Orlando Housing Market Report [ October 2017]

Orlando home sales bounce back one month after Hurricane Irma
Orlando Housing Market Report

Sales of Orlando homes posted positive increases in October, just one month after Hurricane Irma hit the pause button on housing transactions, reports the Orlando Regional REALTOR® Association. Sales increased by 7 percent in October when compared to October of last year, and increased by 14 percent when compared to last month.

In addition to increased sales, the median price of Orlando homes sold during the month of October continued its year-over-year upward trend. The overall median home price (all home types combined) is $218,000, which is 6.3 percent above the October 2016 median price of $205,000.

Year-over-year increases in median price have been recorded for the past 75 consecutive months; as of October 2017, the overall median price is 88.7 percent higher than it was back in July 2011.

The current median price is 3.1 percent lower than last month’s $225,000.

The median price for single-family homes that changed hands in October increased 7.3 percent over October 2016 and is now $238,530. The median price for condos increased 10.5 percent to $110,500.

The overall average home price for October 2017 is $259,567, an increase of 4.7 percent over the average home price in October 2016. The average home listed for $267,157 in October and sold for 97.16 percent of its listing price (96.92 percent in October 2016).

 

Sales [ Orlando Housing Market Report]

Members of ORRA participated in 2,898 sales of all home types combined in October, which is 7.3 percent more than the 2,701 sales in October 2016 and 13.6 percent more than the 2,552 sales in September 2017.

Sales of single-family homes (2,228) in October 2017 increased by 3.1 percent compared to October 2016, while condo sales (365) increased 23.7 percent.

Sales of distressed homes (foreclosures and short sales) reached only 156 in October and is 50.6 percent less than the 316 distressed sales in October 2016. Distressed sales made up 5.4 percent of all Orlando-area transactions last month.

The average interest rate paid by Orlando homebuyers in October was 4.03 percent, up from 3.84 percent the month prior.

The overall inventory of homes that were available for purchase in October (8,464) represents a decrease of 15.6 percent when compared to October 2016, and a 2.1 percent decrease compared to last month. There were 12.5 percent fewer single-family homes and 28.2 percent fewer condos.

Current inventory combined with the current pace of sales created a 2.9-month supply of homes in Orlando for October. There was a 3.7-month supply in October 2016 and a 3.4-month supply last month.

 

MSA Numbers [ Orlando Housing Market Report]

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in October were up by 5.4 percent when compared to October of 2016. Year to date, MSA sales are up by 2.7 percent.

Each individual county’s sales comparisons are as follows:

*Lake: 10.6 percent above October 2016;

*Orange: 4.6 percent above October 2016;

*Osceola: 12.9 percent above October 2016; and

*Seminole: 2.9 percent below October 2016.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

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596 Shadow Glenn Place - FB with text

596 Shadow Glenn Place, Winter Springs, FL

596 Shadow Glenn Place, Winter Springs, FL

Just Listed

Presented By:

NextHome Neighborhood Team

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NextHome Neighborhood Realty
407-710-8720
Licensed In: FL
License #: SL3263309

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3 BEDROOMS | 3 (2 full, 1 half ) BATHROOMS | 1348 SQUARE FEET

NOT WORKING WITH A REAL ESTATE AGENT?

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Welcome Home to your 3 bedroom, 2.5 bath Townhome with private fenced yard and screened in patio. This feels more like a single family home featuring a spacious kitchen with all appliances included: Range, Refrigerator, Dishwasher, Microwave, and Washer / Dryer. All bedrooms are upstairs including an oversized master bedroom with built in closet shelving and organizers. AC & REPLUMBING LESS THAN 2 YEARS OLD. The community offers: Pool and screened in Cabana with outdoor kitchen. This home is move in ready so schedule your viewing appointment today!



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104 Peregrine Court

104 Peregrine Court, Winter Springs, FL – Home For Sale

104 Peregrine Court, Winter Springs, FL

OPEN HOUSE
August 19, Saturday 1:00 PM – 3:00 PM

$ Click for current price
3 BEDROOMS | 2 (2 full ) BATHROOMS | 1978 SQUARE FEET

NOT WORKING WITH A REAL ESTATE AGENT?

THEN CALL US TO GET A $1,500 BONUS IF WE SHOW YOU AND YOU BUY THIS HOME

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104 Peregrine Court, Winter Springs is a beautiful home in Tuskawilla.  This 3 bedroom, 2 bath home in Eagles Watch has beautiful wood flooring throughout the family room. You enter this home into a large living room/dining room combo where there are plantation shutters to allow the natural Florida sunshine to enter while helping to keep the heat of the day at bay. The large kitchen overlooks the family room providing an open feel for everyone to enjoy.. The split floor plan situates the expansive master bedroom to the rear of the house where you can enjoy the view of the tranquil conservation area with no rear neighbors to interfere with the solitude. The enclosed porch now provides a bright, sunny Florida room that allows you to enjoy the weather all year round.  The air conditioning was upgraded within the last year and the pavers on the driveway were added in 2014. Houses do not last long in the gated Eagles Watch subdivision, so make your appointment to see this house soon!


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2765 Dowman Drive | 3 bedroom 2 bath Apopka FL Home For Sale

2765 Dowman Drive, Apopka, FL

2765 Dowman Drive, Apopka, FL

$ Click for current price
3 BEDROOMS | 2 (2 full ) BATHROOMS | 1912 SQUARE FEET

Enjoy a five acre equestrian property close to the new toll road. This 3 bedroom 2 bathroom home has a large kitchen, family room, dining room and living room. It is has a electronic privacy gate separating it from the paved road. There is a detached 2 car garage along with the attached 2 car garage. The entire approximately five acre site is fully fenced. There is a small 2 stall barn for the horses. The kitchen has new appliances. The screen porch has glass windows and could have air conditioning added to make it a beautiful Florida room. There are not too many properties placed on the market in this area so don’t wait to take a look at this home.

BONUS

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Presented By:

Brenden Rendo

Realtor
NextHome Neighborhood Realty
407-710-8720
Licensed In: FL
License #: SL3263309

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2347 Carolton Road, Maitland, FL

2347 Carolton Road, Maitland, FL

Open House | Saturday July 22nd 1 to 3 pm

Presented By:

Brenden Rendo

Realtor
NextHome Neighborhood Realty
407-710-8720
Licensed In: FL
License #: SL3263309

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4 BEDROOMS | 2 (2 full ) BATHROOMS | 1923 SQUARE FEET

JUST LISTED…Walk through this beautiful 4 Bedroom/2 Bath home and the first thing you will notice is the updates over the past few years. Starting with ceramic tile and engineered wood throughout the entire home with new 5 ¼ inch baseboards, fully renovated bathrooms, resurfaced pool and patio deck, repainted both inside and out, new HVAC unit and remodeled kitchen with new appliances to start. This split plan has 3 bedrooms and a large family room with a fireplace on one side and a large master suite on the other. The enclosed porch is a great place to relax and entertain while enjoying the large pool. Don’t hesitate to see this home now.

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Open House

439 Woodcrest Street, Winter Springs | Open House Sunday 1 to 3pm

439 Woodcrest Street, Winter Springs, FL

OPEN HOUSE
April 30, Sunday 1:00 PM – 3:00 PM

$ Click for current price
4 BEDROOMS | 4 (3 full, 1 half ) BATHROOMS | 2321 SQUARE FEET

NOT WORKING WITH

A REAL ESTATE AGENT?


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$2,500 BONUS IF WE SHOW YOU

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This home has been lovingly taken care of and is ready to move in! SO many improvements have been made. New roof in 2011, re-screened pool enclosure and pool motor replaced in 2013 and 2014. New A/C heat pump in 2016 along with the driveway and sidewalk, new carpeting in family room and the pool deck repainted. There is nothing left to do, but move in and start enjoying life by the beautiful pool. This 4 bedroom, 3 bath house has so much to offer for a family and is located in a beautiful subdivision. Living room, dining room, and family room. Stainless steel appliances in the kitchen, good schools and close to shopping and dining. Come take a look today!


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Orlando Housing Report | October 2016

Orlando median price continues its upward trend as sales and inventory slip

The median price of Orlando area homes rose 14 percent year-over-year in October. Meanwhile, sales decreased 8 percent as inventory took its greatest year-over-year tumble in 2016 and dropped by 12 percent.

“October’s drop in sales can be attributed to a mix of the disruption caused by Hurricane Matthew and uncertainty caused by the election, in addition to our continuing challenge of declines in homes available for purchase,” explains Orlando Regional REALTOR® Association President John Lazenby, Colony Realty Group.

“Immediately after even a mild hurricane without much damage, scheduled closings can be delayed by the need for additional appraisals or inspections, while sellers can put off listing their homes for a week or more,” says Lazenby. “And of course an election year brings a natural state of uncertainty to the housing market as both buyers and sellers wait to see what the future brings. For many people, a home represents the largest investment of their life, so during an election year they delay taking action until the economy is less of an unknown. This phenomenon can be seen in the “New Listings” tally for the month, which dropped by 17 percent compared to October 2015 despite Orlando’s current market conditions that strongly favor sellers.”

Median Price

The overall median price (all sales types and all home types combined) for the month of October 2016 is $205,000, a 13.95 percent jump compared to the $179,900 median price in October 2015. The median price is steady compared to the September 2016 median of also $205,000.

The Orlando median home price has now experienced year-over-year increases for the past 63 consecutive months; as of October the median price is 77.49 percent higher than it was in July 2011.

The year-to-year median price of normal sales increased 8.30 percent, while the median price for foreclosure sales increased 16.60 percent and short sales increased 20.00 percent.

The median price of single-family homes increased 14.13 percent when compared to October of last year, and the median price of condos increased 9.08 percent.

Completed Sales

Members of ORRA participated in the sale of 2,654 homes (all home types and all sale types combined) that closed in October 2016, a decrease of 7.75 percent compared to October 2015. Sales decreased by 14.66 percent in October when compared to last month.

Sales of normal homes increased 6.08 percent in October 2016, while foreclosures decreased 57.12 percent and short sales decreased 32.43 percent. Sales of single-family homes decreased 6.38 percent year over year; condo sales decreased 14.03 percent.

Homes of all types spent an average of 61 days on the market before coming under contract in October 2016, and the average home sold for 96.88 percent of its listing price. In October 2015 those numbers were 71 days and 96.76 percent, respectively.

The average interest rate paid by Orlando homebuyers in October was 3.57 percent. Last month, the average interest rate was 3.53 percent, while in October of last year homebuyers paid an average interest rate of 3.86 percent.

Pending Sales

Pending sales – those under contract and awaiting closing – are currently at 4,719. The number of pending sales in October 2016 is 10.64 percent lower than it was in October 2015 and 2.72 percent higher than it was in September 2016.

Normal properties made up 75.19 percent of pending sales in October 2016. Short sales accounted for 14.45 percent, while bank-owned properties accounted for 10.36 percent.

Inventory

The number of existing homes (all types combined) that were available for purchase in October is 12.15 percent below that of October 2015 and now rests at 10,025. Inventory decreased by 3.25 percent (337 homes in number) compared to last month.

The inventory of normal homes decreased 2.28 percent, while foreclosures decreased 67.11 percent and short sales decreased 46.12 percent.

The inventory of single-family homes is down by 12.67 percent when compared to October of 2015, while condo inventory is down by 13.81 percent. The inventory of duplexes, townhomes, and villas is down by 4.27 percent.

Current inventory combined with the current pace of sales created a 3.78-month supply of homes in Orlando for October. There was a 3.97-month supply in October 2015 and a 3.33-month supply last month.

Affordability

The October affordability index is 161.08, a tiny decrease from October’s 161.74 percent. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)

Buyers who earn the reported median income of $57,437 can qualify to purchase one of 4,214 homes in Orange and Seminole counties currently listed in the local multiple listing service for $330,217 or less.

First-time homebuyer affordability in October decreased to 114.55 from last month’s 115.02 percent. First-time buyers who earn the reported median income of 39,057 can qualify to purchase one of the 1,953 homes in Orange and Seminole counties currently listed in the local multiple listing service for $199,598 or less.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando area were down by 14.03 percent, with 288 sales recorded in October 2016 compared to 335 in October 2015.

Orlando homebuyers purchased 237 duplexes, town homes, and villas in October 2016, which is 11.57 percent less than in October 2015.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in October (3,150) were down by 8.27 percent when compared to October of 2015 (3,434). To date, sales in the MSA are down 0.86 percent.

Each individual county’s monthly sales comparisons are as follows:

• Lake: 2.49 percent below October 2015;
• Orange: 9.56 percent below October 2015;
• Osceola: 14.54 percent below October 2015; and
• Seminole: 4.07 percent below October 2015.

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.