March 2018 Housing Market - Talking Points
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March 2018 Housing Market
Released April 16, 2018

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Price

*The median price of all existing homes combined sold in March 2018 — $230,000 — is a 5.5 percent increase from the $218,000 median price recorded in March 2017, and a 0.4 percent increase from the February 2018 median price of $229,000.

*The median price for “normal” existing homes sold in March is $232,000, an increase of 4.3 percent from the median price of “normal” existing homes in March 2017.

*The year-over-year median price for bank-owned sales increased by 11.3 percent in March while the median price for short sales increased by 2.6 percent.

*The year-over-year median price for single-family homes increased by 6.4 percent, and the year-over-year median price for condos increased 19.4 percent.

Sales

*Orlando home sales (all home types and all sales types combined) in March 2018 were up 0.9 percent when compared to March of 2017 and up 38.2 percent compared to February 2018.

*Single-family sales decreased 0.4 percent year over year, while condo sales increased by 3.2 percent.

*Of the 3,508 sales in March, 3,393 normal sales accounted for 96.7 percent of all sales, while 85 bank-owned and 30 short sales respectively made up 2.4 percent and 0.9 percent.

*The number of normal sales in March increased by 5.9 percent compared to March 2017, while foreclosures decreased 57.5 percent and short-sales decreased 58.3 percent.

*The 5,724 pendings in March of this year are a decrease of 6.6 percent compared to the 6,125 pendings in March of last year (and a 3.64 percent increase compared to the 5,523 pendings last month).

*Normal properties made up 89.9 percent of pendings in March, an increase of 2.8 percent. Short sales made up 7.0 percent of pendings (a decrease of 43.8 percent), and bank-owned properties accounted for 3.1 percent (a decrease of 56.7 percent).

*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in March were down y 1.9 percent when compared to March of 2

017. Year to date, MSA sales are down 0.4 percent.Each individual county’s sales comparisons are as follows:

*Lake: 4.4 percent below March 2017;
*Orange: 2.9 percent below March 2017;
*Osceola: 5.9 percent above March 2017; and
*Seminole: 3.7 percent below March 2017.

Inventory

*There are currently 7,710 homes available for purchase through the MLS. The March 2018 overall inventory level is 9.7 percent lower than it was in March 2017.

*Overall inventory is up 0.1 percent compared to last month.

*The inventory of normal properties decreased 7.6 percent compared to March 2017, while foreclosure inventory is down 51.0 percent and short sale inventory is down 32.8 percent.

*Year-over-year single-family home inventory is down 6.1 percent; condo inventory is down 24.2 percent.

*The current pace of sales (all home types and all sales types) translates into 2.20 months of inventory supply.

Other

*New contracts are up 0.6 percent compared to March of 2017. New listings are down 3.1 percent.

*The Orlando affordability index increased to 133.76 percent in March. First-time homebuyer affordability in March increased to 95.12 percent.

*Homes of all types spent an average of 60 days on the market (down from 64 days the month prior) before coming under contract in March 2018.

*The average home sold for 97.5 percent of its listing price (up from 97.4 percent from the month prior).

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