The July 2015 Orlando home sales numbers are out from the Orlando Regional REALTOR® Association and the news is great! Closings of existing sales in July 2015 were up over 33% while the median sales price rose for the 48th consecutive month to $183,875, an increase of 7.56% over July 2014. The increase in the median home sale price for Orlando carried across multiple sale types with foreclosures up 13.30% and traditional sales up 1.25%. Single-family homes saw the greatest gain year over year at 5.26% with condos seeing an impressive 10.31% increase.
Completed Orlando Home Sales Increase
The Orlando Regional REALTOR® Association reported that it’s members participated in 3,388 home sales with a closing date in July 2015. This marks a 33.28% increase when compared to July 2014 and is slightly lower than June 2015 when Orlando set an all-time record.
July 2015 also marked the first time that Orlando saw a year-over-year decline in inventory in both overall inventory and single-family homes. Overall inventory is down 2% year-over-year and the inventory of single-family homes is down 4% according to ORRA. “Low inventory levels is putting the seller in the drivers seat and will continue to help home prices rise. With more qualified buyers looking for homes than homes for sale, buyers need to have patience at the ready when putting in offers,” says Kevin Johnson, Broker/Owner of OneBlue Real Estate.
Orlando’s traditional sales saw an impressive increase of 51.48% year-over-year while short sales decreased by 40.37%. Foreclosure sales also saw an increase of 10.22% year-over-year.
A Deeper Dive into Orlando’s Inventory
The number of existing homes available for sale in July was 11,819, which is down 2.27% from July of 2014 and decreased by 239-homes from June 2015. When broken out by type of property, single-family home inventory is down 4.41% year-over-year with condo inventory increasing by 3.37% as more condo owners are getting above water. The inventory of other home types including duplexes, town homes and villas is also up 8.75% year-over-year.
According to ORRA, Orlando’s affordability index for July 2015 was 169.23 which is a decrease of 0.98% from June 2015. This means that buyers who earn the median income of $56,582 can qualify over 5,500-homes in Orange and Seminole counties that are listed on the MLS for $309,386 or less.
The affordability index for first-time homebuyers also saw a decrease from June to 119.65%. First-time buyers who earning a median income of $38,476 can qualify to purchase one of nearly 3,000 homes in Orange and Seminole counties currently listed in the MLS for $187,006 or less.
Sales by County:
• Lake: 24.26 percent above July 2014;
• Orange: 11.39 percent above July 2014;
• Osceola: 14.72 percent above July 2014; and
• Seminole: 23.11 percent above July 2014.
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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.
See the original article here: http://www.orlandorealtors.org/news/245735/July2015StatsReleaseHeadline.htm