Tag: Market report

Orlando Housing Market Snapshot- October 2018

Orlando home prices, sales rise as inventory continues to slip in September

One year after Hurricane Irma threw a wrench into the Orlando housing market, data from the Orlando Regional REALTOR Association shows positive September-to-September comparisons for both sales and median price. Inventory, however, stayed on its year-over-year downward slide.
The good news, points out ORRA President Lou Nimkoff, is that in September the actual number of homes available for purchase reached its highest point this year. The month-to-month increase in inventory, combined with the traditional autumn lull in sales, is an opportunity for those buyers who struggled with competition during the summer. In addition, fall home shoppers can also enjoy a bit more attention from REALTORS, lenders, and other service providers who typically do not have quite as many clients to attend.

Median Price

The overall median price of Orlando homes (all types combined) sold in September is $233,000, which is 3.6 percent above the September 2017 median price of $225,000 and 1.3 percent above the August 2018 median price of $230,000. The median price for single-family homes that changed hands in September increased 3.8 percent over September 2017 and is now $254,250. The median price for condos increased 6.4 percent to $125,500.

Sales and Inventory

Sales of single-family homes (2,096) in September 2018 increased by 7.6 percent compared to September 2017, while condo sales (390) increased 23.4 percent year over year. Sales of distressed homes (foreclosures and short sales) reached 124 in September and are 3.1 percent less than the 128 distressed sales in September 2017. Distressed sales made up just 4.5 percent of all Orlando-area transactions last month. The overall inventory of homes that were available for purchase in September (8,092) represents a decrease of 6.4 percent when compared to September 2017, and a 3.6 percent increase compared to last month. There were 5.6 percent fewer single-family homes and 2.6 more condos, year over year. Current inventory combined with the current pace of sales created a 2.9-month supply of homes in Orlando for September. There was a 2.3-month supply in August 2018 and a 3.4-month supply in September 2017. The average interest rate paid by Orlando homebuyers in September was 4.66, up from 4.57 percent the month prior. Homes that closed in September took an average of 48 days to move from listing to pending and took an average of 84 days from listing to closing.

Buyers

This is a great time where we see buyers coming out of hiding because inventory and pricing has stabilized. At Waypointe, you have access to properties not listed publicly as well as get properties before they come on the market. Buyers need the assistance of REALTORS to help them compete against other buyers, for example by crafting attractive offers that take into consideration current appraisal issues and advising on contingencies, in addition to assistance through the many traditional functions that a buyers’ agent performs. Ready to start the homebuying process? We can help! Contact us today.

Sellers

Inventory and pricing has stabilized. If you’re looking to sell, we can help you get the MOST money from the sale of your home. Looking to relocate, move up to a larger home, purchase your first home or sell your rental? We can help. Contact us today!

Orlando Housing Market Snapshot- March 2018

 

Orlando median home continues upward trend with 10 percent increase in February

Orlando’s median home price rose 10 percent in February when compared to February of last year while sales held steady with a 1 percent increase, reports the Orlando Regional REALTOR Association. Inventory declined by nearly 9 percent compared to this time last year.

The overall median price of Orlando homes (all types combined) sold in February is $228,000, which is 10.4 percent above the February 2017 median price of $206,500 and 1.3 percent above the January 2018 median price of $225,000.

Year-over-year increases in median price have been recorded for the past 80 consecutive months; as of February 2018, the overall median price is 97.4 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in February increased 11.3 percent over February 2017 and is now $249,250. The median price for condos increased 22.2 percent to $120,950.

The Orlando housing affordability index for February is 133.18 percent, down from 140.10 last month. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)

The first-time homebuyers affordability index decreased to 94.71 percent, from 99.62 percent last month.

Sales and Inventory

Sales of single-family homes (1,886) in February 2018 decreased by 1.0 percent compared to February 2017, while condo sales (316) decreased 7.3 percent.

Sales of distressed homes (foreclosures and short sales) reached only 139 in February and is 41.4 percent less than the 237 distressed sales in February 2017. Distressed sales made up 5.6 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in February (7,706) represents a decrease of 8.9 percent when compared to February 2017, and a 1.3 percent increase compared to last month. There were 4.3 percent fewer single-family homes and 25.1 percent fewer condos.

“As we head into peak homebuying season, those buyers who are best prepared to deal with the challenges of low inventory are in the better position to secure a home”, explains ORRA President Lou Nimkoff, Brio Real Estate Services. “Buyers should be ready to move quickly on a home they want by, for example, having a mortgage pre-approval letter in hand and having pre-determined with their REALTOR, which concessions and contingencies they are willing and able to eliminate from their purchase offers.”

Current inventory combined with the current pace of sales created a 3.09-month supply of homes in Orlando for February. There was a 3.41-month supply in February 2017 and a 3.38-month supply last month.