Orlando MSA Residential Real Estate Market Update for June
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 June, 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 decline in available inventory has sent Orlando MSA median home prices rising 15% in June of 2016 compared to June in 2015 - the result, in part, to yet another double digit decline in inventory. Here is a look at the average prices over the last 5 years.
The number of days homes are on the market remains low. The current average time on market in June was 70 days. My current average to get under contract for 2016 is 22.5 days.
The original asking price compared to sales price ratio is currently 96.7%. We are seeing buyers compete with multiple offers to get most homes under $350,000.
The average sales price increased from $217,284 in June 2015 to $246,244 in June 2016 for an increase of 11.76%.
In June, we had 13,367 homes available for sale in the Orlando MSA. That number seems to be staying pretty constant even as we roll into the summer months. Keep an eye out for our July report to see where it leads. Current inventory combined with the current pace of sales created a 3.03 month supply of homes in Orlando for June so we are still leaning towards a seller's market.
AFFORDABILITY & MORTGAGE RATES
According to ORRA, the June affordability index is at 161.3% which means that Buyers who earn the reported median income of $57,209 can qualify to purchase one of 4,571 homes in Orange and Seminole counties currently listed in the local multiple listing service for $333,888 or less.
First-time homebuyer affordability in June increased a fraction to 114.70 percent from last month’s 114.46 percent. First-time buyers who earn the reported median income of $38,902 can qualify to purchase one of the 2,144 homes in Orange and Seminole counties currently listed in the local multiple listing service for $201,817 or less.
For a hassle free way to stay up to date on what is selling in our neighborhood then feel free to call Christina at 407-340-1308 with the address of your home.
If you are currently renting, schedule a time to meet with us. We offer free consultation that will help you determine if buying or renting is right for you. There are rent to own options available as well.