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The Orlando Florida Regional Housing Market Update November 2014

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THE ORLANDO FLORIDA

REGIONAL HOUSING MARKET UPDATE

 

 

November 2014

 

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, Apopka Florida, Orlando Florida, and Altamonte Springs Florida. Here are the highlights taken from the Orlando Realtor Regional Board ending

 

October, 2014 (the latest now available):

 

Inventory 

After a one month hiatus, the inventory numbers moved back up this month. There are now 12,507 homes on the market, up from 12,316 homes last month. However, we are still 32.07% above last year’s inventory number and up 1.44% from last month.   

Normal sale inventory is up 37.68% and bank-owned inventory is up 57.00%. However, short sale inventory is down 15.37% from a year ago. 

Single family home inventory still is up 32.30% from a year ago and condo inventory is up 32.10%. 

 

 

The 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 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 up 17.74% from a year ago and up 1.34% from last month.  

Single family home sales increased 18.28% and condo sales increased by 11.30% as compared to last year.      

Of the 2,807 closed sales in October, 1,913 or 68.15% were “normal”, 145 were short sales (5.17%) and 749 (26.68%) were bank-owned. The number of normal sales increased by 25.69% compared to a year ago while the number of short sales fell by 60.70%.  However, bank-owned sales increased by 51.93% over the same period. 

This is now an established trend wherein the number of short sales are far fewer than bank-owned sales.  This month again is no exception and we see that foreclosure sales are way up again.  Both seem to indicate that banks are electing more and more to foreclose rather than agreeing to a short sale. This could be due to four things: 1. a working theory that a foreclosure may now end up bringing an overall higher sale price than a short sale; and/or, 2. there are fewer short sale candidates with an improved economy; and/or, 3. many of the bank sales are properties that were picked over previously and now represent the only “deals” left and thus are finally being bought; and/or 4. many foreclosures have been in process for years, often delayed by the lenders themselves, and simply can now be wrapped up. 

Homes spent an average of 72 days on the market in October –  two days more than last month and three days longer than a year ago. The average home sold for 96.31% 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 4.46 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 21.47% from last October, Orange County was up 17.42%. Osceola came in up 15.68%, and Lake County was up by 11.09%. 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 3.90% from a year ago to $160,000. The Orlando Florida metro area market has now posted positive year-over-year gains in price for 39 consecutive months. The year-over-year increase for single family homes was 3.41% while condos actually dropped .13 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 2.78% to $185,000 from this time last year. Short sale prices rose 10.81% and Bank-Owned averages increased 25.00% compared to a year ago.

 

Other Sales Data

New sale contracts, also known as “pending sales” are down 14.84% compared to a year ago. New listings are up 4.64%

 

 

 

Orlando Unemployment 

The latest numbers for the Orlando Florida MSA – for September was 5.7%. A year ago it was 6.5%. The “official” national average is currently at 5.8%  

 

 

 

 

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: My Florida Regional MLS (updated 11/19/17)
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New Southern Properties Inc.
4300 West Lake Mary Blvd
Bldg 1010, #415
Lake Mary, FL 32746
Phone: 1-800-488-4847
Email: CLICK HERE