The Market Pulse is out (below) and most of the numbers are similar to last month except for one, Days on market is now at a 4 year low at 82 days down from 102 days at the end of 2011. That is a 20% decline halfway thru 2012.
This is not the time to be waiting for the perfect house at the perfect price, with the perfect kitchen etc., because these are your options:
1. Wait another 3 months and find a similar house and pay $20,000 more, and probably higher interest rates
2. Buy a real fixer-upper that no one else wants and fix it up to your specifications3. Or pay a little more now, at record low interest rates, which might cost you $20 more per month, get what you want now and be happy....
But, here are the numbers so you can decide for yourself...
July 2012 Housing Market –
*Orlando home sales (all home types combined) in July 2012 were up 2.66 percent when compared to July of 2011 and down 9.91 percent when compared to June 2012.
*Single-family home sales in the Orlando area increased by 6.52 percent in July when compared to July of last year. Villa sales increased by 10.58 percent; condo sales decreased by 17.41.
*Of the 2,355 sales in July, 1,132 normal sales accounted for 48.07 percent of all sales, while 559 bank-owned and 664 short sales respectively made up 23.74 percent and 28.20 percent.
*The number of normal sales in July increased by 16.34 percent over July 2011, while short-sales decreased 1.63 percent and foreclosures dropped 13.47 percent.
*The 9,704 pendings in July of this year is a decrease of 1.67 percent compared to the 9,869 pendings in July of last year.
*Short sales made up 68.60 percent of pendings in July. Normal properties accounted for 20.12 percent and bank-owned properties accounted for 11.28 percent.
Median Price*The median price of all existing homes combined sold in July 2012 — $125,750 — is an 8.87 percent increase from the $115,500 median price recorded in July 2011.
*The median price for "normal” existing homes sold in July is $167,500, is an increase of 6.69 percent from the median price of "normal” existing homes in July 2011.
*The median price for short sales increased by 12.70 percent to $110,000, while the median price for bank-owned sales increased by 12.50 percent to $90,000.
*There are currently 8,106 homes available for purchase through the MLS. The July 2012 overall inventory level is 21.67 percent lower than it was in July 2011.
*Single-family home inventory is down 25.46 percent; condo inventory is up 6.35 percent.
*The current pace of sales translates into 3.44 months of inventory supply.
*New contracts are up 1.14 percent compared July of 2011.
*New listings are up 17.07 percent.