Tuesday, February 18, 2014
February 2014 - Market Pulse Report
Inventory is at the highest I've seen it in years and it has really allowed me to show buyers several houses and not be rushed into making an offer that same day. Sure, we have within a week or there's another offer, but that's much better than the multiple offers occurring on the day or two after a home as been on the market.
Things are looking good for buyers!
*Orlando home sales (all home types and all sales types combined) in January 2014 were down 10.67 percent when compared to January of 2013 and down 26.32 percent when compared to December 2013.
*Single-family home sales in the Orlando area decreased by 11.38 percent in January when compared to January 2013 and decreased 28.57 percent compared to December 2013. Condo sales decreased by 13.91 percent year to year; townhomes and villa sales inched up by 0.54 percent.
*Of the 1,800 sales in January, 1,126 normal sales accounted for 62.56 percent of all sales, while 463 bank-owned and 211 short sales respectively made up 25.72 percent and 11.72 percent.
*The number of normal sales in January increased by 13.05 percent compared to January 2013, while short-sales decreased 56.13 percent and foreclosures decreased by 13.94 percent.
*The 6,460 pendings in January of this year is a decrease of 23.39 percent compared to the 8,432 pendings in January of last year (and a 7.20 percent increase compared to the 6,062 pendings last month).
*Short sales made up 48.98 percent of pendings in January, a decline of 41.81 percent from January of last year. Normal properties accounted for 32.76 percent (an increase of 9.92 percent) and bank-owned properties accounted for 18.27 percent (and increase of 10.28 percent).
*The median price of all existing homes combined sold in January 2014 — $149,950 — is an 18.07 percent increase from the $127,000 median price recorded in January 2013.
*The median price for "normal” existing homes sold in January is $171,750, an increase of 10.81 percent from the median price of "normal” existing homes in January 2013.
*The year-to-year median price for short sales increased by 11.11 percent to $120,000 in January, while the median price for bank-owned sales increased by 11.92 percent to $108,000.
*There are currently 9,927 homes available for purchase through the MLS. The January 2014 overall inventory level is 35.32 percent higher than it was in January 2013; inventory is up 5.37 percent compared to December 2013.
*The inventory of normal sales increased 45.72 percent compared to January 2013, while foreclosure inventory is up 103.25 percent and short sales are down 20.17 percent.
*Year-to-year single-family home inventory is up 38.32 percent; condo inventory is up 19.32 percent.
*The current pace of sales translates into 5.52 months of inventory supply.
*New contracts are down 6.79 percent compared to January of 2013. New listings are up 16.96 percent.
*The Orlando affordability index increased to 191.09 percent in January. First-time homebuyer affordability in January increased to 135.89 percent.
*Homes of all types spent an average of 72 days on the market before coming under contract in January 2014, and the average home sold for 96.35 percent of its listing price.