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!

Sales


*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).


Median Price

*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.


Inventory

*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.


Other

*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.

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 - 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.

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.

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: 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: 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

Market Pulse Report: December 2011

Sales

*Orlando home sales (all home types combined) in November 2011 were up 0.72 percent over November 2010.

*Single-family home sales in the Orlando area increased by 7.67 percent in November when compared to November of last year. Condo sales decreased by 26.85 percent; duplex, town home, and villa sales increased by 7.94 percent.

*Of the 1,950 sales in November, 782 "normal” sales accounted for 40.10 percent of all sales, while 453 bank-owned and 715 short sales made up 59.90 percent.

*The number of "normal” sales in November increased by 21.62 percent over November 2010, while short-sales increased 39.38 percent and foreclosures dropped 41.92 percent.

*The 8,909 homes pending closing in November of this year is a barely noticeable decrease of 0.99 percent compared to the 8,998 pendings in November of last year.

Median Price

*The median price of all existing homes combined sold in November 2011, $115,000, is a 9.52 percent increase from the $105,000 median price recorded in November 2010.

*The median price for "normal” existing homes sold in November is $148,000, a decrease of 7.50 percent from the median price of "normal” existing homes in November 2010. The median price for bank-owned sales is $81,999 and the median price for short sales is $106,000.

Inventory

*There are currently 10,136 homes available for purchase through the MLS. The November 2011 overall inventory level is 33.28 percent lower than it was in November 2010, and 1.63 percent higher than in October 2011.

*Single-family home inventory is down 32.63 percent; condo inventory is down 32.28 percent.

*The current pace of sales translates into 5.20 months of inventory supply.

Other

*The Orlando affordability index decreased to 253.42 percent in November. First-time homebuyer affordability in November decreased to 180.21 percent.

*Homes of all types spent an average of 99 days on the market before coming under contract in November 2011, and the average home sold for 94.74 percent of its listing price.

Market Pulse Report - November 2011

Sales
*Orlando home sales (all home types combined) in October 2011 were up 5.89 percent over October 2010.

*Single-family home sales in the Orlando area increased by 18.16 percent in October when compared to October of last year. Condo sales decreased by 26.55 percent; duplex, town home, and villa sales remained exactly the same.

*Of the 2,068 sales in October, 854 "normal” sales accounted for 41.30 percent of all sales, while 500 bank-owned and 714 short sales made up 58.70 percent.

*The number of "normal” sales in October increased by 34.91 percent over October 2010, while short-sales increased 40.83 percent and foreclosures dropped 38.50 percent.

*The 8,937 homes pending closing in October of this year is an increase of 1.36 percent compared to the 8,817 pendings in October of last year.

Median Price

*The median price of all existing homes combined sold in October 2011, $112,700, is a 7.33 percent increase from the $105,000 median price recorded in October 2010.

*The median price for "normal” existing homes sold in October is $153,000, a decrease of 11.70 percent from the median price of "normal” existing homes in October 2010. The median price for bank-owned sales is $80,000 and the median price for short sales is $95,000.

Inventory

*There are currently 9,973 homes available for purchase through the MLS. The October 2011 overall inventory level is 35.41 percent lower than it was in October 2010.

*Single-family home inventory is down 33.52 percent; condo inventory is down 38.69 percent.

*The current pace of sales translates into 4.82 months of inventory supply.

*Homes of all types spent an average of 106 days on the market before coming under contract in October 2011, and the average home sold for 94.66 percent of its listing price.

Market Pulse Report: October 2011

Here's a little overview of what's going on in Orlando:

Main 

• Orlando home sales in September 2011 were down 13.48 percent over September 2010.
• Of the 2,054 sales in September, 790 “normal” sales accounted for 38.46 percent of all sales, while 533 bank-owned and 731 short sales made up 61.54 percent.
• The number of “normal” sales in September increased by 18.44 percent over September 2010, while short-sales increased 25.82 percent and foreclosures dropped 52.66 percent.
• The 9,369 homes pending closing in September of this year is an increase of 7.53 percent compared to the 8,713 pendings in September of last year.

Median Price

• The median price of all existing homes combined sold in September 2011, $115,000, is a 9.52 percent increase from the $105,000 median price recorded in September 2010.
• The median price for “normal” existing homes sold in September is $153,500, a decrease of 2.22 percent from the median price of “normal” existing homes in September 2010. The median price for bank-owned sales is $82,000 and the median price for short sales is $100,000.

Inventory

• There are currently 9,931 homes available for purchase through the MLS. The September 2011 inventory level is 39.29 percent lower than it was in September 2010.
• Orlando’s condo inventory is 50.16 percent lower than it was in September 2010.
• The current pace of sales translates into 4.83 months of inventory supply.

Other

• The Orlando affordability index increased to 250.11 percent in September. First-time homebuyer affordability in September increased to 177.87 percent.
• Homes of all types spent an average of 100 days on the market before coming under contract in September 2011, and the average home sold for 93.80 percent of its listing price.

Wondering why there's hardly homes for sale???

Shadow inventory continues to decline

SANTA ANA, Calif. – Sept. 28, 2011 – Current residential shadow inventory as of July 2011 declined slightly to 1.6 million units – representing a supply of 5 months – from a six-month supply of 1.9 million units one year earlier, according to CoreLogic. It’s also down from April 2011 when shadow inventory stood at 1.7 million units.

The reason is simple: Banks are disposing of distressed assets faster than they’re adding new ones into the system.

CoreLogic estimates the shadow inventory, also known as pending supply, based on the number of distressed properties not currently listed on multiple listing services (MLSs) that are seriously delinquent (90 days or more) – properties most likely to become bank-owned listings (REOs). Properties not yet delinquent aren’t included in the estimate of shadow inventory.

Data highlights:

• The shadow inventory of residential properties as of July 2011 fell to 1.6 million units, or a five-month supply, down from 1.9 million units, or a six-month supply, as compared to July 2010.

• Of the 1.6 million properties currently in the shadow inventory, 770,000 units are seriously delinquent (2.2-months’ supply), 430,000 are in some stage of foreclosure (1.2-months’ supply) and 390,000 are already in REO (1.1-months’ supply).

• As of July 2011, the shadow inventory is 22 percent lower than the peak in January 2010 at 2 million units, an 8.4-months’ supply.

• The total shadow and visible inventory was 5.4 million units in July 2011, down from 6.1 million units a year ago. The shadow inventory accounts for 29 percent of the combined shadow and visible inventories.

• The aggregate current mortgage debt outstanding of the shadow inventory was $336 billion in July 2011, down 18 percent from $411 billion a year ago.

“The steady improvement in the shadow inventory is a positive development for the housing market,” says Mark Fleming, chief economist for CoreLogic. “However, continued price declines, high levels of negative equity and a sluggish labor market will keep the shadow supply elevated for an extended period of time.”

© 2011 Florida Realtors®

Home listing prices rising in Florida



Go Florida!

ORLANDO, Fla. – Sept. 26, 2011 – Prices are rising in Florida.

Florida cities have had the largest year-over-year increases in average list prices, according to the latest real estate data from Realtor.com. Based on August data of 2.2 million listings in 146 markets, Florida cities make up nine of the top 10 places for highest year-over-year list price spikes.

Nationwide, the average list price is $320,325, up 2.36 percent year-over-year.

Here are the top 15 cities boasting the highest percentage of year-over-year increases in average list prices.

1. Miami
Average list price: $640,332
Year-over-year increase: 27.4%

2. Fort Myers-Cape Coral, Fla.
Average list price: $443,570
Year-over-year increase: 26.27%

3. Central-Fla. rural service area
Average list price: $405,809
Year-over-year increase: 19.41%

4. Punta Gorda, Fla.
Average list price: $267,066
Year-over-year increase: 16.37%

5. Macon, Ga.
Average list price: $193,520
Year-over-year increase: 15.98%

6. Sarasota-Bradenton, Fla.
Average list price: $466,785
Year-over-year increase: 15.86%

7. Naples, Fla.
Average list price: $713,087
Year-over-year increase: 15.13%

8. West Palm Beach-Boca Raton, Fla.
Average list price: $591,895
Year-over-year increase: 14.68%

9. Ocala, Fla.
Average list price: $193,360
Year-over-year increase: 12.07%

10. Lakeland-Winter Haven, Fla.
Average list price: $181,409
Year-over-year increase: 11.48%

11. Orlando, Fla.
Average list price: $319,419
Year-over-year increase: 10.56%

12. Portland-Vancouver, Ore.-Wash.
Average list price: $314,537
Year-over-year increase: 10.52%

13. Boise City, Idaho
Average list price: $212,588
Year-over-year increase: 10.43%

14. Springfield, Illinois
Average list price: $174,537
Year-over-year increase: 9.12%

15. Shreveport-Bossier City, La.
Average list price: $211,414
Year-over-year increase: 8.34%

Source: Melissa Dittmann Tracey, Realtor® Magazine Daily News

© 2011 Florida Realtors®

Condo sales are up!

Florida’s existing home, condo sales up in 2Q 2011

NAR: Second quarter metro area prices mixed

ORLANDO, Fla. – Aug. 10, 2011 – Florida’s existing home and existing condo sales experienced an upswing in the second quarter of 2011 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. Existing home sales rose 1 percent in 2Q 2011 with a total of 52,421 homes sold statewide; during the same period the year before, a total of 51,973 homes changed hands according to Florida Realtors. Statewide sales of existing condos in the second quarter rose 14 percent compared to the year-ago sales figure.

Statewide home and condo sales in the second quarter also increased over 1Q 2011’s sales figures, Florida Realtors’ records show. For 2Q 2011, statewide sales of existing homes rose 17.7 percent over the previous quarter’s activity; statewide existing condo sales increased 8.1 percent over the 1Q 2011 level.

The statewide existing-home median sales price was $134,600 for the three-month period; in 2Q 2010, it was $141,500 for a decrease of 5 percent. However, the 2Q 2011 statewide existing-home median sales price was 8.9 percent higher than the 1Q 2011 figure. The median is a typical market price where half the homes sold for more, half for less.

Looking at Florida’s housing sector in the second quarter of 2011, Dr. Sean Snaith, director of the University of Central Florida’s Institute for Economic Competitiveness, noted positive signs for a strengthening recovery. “Florida Realtors second quarter housing data shows that momentum in sales of both single family homes and condominiums continues to build, while median sales prices have also increased from first quarter to the second,” Snaith said.

“The fate of the housing market in Florida is tightly bound to that of the labor market,” he said. “They are like economic conjoined twins – improvement in one will invariably help the other. More jobs and lower unemployment will slow foreclosures as well as build the pool of potential buyers; both of these will work to help support prices. As single-family home and condo prices stabilize, the wealth effect of this will make owners more willing to spend, which in turn could boost hiring.”

Snaith added, “This may sound like a classic ‘chicken and the egg’ scenario, but as far as Florida’s economy is concerned, it doesn’t matter which comes first.”

In the year-to-year quarterly comparison for existing condo sales, 25,263 units sold statewide in the second quarter compared to 22,137 units in 2Q 2010 for a 14 percent gain. The statewide existing-condo median sales price was $94,700 in the second quarter; a year earlier, it was $96,400 for a 2 percent decrease. However, the 2Q 2011 statewide existing-condo median sales price was 17.3 percent higher than the 1Q 2011 figure.

Low mortgage rates were another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 4.66 percent in 2Q 2011; one year earlier, it averaged 4.91 percent.

© 2011 Florida Realtors®