July 2017 Orlando Housing Market

July 2017 Orlando Housing Market Report by ORRA

Orlando median price rises as home sales slow in July

The median price of Orlando homes sold during the month of July increased almost 7 percent while sales decreased 0.2

percent compared to July 2016, reports the Orlando Regional REALTOR® Association. Inventory continued its year-over-year slide.

Orlando’s overall median home price (all home types combined) is $220,000, which is 6.8 percent above the July 2016 median price of $206,000. Year-over-year increases in median price have been recorded for the past 72 consecutive months; as of July 2017, the overall median price has more than doubled since July 2010.

The median price for single-family homes that changed hands in July increased 4.7 percent over July 2016 and is now $240,000. The median price for condos increased 21.0 percent to $115,000.

The overall average home price for July 2017 is $263,877, an increase of 8.3 percent over the average home price in July 2016. The average home listed for $271,002 in July and sold for 97.4 percent of its listing price (97.3 percent in July 2016).

Sales

Members of ORRA participated in 3,347 sales of all home types combined in July, which is 0.2 percent less than the 3,353 sales in July 2016 and 13.8 percent less than the 3,882 sales in June 2017.

ORRA President Bruce Elliott, Regal R.E. Professionals LLC, explains that demand for homes is strong, but the supply of homes, especially those under $250,000, remains low.

“Would-be first-time homebuyers are being kept on the sidelines by limited inventory and rising prices,” says Elliott. “However, rising prices have slowed some of the investor activity, which could mean slightly less competition for homes at the lower end of the market.”

Sales of single-family homes (2,634) in July 2017 decreased by 0.9 percent compared to July 2016, while condo sales (383) increased 6.1 percent.

Sales of distressed homes (foreclosures and short sales) reached only 202 in July and is 46.0 percent less than in July 2016. Distressed sales made up 6.0 percent of all Orlando-area transactions last month.

The average interest rate paid by Orlando homebuyers in July was 4.01 percent, up from 3.98 percent the month prior.

The overall inventory of homes that were available for purchase in July (9,051) represents a decrease of 15.0 percent when compared to July 2016, and a 1.0 percent decrease compared to last month. There were 13.3 percent fewer single family homes and 25.5 percent fewer condos.

Current inventory combined with the current pace of sales created a 2.7-month supply of homes in Orlando for July. There was a 3.2-month supply in July 2016 and a 2.4-month supply last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in July were down by 0.1 percent when compared to July of 2016. Year to date, MSA sales are up 5.2 percent

Each individual county’s sales comparisons are as follows:

•Lake: 12.2 percent above July 2016;
•Orange: 0.5 percent below July 2016;
•Osceola: 0.7 percent above July 2016; and
•Seminole: 8.7 percent below July 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.

THE ABOVE REPORT PROVIDED BY THE ORLANDO REGIONAL REALTOR® ASSOCIATION.

Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each office is independently owned and operated. Equal Housing Opportunity.

2017 Theresa M. Kraa, Realtor ®

January 2017 Orlando Housing Market Report

January 2017 Orlando Housing Market Report by ORRA

Orlando home sales increase 2 percent as median price jumps 11 percent in January

 

The Orlando housing market experienced increases in both median price and sales in January, while the pool of homes available for purchase shrank by 21 percent in comparison to January of last year.

Orlando’s overall median home price (all home types combined) is $199,000, which is 10.6 percent above the January 2016 median price of $180,000. Year-over-year increases in median price have been recorded for the past 66 consecutive months; as of January 2016, the overall median is 72.3 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in January increased 8.8 percent over January 2016 and is now $216,500. The median price for condos increased 13.6 percent to $99,950.

The overall average home price for January 2017 is $244,904, an increase of 11.9 percent over the average home price in January 2016. The average home listed for $252,514 in January and sold for 96.99 percent of its listing price (96.70 percent in January 2016).

Sales

Members of ORRA participated in 2,195 sales of all home types combined in January, which is 2.3 percent more than the 2,146 sales in January 2016 and 26.8 percent less than December 2016.

“We traditionally experience a big drop in sales between December and January after the rush to close for tax purposes,” says Orlando Regional REALTOR® Association President Bruce Elliott, Regal R.E. Professionals LLC. “REALTORS® expect sales to pick up in the coming months as the start of the spring-summer selling season takes hold. The pending sales tally for January, which is an indicator of future transactions, jumped by 15 percent over the last 30 days and supports an upcoming increase in sales.”

Sales of single-family homes (1,709) in January 2017 decreased by 0.3 percent compared to January 2016, while condo sales (282) increased 14.2 percent.

Sales of distressed homes (foreclosures and short sales) reached only 243 in January and is 54.3 percent less than in January 2016. Distressed sales made up 11.1 percent of all Orlando-area transactions last month.

The average interest rate paid by Orlando homebuyers in January was 4.30 percent, down from 4.32 percent the month prior.

The overall inventory of homes available that were for purchase in January represents a decrease of 20.7 percent when compared to January 2016. There were 21.5 percent fewer single family homes and 19.3 percent fewer condos.

Current inventory combined with the current pace of sales created a 3.90-month supply of homes in Orlando for January. There was a 5.02-month supply in January 2016 and a 2.87-month supply last month.

 

 

 

 

 

 

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in January are up by 4.1 percent when compared to January of 2016.

Each individual county’s sales comparisons are as follows:

• Lake: 10.1 percent above January 2016;
• Orange: 4.8 percent above January 2016;
• Osceola: 9.2 percent above January 2016; and
• Seminole: 6.8 percent below January 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.

THE ABOVE REPORT PROVIDED BY THE ORLANDO REGIONAL REALTOR® ASSOCIATION.

Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each office is independently owned and operated. Equal Housing Opportunity.

2017 Copyright Theresa M. Kraa, Realtor ®

December 2016 Orlando Housing Market Report

December 2016 Orlando Housing Market Report by ORRA

Orlando housing market ends 2016 with increases in cumulative median price and sales

Orlando’s 2016 annual median price ($200,000) is a healthy 12.0 percent higher than the 2015 annual median price ($178,500), thanks to another 12 months of year-over-year price increases. Sales for 2016 finished out at 35,780 and squeaks in at 1.8 percent above the cumulative sales total of 35,151 for 2015.

“The most notable trend we saw in 2016 was our consistently declining inventory, which posted year-over-year drops every single month,” says Orlando Regional REALTOR® Association President Bruce Elliott, Regal R.E. Professionals LLC. “Reduced inventory resulted in a year of fewer options for buyers and dampened sales, plus contributed to consistently rising prices.”

Editor’s Note: Additional 2016 cumulative statistics are included at the end of this release.

December 2016 Market Recap

The Orlando housing market experienced increases in both median price and sales in December, while the inventory of homes available for purchase continued its downward trend.

Orlando’s overall median home price (all home types combined) is $207,900, which is 12.4 percent above the December 2015 median price of $185,000. Year-over-year increases in median price have been recorded for the past 65 consecutive months; as of December 2016, the overall median is 80.0 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in December increased 10.7 percent over December 2015 and is now $227,000. The median price for condos increased 15.1 percent to $97,750.

Members of the Orlando Regional REALTOR Association participated in 2,948 sales of all home types combined in December, which is 11.7 percent more than the 2,639 sales in December 2015.

“In addition to the traditional December sales rush by those who wish to take advantage of the tax benefits of homeownership, the possibility of additional increases in mortgage interest rates is likely spurring buyers who want to lock in while they remain at historic lows,” says Elliott. “REALTOR® economists anticipate interest rates to continue rising and reach around the 4.5 percent mark by the end of 2017. Elevated sales is a trend that could persist into the usually slower spring months despite the challenge of Orlando’s limited inventory, especially within the lower-price categories.”

Sales of single-family homes (2,347) in December 2016 increased by 14.0 percent compared to December 2015, while condo sales (314) decreased 7.4 percent.

Sales of distressed homes (foreclosures and short sales) reached only 287 in December and is a full 50 percent less than in December 2015. Distress sales now make up less than 10 percent of all Orlando-area transactions.

The average interest rate paid by Orlando homebuyers in December was 4.32 percent, up from 3.82 percent the month prior.

The inventory of single-family homes available for purchase in December represents a decrease of 19.9 percent when compared to December 2015. There are 18.4 percent fewer condos available.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in December are down by 1.1 percent when compared to December of 2015.

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

•    Lake: 1.7 percent below December 2015;
•    Orange: 1.0 percent below December 2015;
•    Osceola: 4.4 percent above December 2015; and
•    Seminole: 5.2 percent below December 2015.

2016 Annual Market Recap
(cumulative 2016 totals compared to cumulative 2015 totals)

Median Price

•    The 2016 median price of $200,000 is an increase of 12.0 percent when compared to 2015’s median price of $178,500.
•    The annual median price of single-family homes increased 12.8 percent to $220,000 in 2016, while the median price of condos increased 7.3 percent to $95,000. The median for duplexes, town homes, and villas increased 10 percent.
•    The 2016 median price of normal homes increased 5 percent to $210,000. The short sales median price increased by 8.7 percent and the bank-owned median price increased by 8.0 percent.

Sales

•    Sales in 2016 were up by 1.8 percent over 2015. A total of 35,780 homes were sold in 2016 compared to 35,151 the previous year.
•    Sales of single-family homes increased 2.4 percent over 2015, while condo sales decreased 3.5 percent. Sales of duplexes, town homes, and villas increased 3.5 percent.
•    Normal sales increased by 21.1 percent in 2016. Foreclosure sales decreased 53.0 percent in 2016, and short sales decreased by 30.0 percent.
•    By year’s end in 2016, 43,009 homes were sold in the Orlando MSA whereas 43,130 homes had been sold by year’s end in 2015, for a 0.3 percent decrease.

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.

 

THE ABOVE REPORT PROVIDED BY THE ORLANDO REGIONAL REALTOR® ASSOCIATION.

 

Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each office is independently owned and operated. Equal Housing Opportunity.

2017 Copyright Theresa M. Kraa, Realtor ®

Orlando Housing Market Report – June 2016

Housing Market Report for June 2016

For those that love market data, click on the links below for the Weekly Reports from the Orlando Regional Realtors Association.

Week of May 29th, 2016

Week of June 5th, 2016

Week of June 12th, 2016

Week of June 19th, 2016 -Unavailable at this time

Week of June 26th, 2016

All information resourced from ORRA, the Orlando Regional Realtor Association.

 

Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each office is independently owned and operated. Equal Housing Opportunity.

2016 Copyright Theresa M. Kraa, Realtor ®

Orlando Housing Market Report – May 2016

Housing Market Report for May 2016

For those that love market data, click on the links below for the Weekly Reports from the Orlando Regional Realtors Association.

Week of May 1st, 2016

Week of May 8th, 2016

Week of May 15th, 2016

Week of May 22nd, 2016

All information resourced from ORRA, the Orlando Regional Realtor Association.

Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each office is independently owned and operated. Equal Housing Opportunity.

2016 Copyright Theresa M. Kraa, Realtor ®

Why are we near 2008 Sales Prices for Orange County Florida?

So the question is, “Why are we near 2008 Sales Prices for homes in Orange County Florida?”

The simple answer…the demand is higher than the supply. For the first time since August 2008, the median price of Orlando-area homes has crossed the $200,000 mark, the Orlando Regional Realtor Association reports.town-home-327839_1920 SOLD

The median price of Orlando homes sold during the month of May 2016 — $203,000 — increased more than 12 percent compared to May 2015’s $181,000. Month-over-month, the median price is up 5.73 percent compared to the April median of $192,000 and has now experienced year-over-year increases for the past 58 consecutive months.

The current inventory combined with the current pace of sales created a 3.17-month supply of homes in Orlando for May. There was a 3.79-month supply in May 2015 and a 3.29-month supply last month. This supply is truly not enough to keep up with the demand of the buyers in this market.

Here’s a look at how May sales did county by county:

  • Lake: 7.46 percent above May 2015
  • Orange: 4.13 percent above May 2015
  • Osceola: 6.38 percent above May 2015
  • Seminole: 8.4 percent above May 2015

Monthly Housing Statistics for Florida Counties June 2016

“Orlando’s inventory of available homes is 11 percent below where it was this time last year and continues to impact both sales and price,” said ORRA President John Lazenby. “Regardless, we are seeing a small trend of increasing sales that illustrates buyer enthusiasm for our current historically low interest rates and steadily rising values.”

Also reported by the Florida Realtors Association, the same goes for the entire state of Florida.

When you examine the current mortgage rates available in the low 3% range, it is no wonder our real estate market in Central Florida and specifically in Orange County is so hot right now. This is great for buyers who are qualified for these great rates! So if you are a homeowner who is considering listing their home for sale, you should seriously review what it could sell for with a Realtor. We can guide you as to what your neighborhood and home type would dictate for a listing price for your home. Contact Me Today to start the discuss of listing your home for sale!

Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each office is independently owned and operated. Equal Housing Opportunity.

2016 Copyright Theresa M. Kraa, Realtor ®

Orlando Housing Market Report – April 2016

Housing Market Report for April 2016

 

For those that love market data, click on the links below for the Weekly Reports from the Orlando Regional Realtors Association.

Week of April 3rd, 2016

Week of April 10th, 2016

Week of April 17th, 2016

Week of April 24th, 2016

All information resourced from ORRA, the Orlando Regional Realtor Association.

Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each office is independently owned and operated. Equal Housing Opportunity.

2016 Copyright Theresa M. Kraa, Realtor ®

Orlando Housing Market Report – March 2016

Housing Market Report for March 2016

For those that love market data, click on the links below for the Weekly Reports from the Orlando Regional Realtors Association.

Week of March 6th, 2016

Week of March 13th, 2016

Week of March 20th, 2016

Week of March 27th, 2016

All information resourced from ORRA, the Orlando Regional Realtor Association.

 

 

Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each office is independently owned and operated. Equal Housing Opportunity.

2016 Copyright Theresa M. Kraa, Realtor ®

 

Orlando Housing Market Report – February 2016

Housing Market Report for February 2016

For those that love market data, click on the links below for the Weekly Reports from the Orlando Regional Realtors Association.

Week of January 31st, 2016

Week of February 7th, 2016

Week of February 14th, 2016

Week of February 21st, 2016

Week of February 28th, 2016

All information resourced from ORRA, the Orlando Regional Realtor Association.

 

Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each office is independently owned and operated. Equal Housing Opportunity.

2016 Copyright Theresa M. Kraa, Realtor ®

Orlando Housing Market Report – January 2016

Housing Market Report for January 2016 - 550

For those that love market data, click on the links below for the Weekly Reports from the Orlando Regional Realtors Association.

Week of January 3rd, 2016

Week of January 10th, 2016

Week of January 17th, 2016

Week of January 24th, 2016

All information resourced from ORRA, the Orlando Regional Realtor Association.

Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each office is independently owned and operated. Equal Housing Opportunity.

2016 Copyright Theresa M. Kraa, Realtor ®