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.