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Wednesday, November 12, 2008

November 11, 2008 – Orlando, FL) Osceola County for the second month leads the Orlando area in increased sales activity. Sales in that county jumped an impressive 47.26 percent in October 2008 compared to October 2007; last month, the comparison increase was an astonishing 77.38 percent.
Throughout the entire area, members of the Orlando Regional Realtor® Association were involved in the sale of 10.00 percent more homes in October of this year than last: 1,199 to 1,090. The median sales price of those homes sold in October declined by 24.26 percent to $178,000 when compared October 2007’s median price of $235,000.
The number of pending sales, considered by housing economists to be a reliable predicator of future sales activity, continued its upward trend to 3,316. There are 72.43 percent more homes under contract (3,316) this month than compared to October 2007 (1,923), and those anticipated closings are expected to continue shortening the current year-to-date sales gap of -16.01 percent by year end.
While there was a decrease in the median price in October, which typically results in an increased affordability index, this month’s increase in the interest rate actually drove the Orlando affordability index down slightly to 122.68 percent. (The area’s affordability index is nevertheless excellent: An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $51,905 can qualify to purchase one of 13,166 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $218,377 or less.
The first time homebuyer affordability index decreased slightly to 87.24 percent from September’s 87.99 percent. The area’s average interest rate was 6.30 percent in October 2008, up from 6.00 in September yet down from 6.39 percent in August.
Homes of all types spent an average of 111 days on the market before being sold in October 2008, and the average home sold for 93.08 percent of its listing price (a decrease from September 2008’s 94.38 percent). In October 2007 those numbers were 111 and 93.97 percent, respectively.

Wednesday, October 15, 2008

Members of the Orlando Regional Realtor® Association were involved in the sale of 37.63 percent more homes in September than during the same month last year: 1,335 compared to 970. Geographically, home sales in Osceola County jumped a whopping 72.02 percent and Orange County sales increased 54.05 percent.
Each of the four counties in the Orlando MSA area increased their sales numbers in comparison to September 2007 tallies. All except Lake County increased sales in comparison to the previous month (August 2008). Also turning in a big increase this month were sales of duplexes, town homes, and villas, with 53.13 percent more sales of these home types taking place in September 2008 compared to September 2007.
The median sales price of the homes sold in September dropped by 9.00 percent to $182,000 from August’s $200,000. The current median sales price is 22.55 percent below what it was this time last year ($235,000).
Other market positives include month-over-month increases in the number of new contracts and in the number of pending sales. Those pending sales, considered by housing economists to be a reliable predictor of future sales activity, are expected to continue closing the current year-to-date sales deficit of 18.53 percent by year end as there are 61.82 percent more homes under contract this month (3,256) than in September of 2007 (2,012).
The decrease in the median home price to $182,000 means that the area’s affordability index leapt in September to 123.74 percent. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $51,848 can qualify to purchase one of 13,386 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $225,204 or less.

Wednesday, August 27, 2008

The Orlando housing market saw an improvement in July sales when compared with the previous year, according to the latest report from the Florida Association of Realtors.
Existing single-family home sales in the Orlando area were up 11.6 percent in July, from 1,484 in July 2007 to 1,656 last month. The median sales price of an existing home fell 19 percent, from $258,000 in July of last year to $209,100 last month.
Condominium resales, however, fell 15.6 percent, from 179 last July to 151 in July 2008. The median price of an existing condo also dropped to $121,900, a 17.5 percent decline from July 2007's $147,700.
Meanwhile, the Daytona Beach area saw a 3.5 percent increase in July existing home sales, from 575 in July 2007 to 595 last month. The existing sales price on a Daytona market home fell to $171,100, a 16 percent decline from last July's $204,600.
Condo resales totaled 103 in the Daytona Beach MSA last month, a 13 percent improvement from the 91 resales posted in July 2007. The median price of $265,600 for a Daytona Beach area condo showed a 17 percent decline from July 2007's $320,600.
Statewide, a total of 11,498 existing single-family homes sold last month, a nearly 1 percent improvement over the 11,492 homes sold in July 2007. Florida's median sales price for existing homes last month was $193,600, 19 percent less than the $238,900 reported in the same month a year prior.
Condo resales in Florida totaled 3,375, a 7 percent drop when compared with the 3,641 sold in July 2007. The statewide median sales price fell 13 percent, from $194,100 in July 2007 to $168,500 last month.

Thursday, May 22, 2008

The dire headlines coming fast and furious in the financial and popular press suggest that the housing crisis is intensifying. Yet it is very likely that April 2008 will mark the bottom of the U.S. housing market. Yes, the housing market is bottoming right now. READ MORE

Wednesday, April 23, 2008

Orlando’s housing marketing experienced a month-over-month increase in the number of home sales, an increase in the number of pending sales contracts, and a decrease in the amount of inventory – all baby steps toward a market balanced between buyers and sellers.
The monthly statistical reports released by the Orlando Regional Realtor® Association revealed some additional interesting tidbits for the month of March:
the sales of homes costing upwards of $1 million more than doubled in March compared to last month;
the sales of duplexes, town homes, and villas have increased in each of the last three months; and
the majority of condos sold have fallen into lower and lower price categories for each of the last three months.
The median sales price of a single-family home in the Orlando area decreased by 1.35 percent ($3,000) from $223,000 in February 2008 to $220,000 in March 2008. The median sales price for March 2008 is 8.33 percent below that of March 2007 ($240,000).
The decrease in the median home price to $220,000 means that the area’s affordability index increased in March to 102.35 percent. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $51,506 can qualify to purchase one of 10,980 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $225,170 or less.
The first time homebuyer affordability index held steady in March, at 72.78.
The number of sales in the Orlando area declined by 39.29 percent in March 2008 compared to March of last year (1,080 to 1,779), but the number of sales that took place in March 2008 increased by 13.56 percent compared to the number of sales that occurred in February 2008 (951).
There are currently 2,398 homes in the MLS with pending sales contracts (an indicator of future sales activity), up from 1,731 in January and 2,175 in February. The number of homes newly under contract increased by 142 in March, and the increase from January to February was 298.
The area’s average interest rate was 5.94 percent in March 2008, up from 5.87 percent in February but down from 2007’s high of 6.60 percent in August.
Homes of all types spent an average of 130 days on the market before being sold in March 2008; the average home sold for 93.53 percent of its original asking price. In March 2007 those numbers were 90 and 95.87 percent, respectively.
The majority of single-family homes (223) that changed hands in March 2008 were sold for between $200,000 and $250,000. Another 129 homes sold in March for between $250,000 and $300,000. Two hundred eighty-four homes sold for less than $200,000 in March, and 260 sold for more than $300,000. On the far ends of the scale, 31 homes were sold for $1 million or more (double the number sold in February) while only 10 homes sold for less than $50,000

Thursday, April 03, 2008

Brightfield Homes LLC announced it has completed land development and almost two homes in a new $28.5 million, 19-lot residential community in Windermere.
Windermere-based Brightfield Homes says Lake Davis Reserve subdivision, on State Road 535 and Marleon Drive, already has one completed home and another that's about 80 percent complete.
The project still has 17 lots for sale, seven of which are lakefront.
The builder will hold a grand opening celebration Saturday to kick off sales. Lot prices range from $350,000 to $800,000; lakefront homes start at $1.5 million.
Brightfield Homes is one of two local franchisees of Clearwater-based Arthur Rutenberg Homes Inc., one of the nation's largest franchise systems of independently owned and operated home building companies.

Thursday, March 20, 2008

March 11, 2008 – Orlando, FL) Orlando’s housing marketing upheld its annual tradition in February with a month-to-month increase that heralds the start of the spring selling season. The 922 sales that took place in February 2008 are a 13.4 percent increase over January 2008’s 813 sales; however, sales in February 2008 are down by 40.17 percent when compared to February 2007.
The monthly statistical reports released by the Orlando Regional Realtor® Association revealed some additional interesting tidbits for the month of February:
Sales in Lake County were down by only 13.73 percent, compared to 45.69 percent, 41.76 percent, and 40.39 percent in Orange, Seminole, and Osceola counties respectively;
Sales of duplexes, town homes, and villas increased by 37.04 percent from month to month; and
The sales of condos increased by 15.22 percent from month to month.
The median sales price of a single-family home in the Orlando area increased by 0.68 percent ($1,500) from $221,500 in January 2008 to $223,000 in February 2008. The median sales price for February 2008 is 12.55 percent below that of February 2007 ($255,000).
The increase in the median home price to $223,000 means that the area’s affordability index dropped in February to 101.62. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $51,449 can qualify to purchase one of 8,509 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $226,568 or less.
The first time homebuyer affordability index dipped a bit in February, to 72.27 percent from 74.84 in January.
The number of sales in the Orlando area declined by 40.17 percent in February 2008 compared to February of last year (922 to 1,541), but the number of sales that took place in February 2008 increased over the number of sales that occurred in January 2008 (813).
There are currently 2,175 homes in the MLS with pending sales contracts (an indicator of future sales activity), up from 1,731 in January. The number of homes newly under contract increased by almost 300 in February; the increase from December 2007 to January 2008 was more than 200.
The area’s average interest rate was 5.87 percent in February 2008, up from 5.60 percent in January but down from 5.93 in December 2007.
Homes of all types spent an average of 123 days on the market before being sold in February 2008; the average home sold for 93.21 percent of its original asking price. In December 2007 those numbers were 113 and 92.75 percent, respectively.
The majority of single-family homes (188) that changed hands in February 2008 were sold for between $200,000 and $250,000. Another 117 homes sold in February for between $250,000 and $300,000. Two hundred twenty-nine homes sold for less than $200,000 in February, and 208 sold for more than $300,000. On the far ends of the scale, 15 homes were sold for $1 million or more while only nine (up from four in January) homes sold for less than $50,000.