The Central Florida market has continued to make it difficult for buyers to find the home they want and actually get their contract accepted. Inventory is at an all time low with only 8,666 homes available for sale. It's an advantage to Seller's that have been wanting to sell their home because offers are being placed on those HOT properties at an alarming rate. I've personally experienced multiple offer scenarios at least in 5 cases just this month alone.
I've even noticed an increase in offering above asking price just to attempt to make a more tempting offer to the seller; however, it seems the competition is thinking the same thing.
*Orlando home sales (all home types combined) in March 2012 were up 17.82 percent when compared to February of 2012 and down 10.95 percent when compared to March 2011.
*Of the 2,327 sales in March, 942 "normal” sales accounted for 40.48 percent of all sales, while 617 bank-owned and 768 short sales respectively made up 26.51 percent and 33.00 percent.
*The number of "normal” sales in March increased by 23.62 percent over March 2011, while short-sales increased 20.75 percent and foreclosures dropped 49.22 percent.
*The 9,748 homes pendings in March of this year is an increase of 2.50 percent compared to the 9,510 pendings in March of last year.
*Short sales made up 69.07 percent of pendings in March. Normal properties accounted for 17.90 percent and bank-owned properties accounted for 13.03 percent.
*The median price of all existing homes combined sold in March 2012, $115,000, is a 12.94 percent increase from the $102,000 median price recorded in March 2011.
*The median price for "normal” existing homes sold in March is $155,000, is an increase of 3.33 percent from the median price of "normal” existing homes in March 2011.
*The median price for short sales decreased by 0.73 percent to $102,000, while the median price for bank-owned sales increased by 5.25 percent to $84,200.
*There are currently 8,666 homes available for purchase through the MLS. The March 2012 overall inventory level is 30.85 percent lower than it was in March 2011.
*Single-family home inventory is down 31.95 percent; condo inventory is down 20.78 percent.
*The current pace of sales translates into 3.72 months of inventory supply.
*New contracts are down 15.93 percent compared March of 2011. New listings are down 18.45 percent.
*Homes of all types spent an average of 97 days on the market before coming under contract in March 2012, and the average home sold for 94.83 percent of its listing price.