Orlando Median Home Price Up 1.6 Percent to $162,387 for April 2014

Orlando Median Home Price Up 1.6 Percent to $162,387 for April 2014
Orlando’s Median Home Price was up in April for the fourth straight month. Now at $162,387 the Orlando Median Home Price has gained 11.07 percent since January when the median home price was to $146,200. Inventories of unsold homes were up again for the eleventh month to 12,471 units. This steady rise in inventory marks a 57.3 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 in inventory will exert downward pressure on home prices, although inflation may help keep things balanced out.

Let’s take a look and see what else is happening in the Orlando real estate market.

Orlando Median Home Price for April 2014—$162,387
Orlando’s median home price was up 1.6 percent in April to $162,397. Orlando’s median home price has increased 11.07 percent so far this year. In 2013 home prices increased 21.7 percent, improving home seller’s equity position greatly over the year. Since January of 2012 when Orlando’s median home price was only $109,900, home prices have risen 47.8% here in Orlando Florida. What does the future hold for Orlando’s ever changing housing market?

Orlando Active Homes for Sale Listings (Inventory of Unsold Homes)—12,471 unitsIn April, the number of homes for sale in the Orlando area increased by 324 units for a total of 12,471 units.  In April 2013 there were 8,218 homes for sale in Orlando, which means there has been a 51.8 percent increase in the number of homes for sale in the past 12 months.  This increase in inventory marks the eleventh straight monthly increase which is a concern since we are nearing a statistically balanced market of five to six months’ 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 (homes under contract)—8,454 units
There were 8,454 Pending Home Sales (homes under contract) in Orlando for April 2014.  Last April there were 10,226 homes under contract, which means there are 18.3 percent fewer homes under contract this year.  This decline in pending home sales indicates that fewer homebuyers are submitting purchase offers, which is a negative indicator for sellers and the market.

 

Homes Sold—3,024 units
In April, 3,024 homes sold and closed in the Orlando MSA.  Last April, 3,254 homes sold and closed, which means there was a 7.1 percent decline in the number of closings this year.

Orlando Months Supply of Inventory (MOI)—3.89 MOI
The Months’ Supply of Inventory (MOI) was down for April to 3.89 MOI.  This reduction in the months of supply of unsold homes favors homes sellers.  Experts point to a five to six-month supply (MOI) of homes for sale as a balanced market.  At 3.89 MOI, Orlando is a seller’s market.

Orlando Real Estate Market Summary—April 2014
Since May 2013, the Orlando real estate market has added 4,361 homes to its growing inventory of unsold homes. This 49.8% increase in inventory will have an effect on Orlando’s real estate market going forward. Since pending home sales are down as well, we must acknowledge that homebuyer enthusiasm has declined since the highs of May 2013. At this time, I do not see any one specific reason for the pullback, although mortgage interest rates are slightly higher, now at 4.40%.

Since Orlando’s real estate market has been heavily weighted towards home sellers for some time, the increase in inventory of homes for sale will give frustrated homebuyers an opportunity to locate and secure a suitable home. For months, homebuyers have faced fierce competition and competing purchase offers. Now, with the market trending towards a statistically balanced market of 5 to 6 months, homebuyers may finally be able to purchase their dream home before the next home buying craze hits Orlando.

Communities in Focus:

April 2014 Active Listings Pendings Properties Sold Median Home Price Months Suppy Active vs Last Month
             
ORLANDO MSA 12,471 8,454 3,204 $162,387 3.89 324
Short Sales 1,186 3,339 297 $133,000 3.99 28
Foreclosures 1,684 1,555 718 $117,500 2.35 -2
CITIES AND TOWNS            
Altamonte Springs 276 179 90 $100,500 3.07 -8
Apopka 421 276 105 $160,000 4.01 31
Casselberry 120 109 52 $151,000 2.31 6
Celebration 107 49 24 $410,750 4.46 3
Clermont 614 292 152 $171,000 4.04 4
Davenport 650 284 138 $142,210 4.71 -3
Kissimmee 1,485 987 362 $138,500 4.10 45
Lake Mary 206 129 50 $227,696 4.12 12
Longwood 254 188 73 $239,500 3.48 6
Maitland 123 55 36 $189,500 3.42 -6
Montverde 39 9 5 $145,000 7.80 -1
Mount Dora 223 103 50 $151,000 4.46 -24
Ocoee 167 129 44 $174,500 3.80 30
Orlando 3,867 2,569 1,065 $157,500 3.63 205
Oviedo 210 154 94 $228,500 2.23 19
Sanford 398 239 119 $127,500 3.34 28
Sorrento 69 44 17 $147,000 4.06 6
St. Cloud 417 306 123 $150,000 3.39 -8
Windermere 381 148 65 $399,995 5.86 22
Winter Garden 232 185 71 $226,840 3.27 -16
Winter Park 440 220 117 $191,500 3.76 -12
Winter Springs 180 159 75 $179,000 2.40 -14
COMMUNITIES            
Avalon Park 151 114 46 $211,500 3.28 21
Baldwin Park 66 31 18 $427,500 3.67 9
College Park 111 44 23 $207,000 4.83 3
Conway Area 79 64 19 $195,000 4.16 -12
Downtown Orlando 90 54 24 $290,750 3.75 -17
Dr Phillips Area 225 123 55 $395,750 4.09 24
Heathrow 40 28 15 $315,000 2.67 -5
Hunter's Creek 92 88 34 $230,000 2.71 2
Isleworth 32 1 3 $3,250,000 10.67 4
Keene's Pointe 61 15 7 $1,089,000 8.71 7
Lake Nona 236 82 41 $285,000 5.76 20
Metrowest 109 67 26 $127,750 4.19 5
Waterford Lakes 85 54 21 $250,000 4.05 4
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