Orlando Housing Market Snapshot- August 2018

Decline in Orlando’s sales, inventory help stabilize home-price growth

Prospective homebuyers will be excited to learn that the rocketing rise in prices Orlando has seen over the past years stabilized this summer in the healthy single-digits. For the last three months, the year-over-year median price has increased between 6 and 7 percent.

The deceleration will help maintain a healthy housing market and protect Orlando’s affordability, especially as it compares to other cities around the country where prices are rising beyond the reach of buyers, explains ORRA President Lou Nimkoff:

In addition, while prices have been rising steadily over the past seven years they have not yet reached pre-recession peak prices. Orlando homes purchased now still have room for normal appreciation, which makes a house a good investment.

The overall median price of Orlando homes (all types combined) sold July is $235,000, which is 6.8 percent above the July 2017 median price of $220,000 and 1.3 percent below the June 2018 median price of $238,000.

The median price for single-family homes that changed hands in July increased 6.3 percent over July 2017 and is now $255,000.

The first-time homebuyers affordability index increased to 90.28 percent, from 88.80 percent last month.

Sales and Inventory

Members of ORRA participated in 3,383 sales of all home types combined in July, which is 0.1 percent more than the 3,381 sales in July 2017 and 2.3 percent less than the 3,461 sales in June 2018.

Sales of single-family homes (2,653) in July 2018 decreased by 0.2 percent compared to July 2017, while condo sales (398) increased 2.6 percent year over year.

Sales of distressed homes (foreclosures and short sales) reached 121 in July and are 42.1 percent less than the 209 distressed sales in July 2017. Distressed sales made up just 3.6 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in July (7,525) represents a decrease of 16.9 percent when compared to July 2017, and a 0.4 percent decrease compared to last month. There were 15.3 percent fewer single-family homes and 14.8 percent fewer condos.

Current inventory combined with the current pace of sales created a 2.2-month supply of homes in Orlando for July. There was a 2.2-month supply in June 2018 and a 2.7-month supply in July 2017.

The average interest rate paid by Orlando homebuyers in July was 4.59, down from 4.61 percent the month prior.

Buyers

This continues to be a challenging time for buyers in a market where prices are high and options are low. 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 continues to drop and prices are steady, it’s a great time to sell, while being realistic with the value of your property! However, sellers should be aware that while selling their home is likely to be quick (particularly in the lower price categories) securing a new residence could be a challenge and requires the assistance of a REALTOR. Those seeking to move up into larger, more expensive homes will have more choices and less competition than those seeking to downsize. If you would like to know the value of your home, we would love to help. Contact us today!

Typical Closing Costs When Buying a Home

It’s an exciting time when buyer’s are ready to purchase a home, but many times they forget to consider the costs beyond just the down payment. Closing costs can be scary because of the unknown. So we want to help clarify the unknown for you.

Typical closing costs for a buyer are: Continue reading “Typical Closing Costs When Buying a Home”

The Orlando Housing Market for January 2018

Orlando home sales completed during 2017 finished out at 37,198, which according to the Orlando Regional REALTOR Association is 3.8 percent above the cumulative sales total of 35,829 for 2016. By comparison, annual sales in 2016 were 1.9 percent greater than in 2015.

In addition, Orlando’s annual median home price ($220,000) is 10% higher than the 2016 annual median price ($200,000) thanks to another 12 consecutive months of year-over-year price increases.

“Median price was driven during 2017 primarily by a combination of strong buyer demand and very low inventory levels,” explains 2018 ORRA President Lou Nimkoff, Brio Real Estate Services LLC. “REALTORS expect prices to continue their upward trend in 2018, albeit at a slower rate.”

“We also expect low inventory to continue to exert its influence on the market in 2018, especially in the highly desired lower-priced categories,” says Nimkoff. “In fact, the lack of affordable housing in Orlando is a concern that REALTORS anticipate will be at the forefront of community discussion in 2018.”

Median Price

*The 2017 annual median price of $220,000 is an increase of 10.0 percent when compared to 2016’s annual median price of $200,000.

*The annual median price of single-family homes increased 8.2 percent to $238,000 in 2017, while the median price of condos increased 17.7 percent to $111,800. The median for duplexes, town homes, and villas increased 10.8 percent.

*The 2017 annual median price of normal homes increased 7.1 percent to $225,000. The short sales median price increased by 4.2 percent and the bank-owned median price increased by 14.8 percent.

Inventory

*There are currently 7,508 homes available for purchase through the MLS. The December 2017 overall inventory level is 12.6 percent lower than it was in December 2016.

*Overall inventory is down 9.5 percent compared to last month.

*The inventory of normal properties decreased 10.3 percent compared to December 2016, while foreclosure inventory is down 43.1 percent and short sale inventory is down 48.0 percent.

*Year-over-year single-family home inventory is down 9.4 percent; condo inventory is down 27.5 percent

Buyers:

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.

Sellers:

Inventory continues to be low and prices are up and steady, it’s a great time to sell! In addition, Orlando home values are nearing normalized, which is helping to eliminate “underwater” mortgage conditions for many sellers. However, sellers should be aware that while selling their home is likely to be quick (particularly in the lower price categories) securing a new residence could be a challenge and requires the assistance of a REALTOR. Those seeking to move up into larger, more expensive homes will have more choices and less competition than those seeking to downsize.

Source of article: Orlando Realtors

Orlando Market Housing Snapshot – December 2017

Orlando home sales (all home types and all sales types combined) in November 2017 were up 8.4 percent when compared to November of 2016 and down 6.4 percent compared to October 2017.

*Orlando’s market currently favors sellers, particularly within the lower (under $300,000) price categories, which are in very high demand. Indicators of a seller’s market include: declining inventory, rising sales, rising prices, and a very low months-of-supply statistic.

*The median price of all existing homes combined sold in November 2017 – $224,000- is an 11.4 percent increase from the $201,000 median price recorded in November 2016, and a 2.3 percent increase from the October 2017 median price of $219,000.

Buyers:

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.

Sellers:

Inventory is still low and prices are up, it’s a great time to sell! In addition, Orlando home values are nearing normalized, which is helping to eliminate “underwater” mortgage conditions for many sellers. However, sellers should be aware that while selling their home is likely to be quick (particularly in the lower price categories) securing a new residence could be a challenge and requires the assistance of a REALTOR. Those seeking to move up into larger, more expensive homes will have more choices and less competition than those seeking to downsize.

Inventory

*There are currently 8,294 homes available for purchase through the MLS. The November 2017 overall inventory level is 10.53 percent lower than it was in November 2016. Note: When adjusted for the elimination of “Active With Contract” status homes from of the active listings category within the local multiple listing service, the November 2017 inventory is 8.9 percent lower than in November 2016.

*Overall inventory is down 2.0 percent compared to last month.

*The inventory of normal properties decreased 7.5 percent compared to November 2016, while foreclosure inventory is down 39.4 percent and short sale inventory is down 61.0 percent.

Source of article: Orlando Realtors