Orlando MSA Residential Real Estate Market Update - September 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 September, 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 12% in September of 2016 compared to September of 2015 - the result, in part, to yet another decline in inventory. Housing inventory in Orlando has declined year over year for 15 straight months now, which is driving values upward and causing prospective buyers to either waver at the steeper home prices or become disheartened by the competition for the low number of available affordable listings.
Here is a look at the average sales prices over the last 5 years.
The number of days homes are on the market still remains low. The current average time on market before coming under contract in September was 60 days. Our team's current average for 2016 is 20.75 days!
The original asking price compared to sales price ratio for September 2016 was 97.06%. That number was 96.96% for September of 2015.
The average sales price increased from $218,529 in September of 2015 to $240,565 in September of 2016 for an increase of 10.08%.
In September, we had 10,362 homes available for sale of all types in the Orlando MSA. That number is still decreasing even as we roll into the fall months as lending rates remain at historical lows. Keep an eye out for our October report to see where it trends. Current inventory combined with the current pace of sales created a 3.35 month supply of homes in Orlando for September so we are still in a seller's market.
AFFORDABILITY & MORTGAGE RATES
According to ORRA, the September affordability index is at 161.74% which means that Buyers who earn the reported median income of $57,380 can qualify to purchase one of 4,357 homes in Orange and Seminole counties currently listed in the local multiple listing service for $331,570 or less.
First-time homebuyer affordability in September decreased to 115.02% from last month’s 115.49%. First-time buyers who earn the reported median income of $39,018 can qualify to purchase one of the 2,067 homes in Orange and Seminole counties currently listed in the local multiple listing service for $200,416 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!