Orlando Median Home Price Down to $166,000, More Homes Sold in September 2014

Orlando median home price | statistics chart 2014

Orlando Median Home Price Down — More Homes Sold in September 2014
After eighth straight months of price increases, Orlando’s Median Home Price was down in September to $166,000. Inventory of Unsold Homes was up slightly from 13,898 units last month to 14,069 for September. This rise in inventory marks a 77.5 percent increase in inventory since the lows of March of 2013 when inventory was at a multiyear low of 7,928 units. This continuous increase of inventory will exert downward pressure on home prices, although inflation may help keep things balanced out. Mortgage rates were up slightly to 4.20 percent for a 30 year fixed rate mortgage. 

On a positive note for home sellers, the number of homes that sold and closed this month was up by 20.7 percent over this time last year. Let’s dig into the numbers and see what else is happening in the Orlando real estate market.

Orlando Median Home Price for September 2014 — $166,000
Orlando’s median home price was down for September after being up for the eighth straight month. Now at $166,000, Orlando’s median home price has increased 13.5 percent so far this year. In 2013 home prices increased 21.7 percent over the year. Since January of 2012 when Orlando’s median home price was only $109,900, home prices have risen 51.1% here in Orlando Florida. The median home prices for the last three months were:

  2014 2013
September $166,000 $155,000
August $169,900 $153,000
July $169,000 $155,470

Orlando inventory of unsold home sales | statistics chart 2014

Orlando Active Homes for Sale Listings (Inventory of Unsold Homes) — 14,069 units
In September, the number of homes for sale in Orlando increased by 80 properties for a total of 14,069 units. Last year in September 2013, there were 10,399 homes for sale in Orlando, which means there has been a 35.3 percent increase in the number of homes for sale listings in the past 12 months. This increase in inventory marks the sixteenth straight monthly increase which is worth noting since we are nearing a statistically balanced market of a five to six month supply.  If we shoot past a balanced market, home prices could suffer. Expect pressure on home prices if inventory levels continue to rise.

Orlando pending home sales | statistics chart 2014

Orlando Pending Home Sales (homes under contract) — 7,219 units
There were 7,219 Pending Home Sales (homes under contract) in the Orlando MSA for September. This marks a 12.8 percent drop in the homes under contract when compared to last year’s 8,278 homes under contract. This decline in pending home sales shows that fewer homebuyers are submitting purchase offers, which is a negative indicator for home sellers and the market in general.

 

Orlando homes sold and closed | statistics chart 2014

Homes Sold (closings) — 3,324 units
In September, 3,324 homes sold and closed in the Orlando MSA.  Last September, 2,754 homes sold and closed which means there was a 20.7 percent increase in the number of homes that sold and closed (closings) this year compared to last. The increase is a great sign for the market, although we must keep a watch on the decline in pending home sales. Fewer pending home this month means fewer homes sold next month. We will be watching the Pending Home Sales and Homes Sold closely going forward.

Orlando Months Supply of Inventory (MOI) — 4.23 MOI
The Months’ Supply of Inventory (MOI) was down for September to 4.23 MOI. This decrease in the supply of unsold homes favors home sellers. Experts point to a five to six-month supply of homes for sale (MOI) as a balanced market. At 4.23 MOI, Orlando is still a seller’s market, but the recent trend favors home buyers.  Last year in September, there was 3.78 MOI.

Orlando Real Estate Market Summary — September 2014​
Since April 2013, the Orlando real estate market has added 5,959 homes to its growing inventory of unsold homes. This 73.5% increase in inventory will have an effect on Orlando’s real estate market going forward. Interest rates are still extremely low at 4.20% for a 30 year fixed-rate mortgage, so there is no buyer deterrent there. Fortunately, the number of homes that sold and closed in September was up sharply (20.7 percent) over September 2013.

Since Orlando’s real estate market has been heavily weighted towards home sellers for some time, the increase in Orlando’s homes for sale inventory will give frustrated homebuyers the opportunity to locate and secure suitable homes. For months, homebuyers have faced competition and competing purchase offers. Now at 4.23 MOI, the market is trending towards a statistically balanced market of 5 to 6 MOI. The substantial increase in the number of home that sold and closed this September is the number to watch going forward. If this increase in closings continues, homebuyers may face more competition for homes in the near future.

Communities in Focus:

September 2014 Active Listings Pendings Properties Sold Median Home Price Months Suppy Active vs Last Month
             
ORLANDO MSA 14,069 7,219 3,324 $166,000 4.23 80
Short Sales 1,060 2,269 248 $140,000 4.27 -70
Foreclosures 2,070 1,667 797 $118,500 2.60 51
CITIES AND TOWNS            
Altamonte Springs 302 169 93 $101,000 3.25 -1
Apopka 502 299 144 $170,000 3.49 9
Casselberry 137 113 53 $129,000 2.58 -12
Celebration 152 38 34 $349,000 4.47 0
Clermont 646 267 147 $194,000 4.39 -3
Davenport 711 300 119 $156,000 5.97 12
Kissimmee 1,759 947 367 $146,000 4.79 21
Lake Mary 248 137 80 $200,000 3.10 -8
Longwood 324 148 71 $199,000 4.56 9
Maitland 166 50 43 $212,000 3.86 3
Montverde 46 7 5 $143,000 9.20 2
Mount Dora 246 84 34 $164,000 7.24 11
Ocoee 182 159 60 $185,000 3.03 -2
Orlando 4,418 2,708 1,136 $163,500 3.89 3
Oviedo 238 154 77 $231,000 3.09 -12
Sanford 406 231 115 $138,000 3.53 -5
Sorrento 83 23 17 $163,000 4.88 6
St. Cloud 521 278 126 $145,000 4.13 8
Windermere 438 136 67 $368,000 6.54 -10
Winter Garden 336 162 99 $250,508 3.39 3
Winter Park 417 188 104 $195,000 4.01 23
Winter Springs 198 132 83 $180,500 2.39 -9
COMMUNITIES            
Avalon Park 190 99 55 $226,000 3.45 7
Baldwin Park 84 23 14 $390,000 6.00 0
College Park 120 50 26 $243,000 4.62 -11
Conway Area 102 44 21 $210,000 4.86 6
Downtown Orlando 99 34 27 $250,000 3.67 -3
Dr Phillips Area 300 95 49 $345,000 6.12 12
Heathrow 49 24 16 $337,500 3.06 -5
Hunter's Creek 117 79 31 $266,325 3.77 -2
Isleworth 32 3 1 $1,650,000 32.00 1
Keene's Pointe 54 18 11 $760,000 4.91 -3
Lake Nona 257 95 50 $255,000 5.14 -1
Metrowest 135 55 30 $119,900 4.50 4
Waterford Lakes 67 48 26 $218,000 2.58 -3
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