Market Pulse Report - November 2013

Since June of this year, the market has really changed in inventory, and sales. With mortgage rates increasing since May, there's been a little more inventory for buyers. While it's still low, there have been more opportunities for buyers to at least view a few homes before needing to decide on one just because it's flying off the market with multiple offers.

Here's the rundown:


Sales
*Orlando home sales (all home types and all sales types combined) in October 2013 were down 10.46 percent when compared to October of 2012 and down 5.40 percent when compared to September 2013.

*Single-family home sales in the Orlando area decreased by 11.17 percent in October when compared to October of last year. Villa sales decreased by 3.70 percent; condo sales decreased 10.54 percent.

*Of the 2,312 sales in October, 1,484 normal sales accounted for 64.19 percent of all sales, while 479 bank-owned and 349 short sales respectively made up 20.72 percent and 15.10 percent.

*The number of normal sales in October increased by 22.14 percent compared to October 2012, while short-sales decreased 54.26 percent and foreclosures decreased by 19.90 percent.

*The 7,099 pendings in October of this year is a decrease of 23.27 percent compared to the 9,252 pendings in October of last year (and a 1.73 percent decrease compared to the 7,224 pendings last month).

*Short sales made up 52.54 percent of pendings in October. Normal properties accounted for 32.36 percent and bank-owned properties accounted for 15.10 percent.

*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in October were down by 8.88 percent when compared to October of 2012. Throughout the MSA, 2,811 homes were sold in October 2013 compared with 3,085 in October 2012. To date, sales throughout the MSA are 6.90 percent above this time last year.

Median Price
*The median price of all existing homes combined sold in October 2013 — $154,500 — is a 26.12 percent increase from the $122,500 median price recorded in October 2012.

*The median price for "normal” existing homes sold in October is $180,000, an increase of 12.50 percent from the median price of "normal” existing homes in October 2012.

*The year-to-year median price for short sales increased by 19.40 percent to $120,000 in October, while the median price for bank-owned sales increased by 10.08 percent to $95,000.

Inventory
*There are currently 9,470 homes available for purchase through the MLS. The October 2013 overall inventory level is 17.00 percent higher than it was in October 2012; inventory is up 3.76 percent compared to September 2013.

*Year-to-year single-family home inventory is up 15.99 percent; condo inventory is up 15.56 percent.

*The current pace of sales translates into 4.10 months of inventory supply.

Other
*New contracts are down 4.52 percent compared to October of 2012. New listings are up 18.31 percent.

*The Orlando affordability index increased to 189.20 percent in October. First-time homebuyer affordability in October increased to 134.54 percent.

*Homes of all types spent an average of 64 days on the market before coming under contract in October 2013, and the average home sold for 96.18 percent of its listing price.

Market Pulse Report - September 2013

Out of all the information out there, one main update is this: Prices are going up and so is the interest rate. Here is the rundown of stats:

Sales
*Orlando home sales (all home types combined) in September 2013 were up 4.70 percent when compared to September of 2012 and down 17.10 percent when compared to August 2013.

*Single-family home sales in the Orlando area increased by 7.59 percent in September when compared to September of last year. Villa sales increased by 16.24 percent; condo sales decreased 15.60 percent.

*Of the 2,404 sales in September, 1,543 normal sales accounted for 64.18 percent of all sales, while 437 bank-owned and 424 short sales respectively made up 18.18 percent and 17.64 percent.

*The number of normal sales in September increased by 40.27 percent compared to September 2012, while short-sales decreased 34.87 percent and foreclosures decreased by 19.82 percent.

*The 7,224 pendings in September of this year is a decrease of 22.05 percent compared to the 9,268 pendings in September of last year (and a 3.92 percent decrease compared to the 7,519 pendings last month).

*Short sales made up 54.18 percent of pendings in September. Normal properties accounted for 30.70 percent and bank-owned properties accounted for 15.12 percent.

*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in September were up by 4.27 percent when compared to September of 2012. Throughout the MSA, 2,832 homes were sold in September 2013 compared with 2,716 in September 2012. To date, sales throughout the MSA are 8.56 percent above this time last year.
Each individual county’s monthly sales comparisons are as follows:

• Lake: 17.58 percent above September 2012;
• Orange: 0.07 percent below September 2012;
• Osceola: 3.40 percent above September 2012; and
• Seminole: 7.32 percent above September 2012.

Median Price
*The median price of all existing homes combined sold in September 2013 — $155,475 — is a 24.48 percent increase from the $124,900 median price recorded in September 2012.

*The median price for "normal” existing homes sold in September is $180,000, an increase of 12.50 percent from the median price of "normal” existing homes in September 2012.

*The year-to-year median price for short sales increased by 30.00 percent to $130,000 in September, while the median price for bank-owned sales increased by 19.40 percent to $100,299.

Inventory
*There are currently 9,127 homes available for purchase through the MLS. The September 2013 overall inventory level is 13.06 percent higher than it was in September 2012; inventory is up 6.42 percent compared to August 2013.

*Year-to-year single-family home inventory is up 12.65 percent; condo inventory is up 9.93 percent.

*The current pace of sales translates into 3.80 months of inventory supply.

Market Pulse Report - July 2013

It's exciting to see that there are finally more homes on the market. Still not as many as one would like when dealing with so many buyers, however I'm seeing that there are definitely more options for my buyers.

There's some great news for sellers as well! Single-family home sales INCREASED by almost 18% compared to this time last year and normal sales are making a comeback (finally!) as they showed an increase by 55%. Traditional sales account for 65% of the total sales. This is great news!

The best good news for sellers is that the median price for existing homes has increased.

I love seeing that short sales decreased by almost 30%. Hopefully we'll start getting back to having a regular level of short sales, rather than the influx we've seen over the past 7 years.

Here's the rundown of what's going on in today's market:


Sales
*Orlando home sales (all home types combined) in July 2013 were up 15.28 percent when compared to July of 2012 and up 6.67 percent when compared to June 2013.

*Single-family home sales in the Orlando area increased by 17.89 percent in July when compared to July of last year. Villa sales increased by 19.18 percent; condo sales decreased 1.14 percent.

*Of the 2,836 sales in July, 1,855 normal sales accounted for 65.41 percent of all sales, while 491 bank-owned and 490 short sales respectively made up 17.31 percent and 17.28 percent.

*The number of normal sales in July increased by 55.88 percent compared to July 2012, while short-sales decreased 29.39 percent and foreclosures decreased by 14.76 percent.

*The 7,990 pendings in July of this year is a decrease of 17.66 percent compared to the 9,704 pendings in July of last year (and a 5.34 percent decrease compared to the 8,441 pendings last month). (But at least we're increased from last month!)

*Short sales made up 55.16 percent of pendings in July. Normal properties accounted for 31.40 percent and bank-owned properties accounted for 13.44 percent.

*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in July were up by 11.90 percent when compared to July of 2012. Throughout the MSA, 3,377 homes were sold in July 2013 compared with 3,018 in July 2012. To date, sales throughout the MSA are 9.09 percent above this time last year.

Each individual county’s monthly sales comparisons are as follows:

• Lake: 25.54 percent above July 2012;
• Orange: 10.30 percent above July 2012;
• Osceola: 4.02 percent above July 2012; and
• Seminole: 13.08 percent above July 2012.

Median Price
*The median price of all existing homes combined sold in July 2013 — $157,000 — is a 24.60 percent increase from the $126,000 median price recorded in July 2012.

*The median price for "normal” existing homes sold in July is $185,000, an increase of 10.45 percent from the median price of "normal” existing homes in July 2012.

*The year-to-year median price for short sales increased by 13.64 percent to $125,000 in July, while the median price for bank-owned sales increased by 16.99 percent to $105,000.

Inventory
*There are currently 8,099 homes available for purchase through the MLS. The July 2013 overall inventory level is 0.09 percent lower than it was in July 2012; inventory is up 6.34 percent compared to June 2013.

*Year-to-year single-family home inventory is down 2.15 percent; condo inventory is up 2.53 percent.

*The current pace of sales translates into 2.86 months of inventory supply.

Other
*New contracts are up 1.83 percent compared to July of 2012. New listings are up 17.78 percent.

*The Orlando affordability index decreased to 180.54 percent in July. First-time homebuyer affordability in July decreased to 128.38 percent.

*Homes of all types spent an average of 62 days on the market before coming under contract in July 2013, and the average home sold for 96.69 percent of its listing price.

Market Pulse Report - June 2013

The most important points of today's market seem to reflect more of the same, but then some new items:

• Inventory is down from this time last year, but increased by 400 homes compared to last month
• Prices have increased steadily the past few months 
• Listing and sales of traditional homes have increased (this is the best news! - I think we were all getting sick and tired of all the short sales).

For a complete list of homes available in Central Florida register and start searching at www.JenelleFerrer.com. 

Market Pulse Report - May 2013

Not much has changed since the April Market Pulse Report, but I did have a successful closing last Friday. It was a bank owned property that we won in a bidding war after the highest offer backed out. We were able to close without any major obstacles and most importantly, my buyers were able to obtain the house they wanted.  

Two major items to note in the list below of stats are the inventory numbers continually low and the months of inventory supply are at an incredibly low rate of 2.68 months. 

Translation: there are not a lot of properties for sale and the ones that are are flying off the market. 

So the rundown for the real estate market is....drum roll please....

Sales

*Orlando home sales (all home types combined) in April 2013 were up 10.39 percent when compared to April of 2012 and down 0.77 percent when compared to March 2013.

*Single-family home sales in the Orlando area increased by 15.00 percent in April when compared to April of last year. Villa sales decreased by 15.74 percent; condo sales decreased 10.49 percent.

*Of the 2,689 sales in April, 1,566 normal sales accounted for 58.24 percent of all sales, while 553 bank-owned and 570 short sales respectively made up 20.57 percent and 21.20 percent.

*The number of normal sales in April increased by 41.72 percent compared to April 2012, while short-sales decreased 20.17 percent and foreclosures decreased by 10.37 percent.

*The 8,785 pendings in April of this year is a decrease of 12.83 percent compared to the 10,078 pendings in April of last year (and a 0.16 percent decrease compared to the 8,799 pendings last month).

*Short sales made up 59.10 percent of pendings in April. Normal properties accounted for 28.84 percent and bank-owned properties accounted for 12.05 percent.


Median Price

*The median price of all existing homes combined sold in April 2013 — $145,000 — is a 23.93 percent increase from the $117,000 median price recorded in April 2012.

*The median price for "normal” existing homes sold in April is $173,584, an increase of 10.56 percent from the median price of "normal” existing homes in April 2012.

*The year-to-year median price for short sales increased by 20.53 percent to $114,500 in April, while the median price for bank-owned sales increased by 12.25 percent to $95,300.

Inventory

*There are currently 7,202 homes available for purchase through the MLS. The April 2013 overall inventory level is 16.66 percent lower than it was in April 2012.

*Single-family home inventory is down 20.43 percent; condo inventory is down 3.06 percent.

*The current pace of sales translates into 2.68 months of inventory supply.

Home Prices Rise - Most in almost 7 years

Source: http://sophiadegroen.com/realestate/wp-content/uploads/2012/06/homespricerise.jpg 

When we say the home prices have risen, it's not a small percentage. Compared with last year in February, home prices in Central Florida saw a rise of 9.3%. This increase hasn't been seen in Central Florida for almost 7 years.

This does not come as a surprise to buyers in today's market searching for a home, only to find themselves in one bidding war after another. With inventory shrinking monthly and a growing number of buyers, there is a limited selection in the amount of homes on the market.

Source: http://www.hollysellsaz.com/briefcase/19709_13201181241AM45174.jpg

Foreclosures are down, bank owned homes are down, and the growing number of traditional sales get swept off the market before even hitting 5 days.

This is a great time for seller's to get back into the game. If your home is in good condition in a desirable neighborhood, it will sell. 

"Steady home price gains can help drive the housing recovery. Higher home prices encourage more people to buy before prices rise further." -Associated Press

Buyers: Don't get discouraged if you get outbid. Your home is out there, it may just take some time. I have great testimonials from buyers that were outbid month after month (this was even after offering over asking price). When we finally bid on the perfect home, they got it.  Hopefully it's sooner rather than later, for the sake of interest and price.

Sellers: This is a great time to sell if you're ready. If you feel like hanging on a little longer, prices will continue to steadily increase.

If you're ready to buy or sell in Central Florida, let me know and I'll be more than happy to assist you!

Happy House Hunting!

Market Pulse Report- April 2013

Interest rates have jumped, inventory has dropped and the days a home is staying on the market has shortened. 

Things are looking good for sellers and a little challenging for buyers. In the spirit of staying up to speed with infographics, here is a great one on today's market compared to last year:

Feel free to contact me with any questions about today's market!

March 2013 Pulse Report

It's been quite some time since I last reported on the market. The main point has not changed: INVENTORY has decreased and PRICES have gone up steadily.

Here's a quick overview of the numbers:

You'll note that the days a home is on the market has been continuously less than 90 days. I have seen this time and again. I show a property that has been on the market for 1-10 days, and then there are multiple offers and it goes into pending.

If you like a property, do not hesitate because you just very well may lose it. A positive example of this was a buyer of mine finding a home she liked. She waited the weekend and it was under contract. I contacted the agent and told her that if anything changed, please let me know ASAP as my buyer wanted the property and didn't realize how quickly it would get snatched up.

I kept in touch with that agent, and fortunately for us, that buyer did fall through and we stepped in as the main buyer. We're waiting for the bank approval and we will be able to close in 45 days.

Inventory
*There are currently 7,183 homes available for purchase through the MLS. The February 2013 overall inventory level is 22.37 percent lower than it was in February 2012.

*Single-family home inventory is down 25.40 percent; condo inventory is down 8.98 percent.

Sales
*Orlando home sales (all home types combined) in February 2013 were up 11.54 percent when compared to February of 2012 and up 9.33 percent when compared to January 2013.

*Single-family home sales in the Orlando area increased by 16.68 percent in February when compared to February of last year. Villa sales increased by 6.06 percent; condo sales declined 6.69 percent.

*Of the 2,203 sales in February, 1,195 normal sales accounted for 54.24 percent of all sales, while 521 bank-owned and 487 short sales respectively made up 23.65 percent and 22.11 percent.

*The number of normal sales in February increased by 51.07 percent compared to February 2012, while short-sales decreased 24.73 percent and foreclosures decreased by 2.98.

*Short sales made up 61.79 percent of pendings in February. Normal properties accounted for 25.96 percent and bank-owned properties accounted for 12.25 percent.