Market Pulse Report- August 2012

 
Overall, the same remains: inventory is down again and continues to decline. If you like a home, don't wait! One day, may really be too late. Here's the quick points on the month overview:

Sales

*Orlando home sales (all home types combined) in August 2012 were up 5.36 percent when compared to August of 2011 and up 7.07 percent when compared to July 2012.

*Single-family home sales in the Orlando area increased by 6.03 percent in August when compared to August of last year. Villa sales increased by 1.59 percent; condo sales increased by 4.72.

*Of the 2,634 sales in August, 1,265 normal sales accounted for 48.03 percent of all sales, while 610 bank-owned and 759 short sales respectively made up 23.16 percent and 28.82 percent.

*The number of normal sales in August increased by 23.29 percent compared to August 2011, while short-sales decreased 7.78 percent and foreclosures dropped 6.30 percent.

*The 9,362 pendings in August of this year is a decrease of 1.47 percent compared to the 9,502 pendings in August of last year.

*Short sales made up 69.66 percent of pendings in August. Normal properties accounted for 19.39 percent and bank-owned properties accounted for 10.95 percent.



Median Price
*The median price of all existing homes combined sold in August 2012 — $120,550 — is a 5.10 percent increase from the $114,700 median price recorded in August 2011.

*The median price for "normal” existing homes sold in August is $158,230, an increase of 2.08 percent from the median price of "normal” existing homes in August 2011.

*The median price for short sales increased by 19.05 percent to $110,000, while the median price for bank-owned sales increased by 4.71 percent to $85,000.

Inventory
*There are currently 8,128 homes available for purchase through the MLS. The August 2012 overall inventory level is 19.16 percent lower than it was in August 2011.

*Single-family home inventory is down 23.96 percent; condo inventory is up 11.52 percent.

*The current pace of sales translates into 3.09 months of inventory supply.

Other
*Homes of all types spent an average of 80 days on the market before coming under contract in August 2012, and the average home sold for 96.26 percent of its listing price.

Market Pulse Report - July 2012

Before we get into the real numbers, this is a quick recap from last month to this month:

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 specifications

3. 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 – 

Sales
*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.

Inventory

*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.

Market Pulse Report: June 2012

INVENTORY IS DOWN AGAIN!!! We dropped another 400 homes from inventory and we are down to 8243 homes.  

I've been saying this every month hoping it will change the following, but believe it or not: this is the lowest inventory level since 2006 when we were in a boom!  

In this market, if you see a house and like it, do not hesitate in letting me know so we can write an offer!  

The average days on market dropped again as well, another confirmation of the changing environment!  It is no longer a time for low-ball offers!!  

Here's the Market Pulse Link   http://www.orlrealtor.com/resource/resmgr/Images_Market_Pulse/MarketPulse062012.pdf

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.

Market Pulse Report: April 2012

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.

Here is the latest information on an accurate stance in today's market:

Sales

*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.

Median Price

*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.

Inventory

*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.

Other


*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.

Market Pulse Report: March 2012

Sales
*Orlando home sales (all home types combined) in February 2012 were down 15.19 percent over February 2011.

*Single-family home sales in the Orlando area decreased by 2.82 percent in February when compared to February of last year. Condo sales decreased by 34.27 percent; duplex, town home, and villa sales decreased by 27.31 percent.

*Of the 1,854 sales in February, 738 "normal” sales accounted for 39.81 percent of all sales, while 498 bank-owned and 618 short sales respectively made up 26.86 percent and 37.98 percent.

*The number of "normal” sales in February increased by 29.02 percent over February 2011, while short-sales increased 20.00 percent and foreclosures dropped 54.02 percent.

*The 9,348 homes pending closing in February of this year is an increase of 1.37 percent compared to the 9,223 pendings in February of last year.

*Short sales made up 69.84 percent of pendings in February. Normal properties accounted for 17.02 percent and bank-owned properties accounted for 13.14 percent.

Median Price
*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 February is $150,000, is a decrease of 3.23 percent from the median price of "normal” existing homes in February 2011.

*The median price for short sales increased by 5.26 percent to $100,000, while the median price for bank-owned sales increased by 8.11 percent to $80,000.

Inventory

*There are currently 9,253 homes available for purchase through the MLS. The February 2012 overall inventory level is 31.36 percent lower than it was in February 2011, and almost equal to what it was in January 2012.

*Single-family home inventory is down 32.68 percent; condo inventory is down 18.46 percent.

*The current pace of sales translates into 4.99 months of supply.

Other
*The Orlando affordability index decreased to 271.61 percent in February. First-time homebuyer affordability in February decreased to 193.14 percent.

*Homes of all types spent an average of 96 days on the market before coming under contract in February 2012, and the average home sold for 93.14 percent of its listing price.

Market Pulse Report: February 2012

Two main things to notice in this month's report:

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).

Sales

*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.

Median Price

*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.

Inventory
*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.

Other

*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!

Market Pulse Report: January 2012

Happy New Year! First Market Pulse Report is in for the year!

* Monthly revised sales. ** Includes listings with a status of "Active With Contract."

Sales

*Orlando home sales (all home types combined) in December 2011 were down 13.86 percent over December 2010.

*Single-family home sales in the Orlando area decreased by 7.78 percent in December when compared to December of last year. Condo sales decreased by 35.62 percent; duplex, town home, and villa sales decreased by 9.44 percent.

*Of the 2,125 sales in December, 871 "normal” sales accounted for 40.99 percent of all sales, while 469 bank-owned and 785 short sales respectively made up 22.07 percent and 36.94 percent.

*The number of "normal” sales in December increased by 14.15 percent over December 2010, while short-sales increased 24.41 percent and foreclosures dropped 56.29 percent.

*The 8,095 homes pending closing in December of this year is a decrease of 3.2 percent compared to the 8,363 pendings in December of last year.

Median Price

*The median price of all existing homes combined sold in December 2011, $118,000, is a 12.38 percent increase from the $105,000 median price recorded in December 2010.

*The median price for "normal” existing homes sold in December is $159,000, a decrease of 0.06 percent from the median price of "normal” existing homes in December 2010. The median price for bank-owned sales is $80,000 and the median price for short sales is $105,000.

Inventory
*There are currently 9,732 homes available for purchase through the MLS. The December 2011 overall inventory level is 35.09 percent lower than it was in December 2010, and 3.99 percent lower than it was in November 2011.

*Single-family home inventory is down 34.50 percent; condo inventory is down 32.14 percent.

*The current pace of sales translates into 4.58 months of inventory supply.

 Other

*The Orlando affordability index decreased to 250.44 percent in December. First-time homebuyer affordability in December decreased to 178.09 percent.

*Homes of all types spent an average of 103 days on the market before coming under contract in December 2011, and the average home sold for 92.40 percent of its listing price.

2011 Year-end Recap

*Sales in 2011 were down by 3.48 percent over 2010. A total of 27,703 homes were sold in 2011 compared to 28,701 the previous year.

*Sales of normal homes in 2011 increased 12.15 percent over 2010. Short sales increased by 20.93 percent while bank-owned sales declined by 27.35 percent.

*The 2011 year-end year-to-date median price increased 1.29 percent to $109,900 compared 2010’s $108,500.

*By year’s end in 2011, 34,670 homes were sold in the Orlando MSA