Market Pulse Report: May 2012

The market has definitely not been for the faint of heart. I have clients that I have been working with for more than 7 months; some under contract and others still searching for a home. 

We're beyond the "perfect home" and simply at trying to find "a" home. 

Why? 

With inventory dropping every single month, it has left a scarcity of properties available. Most of which have several offers a few days into being listed on the market. It's fierce and competitive. Those under contract, the delays from the bank have been anywhere from 4 months to over 8. 

It's a long wait, but perseverance and patience are the only ways that buyers are becoming homeowners in this market. 

Check out the stats in today's market:

Sales

*Orlando home sales (all home types combined) in April 2012 were down 4.50 percent when compared to April of 2011 and down 3.37 percent when compared to March 2012.

*Of the 2,353 sales in April, 1,063 "normal” sales accounted for 45.18 percent of all sales, while 598 bank-owned and 692 short sales respectively made up 25.41 percent and 29.41 percent.

*The number of "normal” sales in April increased by 25.95 percent over April 2011, while short-sales increased 10.02 percent and foreclosures dropped 39.66 percent.

*The 10,078 pendings in April of this year is an increase of 1.24 percent compared to the 9,955 pendings in April of last year.

*Short sales made up 67.78 percent of pendings in April. Normal properties accounted for 19.47 percent and bank-owned properties accounted for 12.75 percent.

Median Price

*The median price of all existing homes combined sold in April 2012, $116,000, is a 10.48 percent increase from the $105,000 median price recorded in April 2011.

*The median price for "normal” existing homes sold in April is $158,000, is a decrease of 2.23 percent from the median price of "normal” existing homes in April 2011.

*The median price for short sales increased by 5.56 percent to $95,000, while the median price for bank-owned sales increased by 6.01 percent to $84,700.

Inventory

*There are currently 8,642 homes available for purchase through the MLS. The April 2012 overall inventory level is 24.72 percent lower than it was in April 2011.

*Single-family home inventory is down 26.58 percent; condo inventory is down 8.04 percent.

*The current pace of sales translates into 3.67 months of inventory supply.

Other

*The Orlando affordability index decreased to 254.69 percent in April. First-time homebuyer affordability in April decreased to 181.11 percent.

*Homes of all types spent an average of 87 days on the market before coming under contract in April 2012, and the average home sold for 95.42 percent of its listing price.

*New contracts are down 15.86 percent compared April of 2011. New listings are up 1.21 percent.