Orlando MSA Residential Real Estate Market Update - August 2016
What's up in the Orlando MSA Residential Real Estate Market?
The Orlando Regional Realtor's Association has released the most recent month's numbers for August, 2016. Read below to find out:
- How quick homes are selling.
- How close homes are selling to their asking prices.
- How the average sales price has changed over the last 5 years.
- How many homes are on the market.
- Inside look into the next 12 months and an opportunity to track your property value.
A continued decline in available inventory has sent Orlando MSA median home prices rising 14% in August of 2016 compared to August of 2015 - the result, in part, to yet another double digit decline in inventory. Here is a look at the average sales prices over the last 5 years.
The number of days homes are on the market remains low. The current average time on market before coming under contract in August was 56 days. Our team's current average for 2016 is 20.75 days!
The original asking price compared to sales price ratio for August 2016 was 97.35%. That number was 97.04% for August of 2015. Our last listing had 3 offers within 2 days of being on the market and we accepted a full price offer on the 4th day for $325,000!
The average sales price increased from $216,370 in August of 2015 to $238,630 in August of 2016 for an increase of 10.29%.
In August, we had 10,505 homes available for sale in the Orlando MSA. That number seems to be decreasing even as we roll into the fall months as lending rates are still low and new construction is not keeping pace. Keep an eye out for our September report to see where it trends. Current inventory combined with the current pace of sales created a 3.06 month supply of homes in Orlando for August so we are still in a seller's market.
AFFORDABILITY & MORTGAGE RATES
According to ORRA, the August affordability index is at 161.63% which means that Buyers who earn the reported median income of $57,323 can qualify to purchase one of 4,490 homes in Orange and Seminole counties currently listed in the local multiple listing service for $332,933 or less.
First-time homebuyer affordability in August decreased to 114.93% from last month’s 115.4%. First-time buyers who earn the reported median income of $38,980 can qualify to purchase one of the 2,157 homes in Orange and Seminole counties currently listed in the local multiple listing service for $201,239 or less.
For a hassle free way to stay up to date on what is selling in your neighborhood then feel free to call Christina at 407-340-1308 or Tonio at 407-497-5705 with the address of your home.
If you are currently renting, schedule a time to meet with us. We offer a free consultation that will help you determine if buying or renting is right for you.