Orlando Housing Market Snapshot- September 2018

Orlando housing market september

Orlando median home price continues to gain amid sales slowdown

The year-over-year median price for Orlando homes sold during the month of August continued on its years-long upward trajectory, albeit at a slower pace as dwindling inventory takes its toll on sales.

“Like across much of the country, sales are sliding in Orlando as would-be buyers are either priced out of the market or are deciding to postpone their search until more homes come on the market,” explains ORRA President Lou Nimkoff.

“Fortunately for us, our housing market is bolstered by a healthy economy, prices that compare favorably to other major cities, and a quality of life that attracts an influx of new residents by the thousands each year. In addition, our market benefits from international homebuyers who look to Orlando for investment and vacation properties.”

The overall median price of Orlando homes (all types combined) sold in August is $231,000, which is 2.7 percent above the August 2017 median price of $225,000 and 1.7 percent below the July 2018 median price of $235,000.

Year-over-year increases in median price have been recorded for the past 86 consecutive months; as of August 2018, the overall median price is 100.0 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in August increased 4.9 percent over August 2017 and is now $255,000. The median price for condos increased 12.0 percent to $125,975.

Sales and Inventory

Sales of single-family homes (2,583) in August 2018 decreased by 6.7 percent compared to August 2017, while condo sales (440) increased 3.3 percent year over year.

Sales of distressed homes (foreclosures and short sales) reached 121 in August and are 40.7 percent less than the 204 distressed sales in August 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 August (7,808) represents a decrease of 11.6 percent when compared to August 2017, and a 3.8 percent increase compared to last month. There were 10.2 percent fewer single-family homes and 8.5 percent fewer condos.

Current inventory combined with the current pace of sales created a 2.3-month supply of homes in Orlando for August. There was a 2.2-month supply in July 2018 and a 2.5-month supply in August 2017.

The average interest rate paid by Orlando homebuyers in August was 4.57, down from 4.59 percent the month prior.

Homes that closed in August took an average of 49 days to move from listing to pending, and took an average of 85 days from listing to closing.

Pending sales in August are down 21.4 percent compared to August of last year and are down 6.1 percent compared to last month.

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 home buying 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!

5 Tips on Safeguarding Your Home During Open Houses

This the season for open houses. We want to protect you guys with some great tips during an open house that you may or may not have thought about:

1. Hide or remove any documents (bills, credit cards etc.) that have private information

2. Lock up or remove jewelry, antiques, keys, garage door openers, etc.

3. Don’t think your top dresser door is safe . Don’t hide anything in your top drawers

4. Lock up your medications and prescriptions

5. Make sure your Realtor signs everyone in before touring the home

When working with real estate professionals, it’s important to choose someone who knows the area and is an expert in the market.

At Waypointe Realty, we strive to stay educated about our market and understand our sellers and buyers, their needs, and how we can best serve them in one of the most important decisions they’ll make. Tips like these are just some of the ways we take care of our customers every step of the way.

Orlando Housing Market Snapshot- June 2018

Orlando home prices rise in May as sales and inventory tumble

The inventory of homes available for purchase in the Orlando area dropped to its lowest point this year in May, dampening sales at the time when buyers traditionally ramp up their efforts to secure and move into a new home in time for the start of school. That demand is continuing to squeeze prices upward.

The overall median price of Orlando homes (all types combined) sold May is $234,000, which is 7.3% above the May 2017 median price of $218,000 and 1.7 percent below the April 2018 median price of $238,000.

Year-over-year increases in median price have been recorded for the past 83 consecutive months; as of April 2018, the overall median price is 102.60 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in May increased 8.5 percent over May 2017 and is now $255,000. The median price for condos increased 6.1 percent to $125,250.

Sales and Inventory

Members of ORRA participated in 3,407 sales of all home types combined in May, which is 11.4 percent less than the 3,845 sales in May 2017 but 1.1 percent more than the 3,371 sales in April 2018.

We are experiencing an unusual market filled with buyers who want to buy but sellers who don’t want to sell out of concern that there is no place for them to go, expains ORRA President Lou Nimkoff, Brio Real Estate Services. Many would-be sellers aren’t moving because they worry about finding another home to buy in such a tight-inventory environment. In addition, the median length to stay in a home by recent sellers has now swelled to 10 years (historically, it was about six to eight years), which is further reducing inventory turnover.

Homes of all types saw sales declines in May. Sales of single-family homes (2,657) in May 2018 decreased by 12.4 percent compared to May 2017, while condo sales (410) decreased 3.1 percent year over year but actually increased 12.6 percent compared to last month.

Sales of distressed homes (foreclosures and short sales) reached 120 in May and are 70 percent less than the 282 distressed sales in May 2017. Distressed sales made up just 3.5 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in May (7,486) represents a decrease of 14.7 percent when compared to May 2017, and a 3.3 percent decrease compared to last month. There were 10.5 percent fewer single-family homes and 25.4 percent fewer condos.

Current inventory combined with the current pace of sales created a 2.2-month supply of homes in Orlando for May. There was a 2.8-month supply in May 2017 and a 2.3-month supply last month.

The average interest rate paid by Orlando homebuyers in May was 4.64%, up from 4.51% the month prior.

Pending sales in May are down 11.4 percent compared to May of last year and are down 7.4 percent compared to last month.

Buyers

This continues to be a challenging time for buyers in a market where prices are high and options are low. 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 lower and prices are up and 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!

Orlando Housing Market Snapshot- May 2018

Orlando home sales and median price both rise last month

Orlando’s median home price jumped more than 10 percent in April when compared to April of last year while sales likewise saw an increase of more than 8 percent, reports the Orlando Regional REALTOR Association. Inventory declined by nearly 11 percent compared to this time last year.

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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 Ranked #2 Nationwide To Buy A Home

Orlando: One of the Best Places to Buy a House

Orlando is so much more than theme parks. In fact, it is a wonderful place to live, and it seems like more and more people are discovering that. This is demonstrated by Orlando’s current spot as number two in the country for buying single family homes.
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Orlando’s Millennial Home Owners Are Growing

Millennial’s Are Buying Homes

An increasing number of people are buying homes in Orlando, and millennial’s make up a large percentage of that group. These young professionals are determined to have the American dream. With Orlando’s climate of economic growth, great weather and affordable real estate, it’s no surprise that more young adults are choosing this area. Realtor.com just announced that Orlando is #3 city for millennial’s in 2017. Continue reading “Orlando’s Millennial Home Owners Are Growing”

Orlando Recognized as One of America’s Most Caring Cities

Good Ole’ Orlando

When it comes to American cities, Orlando really has it all. It’s a great place to raise kids with all of the fantastic entertainment options, the weather is gorgeous year round and you just can’t beat the opportunities for outdoor recreation. However, did you also know that Orlando is one of America’s kindest cities?

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