Orlando Median Home Price Up to $169,999 for December 2014

Orlando median home price | statistics chart 2014

 

Orlando Median Home Price Up Again for December 2014​
Orlando’s median home price has risen for two straight months, while inventory of unsold homes dipped to 13,623 units. This decline in inventory is the second monthly decline after sixteen months of inventory gains. With inventory now at 13,623, a 3.86 month supply of unsold homes, Orlando’s real estate market has swung back to a buyer’s market.

Let’s dig into the numbers and see what else is happening in the Orlando real estate market.

 

Orlando Median Home Price for December 2014 — $169,999
Orlando’s median home price was up in December for a second straight. Now at $169,999, Orlando’s median home price has increased 16.3 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 54.7 percent here in Orlando Florida. The median home prices for the last three months are:

  2014 2013
December $169,999 $157,000
November $165,000 $154,900
October $160,000 $155,000

 

Orlando inventory of unsold home sales | statistics chart 2014

Orlando Active Homes for Sale Listings (Inventory of Unsold Homes) — 13,623 units
In December the number of homes for sale in Orlando decreased by 479 properties for a total of 13,623 units. Last year in December 2013 there were 11,361 homes for sale in the Orlando MSA, which means there has been a 19.9 percent increase in the number of homes for sale listings in the past 12 months.

 

Orlando pending home sales | statistics chart 2014

Orlando Pending Home Sales (homes under contract) — 5,664 units
There were 5,664 Pending Home Sales (homes under contract) in the Orlando MSA for December 2014. This marks an 18.3 percent drop in the homes under contract, compared to last year’s 6,936 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) — 3,533 units
In December 3,533 homes sold and closed in the Orlando MSA.  Last December 2,920 homes sold and closed, which means there was an 21 percent increase in the number of homes that sold and closed (closings) this year compared to last. This increase in home sales is a great sign for the market, although we must keep watch on the decline in pending home sales. Fewer pending home this month means fewer home closings in the near future. We will be closely watching the pending home sales and home closing going forward.

 

Orlando Months Supply of Inventory (MOI) — 3.86 MOI
The Months’ Supply of Inventory (MOI) was down for December to 3.86 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 3.86 MOI, Orlando has swung back to a seller's market, although recent trends favor home buyers. Last December there was 3.89 MOI.

 

Orlando Real Estate Market Summary — December 2014​
Since May 2013 the Orlando real estate market has added 3,589 homes to its growing inventory of unsold homes. This 44.3 percent increase in inventory will affect Orlando’s real estate market going forward. Interest rates are still extremely low at 3.87% for a 30 year fixed-rate mortgage, so there is no buyer deterrent there. Fortunately the number of homes that sold and closed in December was up sharply, 21 percent, over December 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 3.86 MOI the market has reached a statistical seller's market again. The substantial increase in the number of homes that sold and closed over the past four months has turned the market once again. If the increases in closings continue homebuyers may face more competition for homes. Are we seeing the signs of another wild buying boom? We should know more in the next few months. 

 

Communities in Focus:

December 2014 Active Listings Pendings Properties Sold Median Home Price Months Suppy Active vs Last Month
             
ORLANDO MSA 13,623 5,664 3,533 $169,999 3.86 -479
Short Sales 928 1,824 186 $140,000 4.99 -93
Foreclosures 2,070 1,497 941 $122,000 2.20 35
CITIES AND TOWNS            
Altamonte Springs 262 128 86 $100,000 3.05 -9
Apopka 448 242 149 $170,000 3.01 -53
Casselberry 136 85 50 $141,000 2.72 -15
Celebration 159 27 30 $307,600 5.30 -10
Clermont 604 206 176 $190,000 3.43 -33
Davenport 771 256 133 $151,000 5.80 15
Kissimmee 1,786 734 406 $145,000 4.40 -42
Lake Mary 228 115 57 $199,900 4.00 -21
Longwood 299 125 76 $215,000 3.93 -8
Maitland 145 43 39 $250,000 3.72 -10
Montverde 50 3 4 $308,950 12.50 4
Mount Dora 229 45 48 $155,000 4.77 -6
Ocoee 157 125 60 $180,095 2.62 -31
Orlando 4,211 2,100 1,227 $162,000 3.43 -145
Oviedo 244 106 72 $200,500 3.39 17
Sanford 404 160 103 $135,000 3.92 -22
Sorrento 84 25 12 $210,000 7.00 -7
St. Cloud 469 207 120 $160,000 3.91 -28
Windermere 415 91 68 $365,000 6.10 -14
Winter Garden 338 145 116 $282,400 2.91 -7
Winter Park 383 156 117 $190,000 3.27 -22
Winter Springs 192 132 73 $200,000 2.63 -30
COMMUNITIES            
Avalon Park 156 77 53 $194,900 2.94 -24
Baldwin Park 55 15 7 $375,000 7.86 -13
College Park 94 31 27 $270,000 3.48 -13
Conway Area 76 38 34 $219,900 2.24 -9
Downtown Orlando 104 21 17 $224,000 6.12 3
Dr Phillips Area 270 95 71 $325,000 3.80 -30
Heathrow 45 19 8 $340,000 5.63 -6
Hunter's Creek 109 65 40 $190,000 2.73 7
Isleworth 35 2 0 na   -1
Keene's Pointe 51 12 9 $721,000 5.67 -1
Lake Nona 273 74 50 $286,000 5.46 2
Metrowest 111 55 16 $149,799 6.94 -15
Waterford Lakes 81 24 27 $224,500 3.00 5

 

 

 

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