July 15--The usually robust summer home sales season started off in June with increased sales but little movement on prices in the core Orlando market, a report released today shows.
The midpoint price for a house sold in the area during June was $165,100, basically flat from the May midpoint price of $165,000. In recent years, June prices have increased about $5,000 from May.
Prices are up 9.9 percent from a year ago but that increase is compared with price gains during the last 12 months. During the past year, annual price increases have been has high as 28 percent, according to reports by the Orlando Regional Realtor Association. The association reports member sales and activity primarily for Orange and Seminole counties.
Even though home prices showed little movement for the month, sales activity was up about 6 percent compared with a year ago. The increased number of sales may indicate a shift from the pool of investment buyers who flooded the market purchasing distressed properties last year to homebuyers buying houses in recent months to live there.
The number of houses listed for sale continued its gradual climb in May, reaching 11,518. A year ago, the core Orlando market had only 6,937 houses for sale. The month's supply of inventory has increased to 4.09 months from 2.86 months in June 2013.
"We've had double-digit increases in inventory for months, and the additional supply is accelerating sales," said Winter Park real estate agent Zola Szerencses, chairman of the association. "Would-be buyers who were blocked by competition last year are finding more to choose from."
email@example.com or 407-420-5538