous 61 month record of rising prices for the Orlando MSA. Sixty-five of the past 66 months have seen year over year price increases in the Orlando MSA.       

Remember however - the median price above encompasses all sales types. Individual types fluctuate at different rates. The median price of an existing home in a “normal” transaction is $205,000 – an increase of 2.3% over last year at this time. 

The year over year price for a single family home increased   8.8% as compared to last year. Condos posted an increase of 13.6% over last year.

Single family homes have now posted 66 consecutive months of year over year price increases.    

The difference between the median and average most times is very small – especially as the sample size increases. The technical difference is that the median is the sales price number in the exact middle of the number of sales – that is exactly where half of the sale prices are lower and half are higher. The average price is the total sales prices divided by the total number of sales. The median is less influenced by fringe numbers – ones very large or very small as compared to the usual numbers.  For example, a million dollar sale in a $200,000 neighborhood or a $50,000 sale in the same neighborhood.  Just for completeness – the mode is the sales price number that is repeated most often.

Price points and sales pace are heavily influenced by location and price-point market segment.   That is, generally homes in the $200,000 - $300,000 range will sell faster and can sell for more per square foot than a home at the $2 million price point because there are far more buyers capable of affording the lower priced home.  Thus, there is more competition amongst that group vying for that particular home.

If one were to add in the location consideration as well, homes in the most desirable locations can sell for many times more than the same home would sell for in an inferior location.  Of course this multiple times the value factor is diminished the higher the price point.

This can be illustrated in the locations and price points most production builders opt for in Central Florida.  Here, we don’t generally see subdivision production builds of homes in the $1M and up range  - but in the $300-400s is fairly common. 

 

 

Orlando Unemployment

The latest numbers for the Orlando Florida MSA – for December was 4.2, down from 4.4, the previous month.  A year ago it was 4.4%. The “official” national average remains at 4.7%.  

 

 

Average Orlando MSA Interest Rates

The average interest rate paid in the Orlando MSA last month was 4.30%, virtually identical to last month’s 4.32%.   A year ago it was 3.93% and two years ago it was 3.67%.*   

 

 

Two Year Historical Market Summary

 

 

 

 

WE DO APPRECIATE YOUR REFERRALS!

 

 

 

 

 

 

*The interest rate statistic is over all types of loans with varying terms and conditions and should be used as trend reference number only.  Consult your lending representative for rates that would apply to you.

 

The statistics cited is provided by the Orlando Regional Realtors Association, of which we are a member.

 

This report is intended to be for reference and informational purposes only.  The opinions expressed herein are solely those of New Southern Properties Inc. and are opinions. No purchases or investments should be made based solely on this report, this data, or the opinions expressed herein.  Real Estate purchases and investments are complex transactions. You are strongly urged to consult with your financial, legal and real estate consultants before making any real estate purchase or investment.   

 

 

 

 

 

 



All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independent verified. Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. The source of the listing data is as follows: Stellar MLS (updated 3/28/24 11:15 AM) |
Real Estate
Real Estate
  • New Listing Alerts
  • Foreclosure and hot deals
  • Market value of your home
  • Excellent rates on mortgages

Florida Luxury Gated Communities

Alaqua Country Club
Alaqua Lakes Golf | Alaqua Lakes Golf Course | Alaqua Lakes Florida | Alaqua Lakes Country Club
The Preserve at Astor Farms
Baker's Crossing
Banyon Pointe
Barclay Place At Heathrow
Berington Club
Brentwood Club
Brookhaven Manor and Brookhaven Ridge
Buckingham Estates
Burlington Oaks
Calabria Cove
Capri Cove
Carrisbrooke
Coventry At Heathrow Florida
Dakotas
Debarry Golf and Country
Dunwoody Commons
Egret's Landing
Estates at Wekiva Park
Fountainhead
Grande Oaks at Heathrow
Fountain Parke
Greystone
Heathrow
Heathrow Woods
Heron Ridge
Keenwicke
Kentford Garden
Lake Forest
Lake Markham Preserve
Lakeside
Lansdowne
Magnolia Plantation
Markham Estates
Markham Forest
Markham Woods Enclave
Oregon Trace
Reserve At Heathrow
Retreat at Wekiva
River Crest
Riviera Bella
Savannah Park at Heathrow
Stonebridge
Summer Oaks
Terracina At Lake Forest
Terra Oaks
The Cove
The Retreat At Twin Lakes
Tuscany At Lake Mary
Waters Edge
Wilson Park
Wingfield North
Woodbridge Lakes

Florida Communities

Arbor Ridge
Arlington Park
Antigua Bay
Barrington
Bear Lake Woods
Breckenridge Heights
Celery Estates
Celery Lakes
Celery Key
Chase Groves
Chelsea Place
Country Club Oaks
Coventry
Country Downs
The Crossings
Crystal Lake Estates
Danbury Mill
Eagle Creek
The Forest
Hidden Cove
The Hills of Lake Mary
Groveview Village
Huntington Ridge, Huntington Landing, Huntington Pointe
Isle of Windsor
Kaywood
Lakewood Ranches
Live Oak Reserve
Mandarin
Markham Glen
Markham Meadows
Markham Place
Manderley
Mayfair Club
Mayfair Meadows
Mayfair Oaks
Middleton Oaks
Misty Oaks
North Cove
Northampton
Oak Island
Oceanside Village
The Pelican
Osprey Pointe
Preserve At Lake Monroe
Parkview and Parkview Heights
Ravensbrook
The Reserve At DeBary
Reserve At Golden Isle
The Reserve At Lake Mary
Ridge Pointe Cove
Shannon Downs
Springhurst
Springview
Sun Oaks
Sweetwater Oaks
Sylvan Lake Reserve
Tall Trees
The Estates At Springs Landing
Timacuan
Timacuan Park - Lake Mary Florida
Turnberry
Wingfield Reserve
Woodbine

Florida Retirement Communities

Heathrow Retirement Communities

Buyers (5)
Foreclosures (1)
Homes In Heathrow FL (4)
Investment Properties (6)
Orlando Housing Market (5)
Orlando Regional Housing Market Updates (1)
Sellers (2)

Archive

<< March 2024
S M T W T F S
          1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31            

Tell A Friend
New Southern Properties Inc.
4300 West Lake Mary Blvd
Bldg 1010, #415
Lake Mary, FL 32746
Phone: 321-262-6162
Email: CLICK HERE