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.

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 - July 2012

Before we get into the real numbers, this is a quick recap from last month to this month:

The Market Pulse is out (below) and most of the numbers are similar to last month except for one,  Days on market is now at a 4 year low at 82 days down from 102 days at the end of 2011.  That is a 20% decline halfway thru 2012.  

This is not the time to be waiting for the perfect house at the perfect price, with the perfect kitchen etc., because these are your options:

1. Wait another 3 months and find a similar house and pay $20,000 more, and probably higher interest rates

2. Buy a real fixer-upper that no one else wants and fix it up to your specifications

3. Or pay a little more now, at record low interest rates, which might cost you $20 more per month, get what you want now and be happy....

But, here are the numbers so you can decide for yourself...

July 2012 Housing Market – 

Sales
*Orlando home sales (all home types combined) in July 2012 were up 2.66 percent when compared to July of 2011 and down 9.91 percent when compared to June 2012.

*Single-family home sales in the Orlando area increased by 6.52 percent in July when compared to July of last year. Villa sales increased by 10.58 percent; condo sales decreased by 17.41.

*Of the 2,355 sales in July, 1,132 normal sales accounted for 48.07 percent of all sales, while 559 bank-owned and 664 short sales respectively made up 23.74 percent and 28.20 percent.

*The number of normal sales in July increased by 16.34 percent over July 2011, while short-sales decreased 1.63 percent and foreclosures dropped 13.47 percent.

*The 9,704 pendings in July of this year is a decrease of 1.67 percent compared to the 9,869 pendings in July of last year.

*Short sales made up 68.60 percent of pendings in July. Normal properties accounted for 20.12 percent and bank-owned properties accounted for 11.28 percent.

Median Price*The median price of all existing homes combined sold in July 2012 — $125,750 — is an 8.87 percent increase from the $115,500 median price recorded in July 2011.

*The median price for "normal” existing homes sold in July is $167,500, is an increase of 6.69 percent from the median price of "normal” existing homes in July 2011.

*The median price for short sales increased by 12.70 percent to $110,000, while the median price for bank-owned sales increased by 12.50 percent to $90,000.

Inventory

*There are currently 8,106 homes available for purchase through the MLS. The July 2012 overall inventory level is 21.67 percent lower than it was in July 2011.

*Single-family home inventory is down 25.46 percent; condo inventory is up 6.35 percent.

*The current pace of sales translates into 3.44 months of inventory supply.

*New contracts are up 1.14 percent compared July of 2011.

*New listings are up 17.07 percent.