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 ®

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 ®

What is AIMI? How will this help me as a Multi-Family Investor in Orlando?

AIMI, Orlando 2015 4th Quarter Apartment Investment Market Index Analysis

What is AIMI? AIMI is a Market Index Analysis tool released by Freddie Mac that estimates how the multifamily investment environment changes over time nationally and in select metros. Updated quarterly, the Index combines three market factors to present a value that can be compared to prior time periods. Together with our analysis, AIMI offers investors a unique insight into understanding the investment conditions for multifamily properties.

The three variables used to determine AIMI are:

  1. Multifamily mortgage rates
  2. Growth rates in multifamily property prices
  3. Growth rates in multifamily rental income

As reported below within the video from the Freddie Mac/Multi-Family website, “It is important that investors and other industry stakeholders stay on top of the shifting multifamily investment environment with the latest trend analysis and market insight that AIMI provides,” said Steven Guggenmos, vice president of Freddie Mac Multifamily Research and Modeling.

Guggenmos also added, “Together with our internal analysis, AIMI offers investors a unique insight into understanding the multifamily investment landscape. AIMI gives investors an opportunity to combine a few of the market drivers and track trends.”

When comparing AIMI’s values over two quarters for a specific metro, an increase implies the value of investing was more favorable, while a decrease implies a less favorable investment. Take a moment to review the report for the 4th quarter of 2015 for the Orlando, Florida market. In my observation, I thought it was very interesting that Freddie Mac chose Orlando as one of the markets that they analyze for AIMI, over other prominent multi-family markets such as Miami or Jacksonville in Florida.

The 13 metro areas AIMI tracks are: Atlanta, Austin, Chicago, Dallas, District of Columbia, Houston, Los Angeles, New York, Orlando, Philadelphia, Phoenix, San Francisco and Seattle.

Also, take a moment to view the video below the AIMI image for Freddie Mac’s Multi-Family Housing Outlook for 2016. In this outlook they do mention Jacksonville but as a city to watch for elevated vacancy rates, which will affect this market heavily in the coming year. Depending upon your investment strategy, vacancy rates may not be your top concern over a obtaining a well-priced property due to a distressed situation of vacancy. This is what makes the AIMI report interesting to study as it offers a different view for each investor based on their strategy and focus when reviewing a multi-family property for sale.

As you review the AIMI report for Orlando, you will notice the assessment given by Freddie Mac as this market being a little volatile due to the increase in property value exceeding the growth in net operating income (NOI). This results in investors having to pay a higher price for their return. For those investors who are studying the Orlando market knows that multi-family construction of apartments and town homes, not condominiums, has increased tremendously over the past few years and is not slowing down in 2016. So, this begs the question, how does AIMI help you as an investor? History and data provided by Freddie Mac will aid you in determining your next move in this market, whether you purchase or build multi-family properties in this area or any other market that they are researching.

Will you, as an investor, watch these reports to gauge your next move? Let me know in the comments. I, as a Realtor will be studying these quarterly reports and will post them here as they become available. I view this as a very valuable tool that I will use to aid my clients in understanding our ever changing market to ensure their continued success.

 

AIMI 2015 Q4

 

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 ®

Orlando Housing Market Report – December 2015

 

Click here to review the Housing Trends Summary for 2015 at a glance.

 

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

Week of November 29th, 2015

Week of December 6th, 2015

Week of December 13th, 2015

Week of December 20th, 2015

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 ®