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.

Why Stage Your Home and the Best Rooms to Stage

iHeart Realty by Waypointe Realty is a fun, engaging show that brings you real estate news through authentic, clear messaging, giving you what you need to know about today’s real estate market, home design tips and tricks, and events happening around town with your hosts, Jenelle Ferrer and Hilda Hernandez.

4 reasons why you should stage your home when selling & the 6 rooms in your home that you should be focused on! Continue reading “Why Stage Your Home and the Best Rooms to Stage”

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