Wednesday, November 15, 2017

ORRA Housing Market Report - October 2017

Orlando home sales bounce back one month after Hurricane Irma Sales of Orlando homes posted positive increases in October, just one month after Hurricane Irma hit the pause button on housing transactions, reports the Orlando Regional REALTOR® Association. Sales increased by 7 percent in October when compared to October of last year, and increased by 14 percent when compared to last month. In addition to increased sales, the median price of Orlando homes sold during the month of October continued its year-over-year upward trend. The overall median home price (all home types combined) is $218,000, which is 6.3 percent above the October 2016 median price of $205,000. Year-over-year increases in median price have been recorded for the past 75 consecutive months; as of October 2017, the overall median price is 88.7 percent higher than it was back in July 2011. The current median price is 3.1 percent lower than last month’s $225,000. The median price for single-family homes that changed hands in October increased 7.3 percent over October 2016 and is now $238,530. The median price for condos increased 10.5 percent to $110,500. The overall average home price for October 2017 is $259,567, an increase of 4.7 percent over the average home price in October 2016. The average home listed for $267,157 in October and sold for 97.16 percent of its listing price (96.92 percent in October 2016). Sales Members of ORRA participated in 2,898 sales of all home types combined in October, which is 7.3 percent more than the 2,701 sales in October 2016 and 13.6 percent more than the 2,552 sales in September 2017. Sales of single-family homes (2,228) in October 2017 increased by 3.1 percent compared to October 2016, while condo sales (365) increased 23.7 percent. Sales of distressed homes (foreclosures and short sales) reached only 156 in October and is 50.6 percent less than the 316 distressed sales in October 2016. Distressed sales made up 5.4 percent of all Orlando-area transactions last month. The average interest rate paid by Orlando homebuyers in October was 4.03 percent, up from 3.84 percent the month prior. The overall inventory of homes that were available for purchase in October (8,464) represents a decrease of 15.6 percent when compared to October 2016, and a 2.1 percent decrease compared to last month. There were 12.5 percent fewer single-family homes and 28.2 percent fewer condos. Current inventory combined with the current pace of sales created a 2.9-month supply of homes in Orlando for October. There was a 3.7-month supply in October 2016 and a 3.4-month supply last month. MSA Numbers Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in October were up by 5.4 percent when compared to October of 2016. Year to date, MSA sales are up by 2.7 percent. Each individual county’s sales comparisons are as follows: *Lake: 10.6 percent above October 2016; *Orange: 4.6 percent above October 2016; *Osceola: 12.9 percent above October 2016; and *Seminole: 2.9 percent below October 2016. This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date. ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received. Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

Monday, November 13, 2017

New: 2017 Profile of international real estate activity in Florida

ORLANDO, Fla. – Nov. 10, 2017 – Since 2005, Florida Realtors has released an annual study on international real estate activity in Florida. Conducted by the National Association of Realtors (NAR) Research Group, it attempts to understand the interaction of members with international clients, the challenges and opportunities they face serving foreign clients, and the characteristics of foreign buyers who purchase Florida property. The 2017 Profile of International Residential Real Estate Activity in Florida covers the 12-month period of August 2016-July 2017 and includes info on U.S. clients seeking to purchase property abroad. The survey considers only residential purchases in the state. Survey highlights Florida residential property purchases by foreign buyers Foreign purchases in the state increased to $24.2 billion, a $4.8 billion increase from 2016’s $19.4 billion Foreign transactions accounted for 21 percent of Florida’s residential dollar volume of sales, a 2 percent increase year-to-year Foreign buyers purchased 61,300 Florida properties (47,000 in 2016), which made up 15 percent of Florida’s residential market (12 percent in 2016) The median purchase price paid by foreign buyers increased to $259,400 ($252,500 in 2016), which was in line with the overall increase in Florida prices The median price paid by foreign buyers was 18 percent higher than the median price paid by all Florida buyers Nationalities of Florida’s foreign residential buyers Latin American and Caribbean buyers accounted for the largest portion of Florida foreign buyers (34 percent), though this group made up 39 percent the previous year. Canadian buyers increased to 22 percent (19 percent in 2016) Other countries remained consistent year-to-year: The share of European buyers was unchanged at 23 percent; Asian buyers at 10 percent; and African buyers at one percent Most foreign buyers were concentrated in five metropolitan areas: Miami-Fort Lauderdale-West Palm Beach (53percent); Orlando-Kissimmee-Sanford (11percent); Tampa-St. Petersburg-Clearwater (nine percent); Cape Coral-Fort Myers (six percent); and North Point-Sarasota-Bradenton (five percent) Transaction details 72 percent of foreign buyers made an all-cash purchase 68 percent of foreign buyers purchased residential property for vacation, residential rental or for both uses (72 percent in 2016); 49 percent bought a townhouse or condominium (52 percent in 2016) 35 percent (40 percent in 2016) purchased in a central city/urban area; 15 percent purchased in a resort area (14 percent in 2016) 93 percent of foreign buyers visited Florida at least once before purchasing a property (92 percent in 2016) Florida clients searching properties abroad 17 percent of Florida’s Realtors said they had a client seeking to purchase property abroad, up from 14 percent in 2016 Top countries of interest from Florida residents looking elsewhere: Colombia, Costa Rica, Spain, Canada and the Dominican Republic 75 percent were interested in residential property (79 percent in 2016) 75 percent intended to use the property for vacation, residential rental or both uses (84 percent in 2016) Florida’s Realtors interaction with international clients While international business rose, fewer Realtors in Florida (44 percent) said they worked with an international client in 2017 (48 percent in 2016) 61 percent of Realtors said they did not have cultural and language problems Personal contacts, previous clients and business contacts accounted for 72 percent of referrals or leads An agent’s firm, franchise website or social media was the primary source of online leads, followed by other aggregator websites and Realtor.com Respondents were evenly split about the outlook in the next 12 months: 43 percent expected the same or an increase in international clients, 42 percent expected a decrease, and 15 percent had no opinion. 56 percent expect foreign retirees to be potential clients © 2017 Florida Realtors Reprinted with permission Florida Realtors. All rights reserved.

Monday, October 16, 2017

ORRA Housing Market Report - September 2017

Hurricane Irma helped drive Orlando’s home sales down by nearly 20 percent in September compared to September of last year, reports the Orlando Regional REALTOR® Association. In addition, sales decreased by almost 30 percent when compared to last month. “Based on our previous experience with hurricanes, REALTORS® expected September sales to post a decline,” says ORRA President Bruce Elliott, Regal R.E. Professionals LLC. “Hurricanes delay closings due to circumstances such as title companies without power and home damage that requires repair and another inspection. Hurricanes also typically cause a decline in inventory as properties are taken off the market for repair, or as owners stall plans to list their homes while they deal with hurricane aftermath. It’s no surprise that new listings for the month of September dropped by 31 percent compared to September of 2016.” Despite the impact of Hurricane Irma, the median price of Orlando homes sold during the month of September continued its upward trend. The overall median home price (all home types combined) is $225,000, which is 9.8 percent above the September 2016 median price of $205,000. The median price remains unchanged from last month. Year-over-year increases in median price have been recorded for the past 74 consecutive months; as of September 2017, the overall median price is 94.8 percent higher than it was back in July 2011. The median price for single-family homes that changed hands in September increased 8.9 percent over September 2016 and is now $245,000. The median price for condos increased 26.9 percent to $118,000. The overall overage home price for September 2017 is $267,578, an increase of 8.4 percent over the average home price in September 2016. The average home listed for $276,276 in September and sold for 96.9 percent of its listing price (97.1 percent in September 2016). Sales Members of ORRA participated in 2,526 sales of all home types combined in September, which is 18.8 percent less than the 3,110 sales in September 2016 and 29.5 percent less than the 3,580 sales in August 2017. Sales of single-family homes (1,926) in September 2017 decreased by 20.8 percent compared to September 2016, while condo sales (316) decreased 12.0 percent. Sales of distressed homes (foreclosures and short sales) reached only 127 in September and is 60.0 percent less than the 325 distressed sales in September 2016. Distressed sales made up 5.0 percent of all Orlando-area transactions last month. The average interest rate paid by Orlando homebuyers in September was 3.84 percent, down from 3.92 percent the month prior. The overall inventory of homes that were available for purchase in September (8,643) represents a decrease of 16.6 percent when compared to September 2016, and a 2.2 percent decrease compared to last month. There were 14.3 percent fewer single-family homes and 27.9 percent fewer condos. Current inventory combined with the current pace of sales created a 3.4-month supply of homes in Orlando for September. There was a 3.3-month supply in September 2016 and a 2.5-month supply last month. MSA Numbers Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in September were down by 19.3 percent when compared to September of 2016. Year to date, MSA sales are up by 2.3 percent. Each individual county’s sales comparisons are as follows: *Lake: 20.5 percent below September 2016; *Orange: 18.7 percent below September 2016; *Osceola: 15.1 percent below September 2016; and *Seminole: 23.1 percent below September 2016. This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date. ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received. Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA. Reprinted with permission Florida Realtors. All rights reserved. Compliments of Carolyn Burgiel, Premier Sotheby's International Realty 407.864.0605

Monday, September 18, 2017

Orlando home sales, median price both rise in August

Reminder: This report reflects Orlando's housing market activity during the month of August, prior to Hurricane Irma's landfall on September 10. The market report to be released in October will reflect Orlando’s housing market activity for the month of September along with the impact of Hurricane Irma. The median price of Orlando homes sold during the month of August increased nearly 10 percent while sales increased almost 3 percent compared to August 2016, reports the Orlando Regional REALTOR® Association. Inventory continued its year-over-year slide and dropped about 16 percent. Orlando’s overall median home price (all home types combined) is $225,000, which is 9.8 percent above the August 2016 median price of $205,000. Year-over-year increases in median price have been recorded for the past 73 consecutive months; as of August 2017, the overall median price is 94.8 percent higher than back in July 2011. The median price for single-family homes that changed hands in August increased 7.5 percent over August 2016 and is now $241,850. The median price for condos increased 12.5 percent to $112,500. The overall overage home price for August 2017 is $259,331, an increase of 6.7 percent over the average home price in August 2016. The average home listed for $266,784 in August and sold for 97.2 percent of its listing price (97.3 percent in August 2016). Sales Members of ORRA participated in 3,544 sales of all home types combined in August, which is 2.7 percent more than the 3,451 sales in August 2016 and 4.8 percent more than the 3,381 sales in July 2017. “Buyer interest has held up strongly this summer and homes are selling fast, but inventory continues to dampen sales,” says ORRA President Bruce Elliott, Regal R.E. Professionals LLC. “REALTORS® that I speak with describe prospective buyers who are challenged by a minimal selection of homes that fit their budgets and wish lists, especially in the lower price categories.” Elliott offers hope for struggling buyers by pointing out that autumn typically brings about a decline in competition as the rush to be in a home for the start of school dwindles. “However, with Orlando’s low inventory conditions, buyers shouldn’t expect big discounts in asking price,” continues Elliott. “And they still need to be able to make a decision and put in a solid offer in a timely fashion.” Sales of single-family homes (2,742) in August 2017 increased by 1.3 percent compared to August 2016, while condo sales (422) increased 2.9 percent. Sales of distressed homes (foreclosures and short sales) reached only 204 in August but is still 3.6 percent more than the 197 distressed sales in August 2016. Distressed sales made up 5.8 percent of all Orlando-area transactions last month. The average interest rate paid by Orlando homebuyers in August was 3.92 percent, down from 4.01 percent the month prior. The overall inventory of homes that were available for purchase in August (8,833) represents a decrease of 15.9 percent when compared to August 2016, and a 2.4 percent decrease compared to last month. There were 13.5 percent fewer single-family homes and 27.5 percent fewer condos. Current inventory combined with the current pace of sales created a 2.5-month supply of homes in Orlando for August. There was a 3.0-month supply in August 2016 and a 2.7-month supply last month. MSA Numbers Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in August were up by 2.5 percent when compared to August of 2016. Year to date, MSA sales are up by 5.0 percent. Each individual county’s sales comparisons are as follows: *Lake: 1.2 percent above August 2016; *Orange: 2.8 percent above August 2016; *Osceola: 8.1 percent above August 2016; and *Seminole: 1.7 percent below August 2016. This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date. ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received. Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA. Reprinted with permission Florida Realtors. All rights reserved. #orlandorealestate #centralfloridarealestate #carolynburgiel #orlandorealtor #luxuryrooftops

Friday, August 25, 2017

Florida housing market: Sales, median prices up in July

ORLANDO, Fla. – Aug. 24, 2017 – Just like the weather, Florida's housing market was hot in July with more closed sales, higher median prices, increased pending sales and more new listings, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 24,546 last month, up 2 percent compared to July 2016. "Florida's housing market gained momentum in July," says 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. "More owners decided to put their homes up for sale. However, even with the increase in new listings, inventory remains tight and buyer demand is great. New listings for single-family existing homes rose 6.1 percent year-over-year, while new listings for existing condo-townhouse properties rose 5.5 percent. Homes continue to sell quickly, resulting in increased pending sales – up 3.3 percent for single-family homes and up 3.6 percent for condo-townhouse units. "In such a fast-paced, tight-inventory market, consumers' best resource is a local Realtor, who is there to help successfully guide them through the complexities of buying or selling a home." The statewide median sales price for single-family existing homes last month was $240,000, up 7.1 percent from the previous year, according to data from Florida Realtors Research department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in July was $170,950, up 6.8 percent over the year-ago figure. July marked the 68th month-in-a-row that statewide median prices for both sectors rose year-over-year. The median is the midpoint; half the homes sold for more, half for less. According to the National Association of Realtors®(NAR), the national median sales price for existing single-family homes in June 2017 was $"Florida's rate of employment growth continues to outpace the nation's, and a substantial number of Florida's millennials have started looking for their first home. At the same time, however, rents are still quite high, so homes in these price ranges remain attractive to investors, as well." Inventory remained tight in July with a 3.9-months' supply for single-family homes and a 5.6-months' supply for townhouse-condo properties, according to Florida Realtors. According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.97 percent in July 2017; it averaged 3.44 percent during the same month a year earlier. For the full statewide housing activity reports, go to the Florida Realtors Research & Statistics section on floridarealtors.org. Realtors also have access to local market stats (password protected) on Florida Realtors' website. © 2017 Florida Realtors® Reprinted with permission Florida Realtors. All rights reserved. #orlandorealestate #centralfloridarealestate #carolynburgiel #orlandorealtor #luxuryrooftops

Tuesday, August 15, 2017

Orlando median price rises as home sales slow in July

The median price of Orlando homes sold during the month of July increased almost 7 percent while sales decreased 0.2 percent compared to July 2016, reports the Orlando Regional REALTOR® Association. Inventory continued its year-over-year slide. Orlando’s overall median home price (all home types combined) is $220,000, which is 6.8 percent above the July 2016 median price of $206,000. Year-over-year increases in median price have been recorded for the past 72 consecutive months; as of July 2017, the overall median price has more than doubled since July 2010. The median price for single-family homes that changed hands in July increased 4.7 percent over July 2016 and is now $240,000. The median price for condos increased 21.0 percent to $115,000. The overall average home price for July 2017 is $263,877, an increase of 8.3 percent over the average home price in July 2016. The average home listed for $271,002 in July and sold for 97.4 percent of its listing price (97.3 percent in July 2016). Sales Members of ORRA participated in 3,347 sales of all home types combined in July, which is 0.2 percent less than the 3,353 sales in July 2016 and 13.8 percent less than the 3,882 sales in June 2017. ORRA President Bruce Elliott, Regal R.E. Professionals LLC, explains that demand for homes, especially those under $250,000, remains low. “Would-be first-time homebuyers are being kept on the sidelines by limited inventory and rising prices,” says Elliott. “However, rising prices have slowed some of the investor activity, which could mean slightly less competition for homes at the lower end of the market." Sales of single-family homes (2,634) in July 2017 decreased by 0.9 percent compared to July 2016, while condo sales (383) increased 6.1 percent. Sales of distressed homes (foreclosures and short sales) reached only 202 in July and is 46.0 percent less than in July 2016. Distressed sales made up 6.0 percent of all Orlando-area transactions last month. The average interest rate paid by Orlando homebuyers in July was 4.01 percent, up from 3.98 percent the month prior. The overall inventory of homes that were available for purchase in July (9,051) represents a decrease of 15.0 percent when compared to July 2016, and a 1.0 percent decrease compared to last month. There were 13.3 percent fewer single family homes and 25.5 percent fewer condos. Current inventory combined with the current pace of sales created a 2.7-month supply of homes in Orlando for July. There was a 3.2-month supply in July 2016 and a 2.4-month supply last month. MSA Numbers Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in July were down by 0.1 percent when compared to July of 2016. Year to date, MSA sales are up 5.2 percent Each individual county’s sales comparisons are as follows: •Lake: 12.2 percent above July 2016; •Orange: 0.5 percent below July 2016; •Osceola: 0.7 percent above July 2016; and •Seminole: 8.7 percent below July 2016. This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date. ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received. Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA. Reprinted with permission Florida Realtors. All rights reserved. #orlandorealestate #centralfloridarealestate #carolynburgiel #orlandorealtor #luxuryrooftops

Friday, July 28, 2017

Study: In Florida, owning beats renting

LOS ANGELES – July 27, 2017 – Arizona, Nevada and Washington, D.C. are among the 11 states where it's more affordable to rent than it is to buy a home. But owning a home still beats renting in Florida, according to a study by website GOBankingRates. GoBankingRates surveyed all 50 states and the District of Columbia, and identified which states are best for buying a home and which are better suited for renting. The study, based on rental data on Zillow, was sourced to June 28, 2017. For the cost of owning, the study assumed a 20-percent downpayment on a 30-year fixed loan. In Florida, homeowners have the advantage. They GOBankingRates study found that the average monthly rent of $1,543 is $167 higher than the cost of an average monthly mortgage of $1,376. The difference amounts to about $2,000 per year that the average Florida family would save by owning rather than renting, though actual savings would differ by metro area and other variables. The 11 states where renting a home is less expensive than buying one include Arizona, Colorado, Washington, D.C., Hawaii, Idaho, Montana, Nevada, North Carolina, Oregon, Utah and Wyoming. © 2017 Florida Realtors Reprinted with permission Florida Realtors. All rights reserved. #orlandorealestate #centralfloridarealestate #carolynburgiel #orlandorealtor #luxuryrooftops