Orlando home buyers made sure that Summer 2015 went out like a lion! August home sales were up 22% across the metro area over August 2014. The demand from buyers combined with low inventory levels helps surge the median home price to highest month-over-month increase this year, 11%. This also marks the 49th consecutive month that the median home price has increased in the metro area.
August Closed Sales
The Orlando Regional REALTOR Association (ORRA) reported that it’s members were involved in the sale of 3,094 homes with an August 2015 closing date. This is an increase of 21.81 percent compared to August 2014 and a decrease of 13.24 percent from July 2015. The decrease from July is to be expected as the market slows down from the big annual summer surge.
The biggest winner in the home sales game was traditional sales which increased by an impressive 37.23 percent increase. Compared to the decreases in short sales and foreclosures at 38.02 percent and 0.75 percent respectively. “These numbers clearly show a housing market that has recovered from the wounds suffered during the recession. Growth forecasts for the metro area remain strong and now is the time to buy or sell a home before the Federal Reserve raises interests rates,” says Kevin Boudreaux, Team Leader at CHASE Team Realty in Celebration.
Single family homes sales dominated the market growth with an increase of 26.23 percent compared to 2014 while condo sales fell just under 1 percent year over year.
The average time on market for homes going pending in August 2015 was 69-days which is flat when compared to August 2014. The average home was sold for 97 percent of the list price of the home in August which is up from 96.86 percent in 2014.
Metro Orlando’s Available Inventory
The rising median home prices throughout the area are thanks in part to an ever shrinking number of homes available for sale. In August 2015, the number of available homes for sale was 10 percent lower than it was last year and is also lower than July 2015. When we dive into the numbers by home type, single family homes fell 13.29 percent year-over-year and condo inventory is down 0.83 percent. The inventory of duplexes and townhomes is also down, 4.67 percent.
- Lake: 1.88 percent above August 2014;
- Orange: 12.36 percent above August 2014;
- Osceola: 26.72 percent above August 2014; and
- Seminole: 8.97 percent above August 2014.
The following is the obligatory legal/disclaimer info.
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.