Housing Market John E. Lazenby, ABR, AHWD, CIPS, GKC Colony Realty - - PowerPoint PPT Presentation
The Orlando Housing Market John E. Lazenby, ABR, AHWD, CIPS, GKC Colony Realty Group, Inc. 2016 ORRA President Orlando Annual Home Sales Annual home sales have more than doubled since the low of 2008 Annual Home Sales 35,151 28,765 30,712
John E. Lazenby, ABR, AHWD, CIPS, GKC Colony Realty Group, Inc. 2016 ORRA President
Annual Home Sales
Annual home sales have more than doubled since the low of 2008 16,744 14,880 23,921 28,701 27,791 28,765 30,712 30,369 35,151
2007 2008 2009 2010 2011 2012 2013 2014 2015
October Median Price
October’s median price has increased by 95 percent since October 2010 $235,000 $175,650 $130,000 $105,000 $112,500 $122,500 $154,000 $160,000 $179,900 $205,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
October Home Sales by Price Range
36 percent of homes sold in October were priced $100,000 to $199,999 314 969 793 306 141 40 38 12 13 2 36
October Home Inventory
October inventory decreased 62 percent since October 2007 26,330 24,657 15,743 15,441 9,973 8,094 9,470 12,507 11,411 10,025
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
October Months of Inventory
5-7 months of inventory is generally considered a “balanced market” 24.16 20.08 6.79 7.91 4.64 3.13 3.97 4.33 3.97 3.76
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
October Days on Market
Homes are going under contract in approximately 2 months 111 110 92 91 106 79 64 72 71 61
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
October Pending Home Sales
October’s pending home sales have decreased almost 49 percent since October 2012 1,923 3,316 9,050 8,817 8,937 9,252 7,099 6,384 5,281 4,719
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
October Average Interest Rate
Interest rates have returned to levels seen in 2012 and remain low 6.21% 6.30% 5.02% 4.28% 4.21% 3.49% 4.28% 4.05% 3.86% 3.57%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Short Sales: 2.82%
October 2015: 3.86%
Normal Sales: 88.10%
October 2015: 76.61%
Foreclosures: 9.08%
October 2015: 19.53%
Normal sales made up 88 percent of all home sales in October 2016
October Median Price by Sales Type
Sales of all types have seen mixed median price changes $124,360 $145,450 $125,000 $150,000 $195,750 $212,000
2015 2016
Foreclosure Short Sale Normal
Sales in 2016 (YTD)
All zip code reports available at www.orlandorealtors.org.
Total Units Sold 17,733 Total Sales Volume $4,550,069,763 Average Sales Price $256,588 Average Cost Per Square Foot $132.37
Sales in 2016 (YTD)
All zip code reports available at www.orlandorealtors.org.
Total Units Sold 7,191 Total Sales Volume $1,606,595,367 Average Sales Price $223,418 Average Cost Per Square Foot $114.02
Sales in 2016 (YTD)
All zip code reports available at www.orlandorealtors.org.
Total Units Sold 5,658 Total Sales Volume $1,128,635,860 Average Sales Price $199,476 Average Cost Per Square Foot $106.72
Sales in 2016 (YTD)
All zip code reports available at www.orlandorealtors.org.
Total Units Sold 5,719 Total Sales Volume $1,109,462,478 Average Sales Price $193,996 Average Cost Per Square Foot $102.66
Tough credit standards
required and the credit worthiness of the borrower can make it difficult to secure a loan.
a substantial down payment. A real crunch may come if rates rise and credit standards also remain high.
flooded with cash after selling their homes elsewhere.
market.
Active listings under $200,000 in October 2016: 2,973
to $299K price range numbered 2,968 in 1Q16, up 37.6% from 2,157 in 1Q15, while starts in the $150K to $199K and below $150K price ranges continued to decline to 713 and 25, respectively.
first home.