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.