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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 - 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!

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.

The problems with short sales...

This article rings especially true in today's market. I am seeing more and more delays in short sale transactions and then falling through. This frustrates not just first time homebuyers but anyone really looking to move.

As much as I can, I try to steer clear of these transactions to best assist my buyers. Short sales (ironic name) can be a very lengthy process. I've been under contract with 3 for over 3 months without a response from the bank. This can be frustrating to not just the buyers, but the agents and sellers as well.


Short sales lose appeal among first-time buyers

WASHINGTON – Sept. 29, 2011 – Short sale transactions are becoming less popular among first-time homebuyers. Buying a home in a short sale transaction may offer a huge bargain – sale prices average 27 percent lower than non-distressed properties – but more first-time home buyers say the processing delays aren’t worth the trouble.

First-time buyers’ share of all short sales dropped to 39.7 percent of transactions in August – a three-month drop and the lowest share ever recorded for first-time homebuyers, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. In November 2009, first-time homebuyers’ share of short sales reached a peak of 54.1 percent of all short sale transactions.

With bargain deals, why are short sales losing their appeal?

Buyers complain that short sale transactions take too long to close, with approval times often taking several months after a buyer submits an offer. Some buyers, frustrated at the delays, place offers on multiple properties with plans to close on whichever one is approved fastest.

The average time on market for short sales is 16.6 weeks, and the majority of that time is spent waiting for short sale approval, the HousingPulse Tracking Survey found.

Source: “First-Time Buyers Losing Interest in Short Sales,” RISMedia (Sept. 26, 2011)

© Copyright 2011 INFORMATION, INC. Bethesda, MD

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®

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