Orlando MSA Residential Real Estate - November Market Update
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 November, 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.
Orlando median home prices rose 9% in November of 2016 compared to November of 2015 - the result, in part, to declining inventory (12.4% Y.O.Y.) and increased buyer demand. Housing inventory in Orlando has declined year over year for 17 straight months now, which continues to drive values upward.
Here is a look at the average sales price over the last 5 years. The current 2016 average sale price is $234,473. Compare that to 2011 sales price of $143,544 and we're up a total of 63% or approximately 12.7% annually since 2011.
Homes of all types spent an average of 66 days on the market before coming under contract in November 2016. That number was 68 days in November of 2015. Our team's current average for 2016 is 19.8 days! (Ask us about our 2017 Guaranteed Sales Program if you're considering selling soon)
The original asking price compared to sales price ratio for November 2016 was 96.93%. That number was 97% for November of 2015. Our team's current average is 98%!
The average sales price increased from $215,435 in November of 2015 to $238,531 in November of 2016 for an increase of 10.7%.
In November, we had 9,270 homes available for sale of all types in the Orlando MSA which is 12.4% lower than last November. That number is still decreasing even as we continue into the Winter months. Keep an eye out for our December report to see where it trends. Current inventory combined with the current pace of sales created a 3.74 month supply of homes in Orlando for November so we are still slightly in favor of a seller's market. There was a 4.86 month supply in November of 2015 and 3.71 month supply last month.
AFFORDABILITY & MORTGAGE RATES
According to ORRA, the November affordability index is at 160.37 which means that Buyers who earn the reported median income of $57,494 can qualify to purchase one of 3,540 homes in Orange and Seminole counties currently listed in the local multiple listing service for $320,737 or less.
First-time homebuyer affordability in November decreased to 114.04 from last month’s 114.55. First-time buyers who earn the reported median income of $39,096 can qualify to purchase one of the 1,593 homes in Orange and Seminole counties currently listed in the local multiple listing service for $193,868 or less.
For a hassle free way to find out what is selling in your neighborhood as soon as the sale closes then feel free to call Christina at 407-340-1308 or Tonio at 407-497-5705.
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!