Welcome to the monthly housing update for the Orlando Market. Whether you are a buyer or seller, you will find this information helpful! This month, we feature the month of February 2017.
Price
*The median price of all existing homes combined sold in February 2017 — $205,000 — is a 10.8 percent increase from the $185,000 median price recorded in February 2016, and is 2.5 percent above the January 2017 median price of $199,900.
*The median price for “normal” existing homes sold in February is $212,000, an increase of 8.1 percent from the median price of “normal” existing homes in February 2016.
*The year-over-year median price for bank-owned sales increased by 17.8 percent in February while the median price for short sales decreased by 5.8 percent.
*The year-over-year median price for single-family homes increased by 12.0 percent, and the year-over-year median price for condos increased 20.9 percent.
*The overall average home price for February 2017 is $239,219 an increase of 9.9 percent over the average home price in February 2016.
Sales
*Orlando home sales (all home types and all sales types combined) in February 2017 were up 0.3 percent when compared to February of 2016 and up 9.5 percent compared to January 2017.
*Single-family sales decreased 0.9 percent year over year, while condo sales increased by 19.3 percent.
*Of the 2,423 sales in February, 2,190 normal sales accounted for 90.4 percent of all sales, while 182 bank-owned and 51 short sales respectively made up 7.5 percent and 2.1 percent.
*The number of normal sales in February increased by 17.2 percent compared to February 2016, while foreclosures decreased 59.7 percent and short-sales decreased 46.3 percent.
*The 5,849 pendings in February of this year are an increase of 7.8 percent compared to the 5,424 pendings in February of last year (and a 13.7 percent increase compared to the 5,145 pendings last month).
*Normal properties made up 81.1 percent of pendings in February, an increase of 36.8 percent. Short sales made up 12.4 percent of pendings (a decrease of 28.8 percent), and bank-owned properties accounted for 6.5 percent (a decrease of 59.5 percent).
*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in February are up by 0.7 percent when compared to February of 2016. Year to date, MSA sales are up 2.7 percent
Here is an image that summarizes the above information.
Orlando Housing Market
Each individual county’s sales comparisons are as follows:
• Lake: 2.8 percent below February 2016;
• Orange: 0.7 percent above February 2016;
• Osceola: 10.5 percent above February 2016; and
• Seminole: 5.1 percent below February 2016.
Source – Orlando Regional REALTOR® Association
