Orlando Median Home Prices Continue Growth in October

Orlando Median Home Prices Continue Growth in October

Kevin Johnson Market Trends Leave a Comment

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For the 51st consecutive month, the median home prices climbed in October 2015 despite a 3% drop in completed sales year over year. The median home sale price in October 2015 for the metro Orlando area was$180,000 which is a 12.5% increase over 2014 and slightly down from September’s $182,500. Looking at the median home price by sale type, we find that normal sales and foreclosure sales increased 5.95% and 7.79% respectively; the median price for short sales decreased 4.14%.

Condo Forecast: Partly Cloudy with Increasing Sunshine!

The October growth was particularly bright for condo owners. The median price for condos increased by 20.67% with single family homes increasing 11.43%. The growth for condos is only expected to continue with the recent announcement from HUD that they are relaxing the guidelines for condo purchases through the popular FHA loan program. “The relaxing of the FHA guidelines by HUD will help thousands of Floridians realize the dream of homeownership over the coming months and years,” said Kevin Boudreaux, a team leader with CHASE Team Realty in Orlando, Florida. “Many first time homebuyers can not afford the purchase price along with the cost of ownership for a single family home. With the easing of the guidelines for condos, lower priced ownership will be available for this fast growing demographic.”

2,800 Completed Home Sales in October 2015

The Orlando Regional REALTOR® Association (ORRA) reports that its members closed 2,800 sales in October 2015, a decrease of 3.05% from the prior year. The decrease in sales was led by distressed inventory. Short sales decreased 34.39% year-over-year and foreclosure sales decreased 30.71%. The news is much better when it comes to traditional sales which increased 10.71% year-over-year.

2,800 Completed Home Sales in October 2015

Single family inventory (homes available for sale) has been on a four-month decline and that continued in October. The number of homes available for sale decreased 8.76% from the prior year and now rests at 11,411 properties for sale. The inventory of single family homes was down 9.6% year-over-year while condo inventory is down 6.61%.

Home Sales County-by-County:

  • Lake: 3.44 percent above October 2014;
  • Orange: 6.65 percent below October 2014;
  • Osceola: 6.84 percent below October 2014; and
  • Seminole: 8.27 percent below October 2014.

 


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.

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