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

Thursday, July 20, 2017

Orlando median price, sales on the rise as inventory slide decelerates

The median price of Orlando homes sold during the month of June increased more than 7 percent while sales likewise climbed nearly 8 percent compared to June 2016, reports the Orlando Regional REALTOR® Association. Inventory continued its year-over-year slide but registered the smallest decline this year: 14 percent. Orlando’s overall median home price (all home types combined) is $222,500, which is 7.5 percent above the June 2016 median price of $207,000. Year-over-year increases in median price have been recorded for the past 71 consecutive months; as of June 2017, the overall median is 92.6 percent higher than it was back in July 2011. The median price for single-family homes that changed hands in June increased 8.0 percent over June 2016 and is now $243,000. The median price for condos increased 11.7 percent to $110,000. The overall average home price for June 2017 is $269,811, an increase of 7.5 percent over the average home price in June 2016. The average home listed for $276,779 in June and sold for 97.5 percent of its listing price (96.9 percent in June 2016). Sales Members of ORRA participated in 3,837 sales of all home types combined in June, which is 7.9 percent more than the 3,556 sales in June 2016 and 0.21 percent less than the 3,845 sales in May 2017. ORRA President Bruce Elliott, Regal R.E. Professionals LLC, explains that the downward trend in mortgage rates helped Orlando’s sales activity expand in June despite the ongoing inventory challenge. “Those able to close on a home last month are probably feeling both happy and relieved,” says Elliott. “Listings in the affordable price range are scarce, homes are coming off the market at an extremely fast pace, and the prevalence of multiple offers in some cases are pushing prices higher." Sales of single-family homes (3,047) in June 2017 increased by 6.80 percent compared to June 2016, while condo sales (436) increased 8.2 percent. Sales of distressed homes (foreclosures and short sales) reached only 261 in June and is 38.4 percent less than in June 2016. Distressed sales made up 6.8 percent of all Orlando-area transactions last month. The average interest rate paid by Orlando homebuyers in June was 3.98 percent, down from 4.09 percent the month prior. The overall inventory of homes that were available for purchase in June (9,141) represents a decrease of 14.0 percent when compared to June 2016, and a 4.1 percent increase compared to last month. There were 12.5 percent fewer single family homes and 21.9 percent fewer condos. Current inventory combined with the current pace of sales created a 2.38-month supply of homes in Orlando for June. There was a 2.99-month supply in June 2016 and a 2.28-month supply last month. MSA Numbers Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in May are up by 5.3 percent when compared to June of 2016. Year to date, MSA sales are up 5.8 percent Each individual county’s sales comparisons are as follows: •Lake: 5.8 percent above June 2016; •Orange: 7.1 percent above June 2016; •Osceola: 15.4 percent above June 2016; and •Seminole: 6.3 percent below June 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. #orlandorealestate #centralfloridarealestate #carolynburgiel #orlandorealtor #luxuryrooftops Reprinted with permission Florida Realtors. All rights reserved.

Friday, June 16, 2017

Sales and median price increase as interest rate dips during Orlando's homebuying season

Orlando home sales increased 14 percent in May compared to May of 2016 while the median price jumped 7 percent, reports the Orlando Regional REALTOR® Association. Inventory continued its year-over-year slide and dropped by 16.8 percent, but a small relief was found in the 1 percent increase in the number of homes available in May compared to April.

Orlando’s overall median home price (all home types combined) is $218,000, which is 7.4 percent above the May 2016 median price of $203,000. Year-over-year increases in median price have been recorded for the past 70 consecutive months; as of May 2017, the overall median is 88.7 percent higher than it was back in July 2011.

The median price for single-family homes that changed hands in May increased 6.2 percent over May 2016 and is now $235,000. The median price for condos increased 21.7 percent to $118,000.

The overall average home price for May 2017 is $258,322, an increase of 6.0 percent over the average home price in May 2016. The average home listed for $265,375 in May and sold for 97.3 percent of its listing price (97.1 percent in May 2016).


Sales

Members of ORRA participated in 3,817 sales of all home types combined in May, which is 14.0 percent more than the 3,347 sales in May 2016 and 23.5 percent more than the 3,092 sales in April 2017.

“Orlando homes are selling at the quickest clip since the red-hot market of 2005,” says ORRA President Bruce Elliott, Regal R.E. Professionals LLC. “Not only is the area’s 2.30 months of supply statistic at its lowest point since September 2005, nearly 30 percent of those homes sold in May came under contract after less than eight days on the market.”

Elliott attributes the rise in sales to steady declines in the interest rate and three consecutive month-to-month positive – albeit tiny – increases in the number of available homes resulting from more sellers recognizing favorable conditions and listing their properties. “In addition, the very significant increase in sales compared to last month can be explained by an unusual dip in closing transactions in April. “The decline last month appears to be an anomaly cause in part by the later tax return deadline,” explains Elliott.

Sales of single-family homes (3,012) in May 2017 increased by 13.2 percent compared to May 2016, while condo sales (422) increased 15.0 percent.

Sales of distressed homes (foreclosures and short sales) reached only 276 in May and is 31.0 percent less than in May 2016. Distressed sales made up 7.2 percent of all Orlando-area transactions last month.

The average interest rate paid by Orlando homebuyers in May was 4.09 percent, down from 4.11 percent the month prior.

The overall inventory of homes that were available for purchase in May (8,781) represents a decrease of 16.8 percent when compared to May 2016, and a 1.2 percent increase compared to last month. There were 16.2 percent fewer single family homes and 22.5 percent fewer condos.

Current inventory combined with the current pace of sales created a 2.30-month supply of homes in Orlando for May. There was a 3.15-month supply in May 2016 and a 2.81-month supply last month.

MSA Numbers


Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in May are up by 9.2 percent when compared to May of 2016. Year to date, MSA sales are up 5.8 percent.

Each individual county’s sales comparisons are as follows:

Lake: 6.5 percent above May 2016;
Orange: 7.3 percent above May 2016;
Osceola: 11.0 percent above May 2016; and
Seminole: 14.6 percent above May 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.