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

The Orlando Florida Regional Housing Market Update May 2014

NEXT
PREV

 

THE ORLANDO FLORIDA

REGIONAL HOUSING MARKET UPDATE

 

May 2014

 

 

The latest housing market data are in for Central Florida, including Lake Mary Florida, Longwood Florida, Sanford Florida, Winter Springs Florida, Oviedo Florida, Apopka Florida, and Altamonte Springs Florida. Here are the highlights taken from the Orlando Realtor Regional Board ending

April 30, 2014 (the latest now available):

 

Inventory 

As has been the trend of late; inventory numbers are up again this month. There are now 10,647 homes on the market, up from 10,343 homes last month.     This represents a 47.83% increase in inventory from a year ago, and a 2.94% increase from last month.   

Single family home inventory is up 50.10% from a year ago and  condo inventory is up 39.84%.  

 

The inventory number includes 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 appears to be the inventory bottom, there were 6,937.    

This inventory is what is reflected on the Multiple Listing Service (MLS). While it is typical for new home construction companies to elect not to put any or only a portion of their inventory on the MLS – as predicted in previous reports, with the rise in inventory, more of these inventoried new homes are showing up on the MLS.    

 

IF YOU ARE LOOKING TO BUY OR SELL YOUR HOME OR PROPERTY – PLEASE CONTACT US AND FIND OUT HOW WE CAN HELP!

 

 

Sales 

Overall sales were down 4.99% from a year ago but up  8.01% from last month.     

Of the sales in April, 1,766 or 67.15% were “normal”, 238 were short sales (9.05%) and 626 (23.80%) were bank-owned. The number of normal sales increased by 9.55% compared to a year ago and the number of short sales fell by 59.39%Bank-owned sales decreased by 9.82% over the same period. 

The trend of the number of short sales falling faster than bank-owned has been on-going for some months and may indicate that banks are electing more and more to foreclose rather than agreeing to a short sale. The idea is that a foreclosure may end up bringing an overall higher sale price than a short sale.   

Single Family Home sales remained virtually unchanged from a year ago, but were up 10.23% from the previous month. Condo sales were down 18.69% and villa/townhome sales decreased this month by 15.66%. 

Homes spent an average of 77 days on the market in April –  one day more than last month and four days less than a year ago. The average home sold for 96.29% of its then-current listing price. “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 less than the percentage cited from its original debut listing price. At the current pace of sales, there is a 4.05 month supply. 

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. Buyers ultimately set the market price no matter what the inventory numbers are at a particular moment. 

By county in the Orlando MSA for sales compared to a year ago: Seminole County was up 1.52% from last March, Orange County was down 13.31%. Osceola came in up 2.49%, but Lake County was up by .96%. No statistics for Volusia or Brevard were made available (Volusia has several different realtor boards with both New Smyrna and Daytona each having their own and Volusia is officially part of the Daytona Beach MSA.  In addition, Brevard has its own Board).

 

IF YOU ARE LOOKING TO BUY OR SELL YOUR HOME OR PROPERTY – PLEASE CONTACT US AND FIND OUT HOW WE CAN HELP!

 

 

Prices 

The average median price of all homes sales has risen 13.43% from a year ago to $163,000 from $143,700. The Orlando Florida metro area market has now posted positive year-over-year gains in price for 34 consecutive months. The year-over-year increase for single family homes was 10.22 percent. 

However, remember - the median price above encompasses all sales. Individual categories can fluctuate within the median. However, this month, as was the case last month, prices year over year rose in all categories. Normal (no distress) sales rose 8.14% to $186,000 from this time last year, short sales rose 17.39% and Bank-Owned averages increased 15.79% compared to a year ago. 

 

 

Affordability 

The Orlando MSA affordability index decreased to 177.96 and the first time homebuyer’s index decreased to 126.55.   

Each index is inversely proportional to pricing changes. An affordability index of 100 means that a buyer earning the state-reported median income has exactly the income necessary to purchase the median-priced home.  Anything over 100 indicates that average buyers earning average incomes (adjusted for the MSA) have more income than that which is required.   A score of 99 means the buyer is 1 percent short of the income necessary to qualify. When prices rise faster than incomes, the affordability index goes down and visa-versa.

 

Orlando Unemployment 

The latest numbers for the Orlando Florida MSA – for March was 6.0%, down from 6.2% the previous month.  A year ago it was 6.6%. The national average is currently at 6.7%  

 

 

 

 

WE DO APPRECIATE YOUR REFERRALS!

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

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 Pointe Central Florida Realty 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 4:51 PM) |
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