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Orlando Florida Regional Housing Report Update January 2015

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THE ORLANDO FLORIDA REGIONAL HOUSING MARKET UPDATE

 

 

January 2015 

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 

December, 2014 (the latest now available):

 

Inventory 

The inventory numbers moved back down again this month – continuing the up and down pattern we’ve seen over the past 120 days. There are now 11,557 homes on the market, down from 12,121 homes last month and almost 1000 less than two months ago. However, the inventory is still 22.67% higher than this time last year but another 4.65% lower than last month.     

Normal sale inventory is up 30.95% and bank-owned inventory is up 29.30%. However, short sale inventory is again down 22.23% from a year ago. 

Single family home inventory still is up 20.98% from a year ago and condo inventory is up 25.58%.  

 

 

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 11.13% from a year ago, and up 18.56% from last month.   

Single family home sales increased 14.71% but condo sales decreased by 6.03% as compared to last year.       

Of the 2,715 closed sales in December, 1,860 or 68.51% were “normal”, 137 were short sales (5.05%) and 718 (26.45%) were bank-owned. The number of normal sales increased by 14.04% compared to a year ago while the number of short sales fell by 60.74%.  However, bank-owned sales increased by 55.08% over the same period. 

This is now a well-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. 

In addition, as the housing recovery continues (albeit at a snail’s pace), the reported percentage changes year-over-year will begin to diminish. As long as these numbers remain positive, indicating growth, this will be the mark of a more stable housing market. 

Homes spent an average of 78 days on the market in December –  one day more than last month and eight days longer than a year ago. The average home sold for 96.50% 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 4.26 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 any particular moment. 

By county in the Orlando MSA for sales compared to a year ago: Seminole County was down 4.51% from last December, Orange County was up 17.61%. Osceola came in up 24.67%, and Lake County was up by 18.86%. 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 6.25% from a year ago to $170,000. The Orlando Florida metro area market has now posted positive year-over-year gains in price for 41 consecutive months. The year-over-year increase for single family homes was .57% while condos increased by 10.67 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 5.35% to $194,900 from this time last year. Short sale prices rose 16.72% and Bank-Owned averages increased 15.34% compared to a year ago.  

 

Other Sales Data

New sale contracts, also known as “pending sales” are down 10.71% compared to a year ago. New listings are up 4.02%

 

 

 

Orlando Unemployment 

The latest numbers for the Orlando Florida MSA – for November was 5.5%, down from 5.6 last month.  A year ago it was 6.1%. The “official” national average is currently still 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 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 6:50 AM) |
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New Southern Properties Inc.
4300 West Lake Mary Blvd
Bldg 1010, #415
Lake Mary, FL 32746
Phone: 321-262-6162
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