The Orlando housing market finished 2015 with a healthy 15.46 percent increase in annual sales compared to the numbers of 2014. A total of 35,064 homes were sold by the end of last year, compared to the previous year's 30,369.
The average price of homes in Orlando are also 9.02 percent higher than in 2014. Last year, the average price of a home in the area costs $178,788, a significant increase from the previous year's average price of $164,000. Industry analysts attribute the price increase to a full 12 months of year-over-year price increases.
"We saw several significant trends in 2015," said Orlando Regional Realtor Association President John Lazenby. "Most notably a very active and extended spring-summer homebuying season that saw year-over-year increases leap as high as 40 percent in July. Toward the end of the year, five consecutive months of decreases in inventory -- peaking in August with a 13 percent drop and culminating in December with an 8 percent decrease -- reduced options for buyers and dampened sales."
Data also showed that condominiums were more attractive to homebuyers in December. During that month, single-family home sales decreased by 11.64 percent compared to December 2014, while condo sales increased by 8.31 percent.
Additionally, homes of all types spent about 72 days on the market before being bought or rented, and most homes in 2015 were sold for 96.92 percent of their listing price.
As for interest rates, the average interest rate paid by an Orlando homebuyer in December 2015 was 4.02 percent. In November 2015, the average interest rate was slightly lower at 4.01 while in November 2015, Orlando homebuyers paid at a smaller interest rate of 3.86.
There were also fewer existing homes available on the market last year compared to 2014. The number of existing homes was 7.99 percent lesser than that of December 2014. The year ended with an an inventory of 10,634 existing homes.
Meanwhile, the number of normal homes on Orlando's housing market increased by 6.92 percent and foreclosured significantly decreased by 49.59 percent.
