The Central Florida real estate market is back!
*The median price of all existing homes combined sold in October 2014 — $160,000 — is a 3.90 percent increase from the $154,000 median price recorded in October 2013.
*The median price for “normal” existing homes sold in October is $185,000, an increase of 2.78 percent from the median price of “normal” existing homes in October 2013.
*The year-to-year median price for short sales increased by 10.81 percent in October, while the median price for bank-owned sales increased by 25.00 percent.
*The year-over-year median price for single-family homes increased by 3.41percent, and the year-over-year median price for condos decreased 0.13 percent.
*Orlando home sales (all home types and all sales types combined) in October 2014 were up 17.74 percent when compared to October of 2013 and down 1.34 compared to September 2014. Single-family sales increased 18.28 percent, while condo sales increased by 11.30 percent year to year.
*Of the 2,807 sales in October, 1,913 normal sales accounted for 68.15 percent of all sales, while 749 bank-owned and 145 short sales respectively made up 26.68 percent and 5.17 percent.
*The number of normal sales in October increased by 25.69 percent compared to October 2013, while foreclosures increased 51.93 percent and short-sales decreased 60.70 percent.
*The 6,385 pendings in October of this year is a decrease of 10.06 percent compared to the 7,099 pendings in October of last year (and a 1.11 percent increase compared to the 6,315 pendings last month).
*Short sales made up 31.81 percent of pendings in October, a decline of 45.55 percent from October of last year. Normal properties accounted for 40.94 percent (an increase of 13.80 percent) and bank-owned properties accounted for 27.25 percent (an increase of 62.31 percent).
*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in October were up by 16.95 percent when compared to October of 2013. Throughout the MSA, 3,394 homes were sold in October 2014 compared with 2,902 in October 2013. To date, MSA sales are down 0.15 percent.
Each individual county’s monthly sales comparisons are as follows:
Lake: 11.09 percent above October 2013;
• Orange: 17.42 percent above October 2013;
• Osceola: 15.68 percent above October 2013; and
• Seminole: 21.47 percent above October 2013
*There are currently 12,507 homes available for purchase through the MLS. The October 2014 overall inventory level is 32.07 percent higher than it was in October 2013; inventory is up 1.44 percent compared to September 2014.
*The inventory of normal sales increased 37.68 percent compared to October 2013, while foreclosure inventory is up 57.00 percent and short sale inventory is down 15.37 percent.
*Year-to-year single-family home inventory is up 32.30 percent; condo inventory is up 32.10 percent.
*The current pace of sales translates into 4.46 months of inventory supply.
*New contracts are down 14.84 percent compared to October of 2013. New listings are up 4.64 percent.
*The Orlando affordability index increased to 190.00 percent in October. First-time homebuyer affordability in October increased to 135.11 percent.
*Homes of all types spent an average of 72 days on the market (down from 70 days the month prior) before coming under contract in October 2014, and the average home sold for 96.31 percent of its listing price (down from 96.33 percent the month prior).
Homes across the Central Florida market are again affordable, interest rates are low, the job market has continued growth, and it is a great time to buy or sell real estate in the greater Orlando metro area! Weather the home you are looking for is new construction, single family, condo, townhome, villa, or a vacation home, this market offers a great opportunity to save money and start earning a return on your investment.
The JustInOrlandoReal Estate Team can help you navigate this market efficiently, cutting through the nuances of information that are changing everyday. We boil the buying and selling process down into understandable terms, and we won’t let you miss a step! You will save money and time when you work with our quality partners that you can trust, builders, mortgage lenders, insurance companies, title companies, home inspection companies, construction and repair companies, management agencies and more. We have invested and tested their operations, don’t guess, let our team help guide you through one of the largest financial transactions of your life.
We believe that this is one of the greatest opportunities we will ever see in Central Florida, Now is the time to buy your home and start building your real estate future.
Contact us today and let us show you our strategies
We look forward to helping you find your next home in Orlando and the surrounding areas including Altamonte Springs, Apopka, Avalon Park,Baldwin Park, Belle Isle, Casselberry, Clermont, College Park, Colonial Town, Daytona Beach, Deland, Downtown, Dr. Phillips, Fern Park, Hunters Creek, Lake Mary / Heathrow, Lake Nona, Longwood, Maitland, Metro West, Meadow Woods, Mount Dora, New Smyrna Beach, Ocoee, Oviedo, Port Orange, Sanford, Winter Garden, Winter Springs, Winter Park, Windermere, Waterford Lakes / UCF, and many other new and exciting communities.