Inventory of Homes: 9258 now vs. 22,000+ 3 years ago and even 14,000 1 year ago
Days on Market: 96 Lowest in a year!
We are also blessed that mortgage rates are at historic lows, and we are finally seeing some downward trends in unemployment rates, but it is a seller's market. The amount of homes available does not match the overwhelming amount of buyers, especially within the same price range (under $250,000).
*Condo sales decreased by 48.11 percent; duplex, town home, and villa sales decreased by 20.00 percent.
*Of the 1,677 sales in January, 608 "normal” sales accounted for 36.26 percent of all sales, while 432 bank-owned and 637 short sales respectively made up 25.76 percent and 37.98 percent.
*The number of "normal” sales in January increased by 19.92 percent over January 2011, while short-sales increased 23.69 percent and foreclosures dropped 57.61 percent.
*The 8,709 homes pending closing in January of this year is a decrease of .77 percent compared to the 8,777 pendings in January of last year. Short sales made up 71.99 percent of pendings in January. Normal properties accounted for 14.84 percent and bank-owned properties accounted for 13.17 percent.
*The median price of all existing homes combined sold in January 2012, $108,000, is a 13.80 percent increase from the $94,900 median price recorded in January 2011.
*The median price for "normal” existing homes sold in January is $140,000, is a decrease of 2.10 percent from the median price of "normal” existing homes in January 2011.
*The median price for short sales decreased by 5.26 percent to $90,000, while the median price for bank-owned sales increased by 13.33 percent to $85,000.
*There are currently 9,258 homes available for purchase through the MLS. The January 2012 overall inventory level is 35.70 percent lower than it was in January 2011, and 4.87 percent lower than it was in December 2011. <------ MOST IMPORTANT POINT TO NOTICE
*Single-family home inventory is down 36.35 percent; condo inventory is down 26.46 percent.
*The current pace of sales translates into 5.52 months of inventory supply.
*The Orlando affordability index increased to 273.32 percent in January. First-time homebuyer affordability in January increased to 194.36 percent.
*Homes of all types spent an average of 96 days on the market before coming under contract in January 2012, and the average home sold for 95.19 percent of its listing price. <----SECOND MOST IMPORTANT POINT
Please feel free to contact me with more information regarding today's market in Central Florida!