Orlando Housing Market Snapshot – May 2016

Median Price

*The median price of all existing homes combined sold in May 2016 — $203,000 — is a 12.15 percent increase from the $181,000 median price recorded in May 2015, and a 5.73 percent increase compared to April 2016.

*The median price for “normal” existing homes sold in May is $214,000, an increase of 7.00 percent from the median price of “normal” existing homes in May 2015.

*The year-over-year median price for short sales increased by 1.05 percent in May while the median price for bank-owned sales increased by 10.31 percent.

*The year-over-year median price for single-family homes increased by 10.68 percent, and the year-over-year median price for condos increased 15.29 percent.

Sales

*Orlando home sales (all home types and all sales types combined) in May 2016 were up 6.93 percent when compared to May of 2015 and up 5.08 percent compared to April 2016.

*Single-family sales increased 7.76 percent year over year, while condo sales increased by 5.76 percent.

*Of the 3,333 sales in May, 2,934 normal sales accounted for 88.03 percent of all sales, while 308 bank-owned and 91 short sales respectively made up 9.24 percent and 2.73 percent.

*The number of normal sales in May increased by 29.25 percent compared to May 2015, while foreclosures decreased 57.58 percent and short-sales decreased 24.79 percent.

*The 6,169 pendings in May of this year are a decrease of 12.06 percent compared to the 7,015 pendings in May of last year (and a 1.55 percent increase compared to the 6,075 pendings last month).

*Short sales made up 15.19 percent of pendings in May, a decline of 39.59 percent from May of last year. Normal properties accounted for 72.78 percent (an increase of 17.14 percent) of sales, and bank-owned properties accounted for 12.03 percent (a decrease of 54.51 percent).

*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in May (4,083) were up by 5.83 percent when compared to May of 2015 (3,858). To date, sales in the MSA are up 0.46 percent.

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

• Lake: 7.46 percent above May 2015;
• Orange: 4.13 percent above May 2015;
• Osceola: 6.38 percent above May 2015; and
• Seminole: 8.40 percent above May 2015.

Inventory

*There are currently 10,553 homes available for purchase through the MLS. The May 2016 overall inventory level is 10.55 percent lower than it was in May 2015; inventory is up 1.01 percent compared to April 2016.

*The inventory of normal sales increased 1.68 percent compared to May 2015, while foreclosure inventory is down 65.96 percent and short sale inventory is down 47.40 percent.

*Year-over-year single-family home inventory is down 9.08 percent; condo inventory is down 16.64 percent.

*The current pace of sales translates into 3.17 months of inventory supply.

Other

*New contracts are down 7.51 percent compared to May of 2015. New listings are down 1.90 percent.

*The Orlando affordability index decreased to 160.96 percent in May. First-time homebuyer affordability in May decreased to 114.46 percent.

*Homes of all types spent an average of 67 days on the market (down from 69 the month prior) before coming under contract in May 2016, and the average home sold for 97.14 percent of its listing price (up from 97.12) percent the month prior.