Here's the market update for the Orlando Metro area for January 2013.
I've provided the text below, if you'd rather read it yourself.
Namaste,
Eric Martell
January 2013 Orlando Housing Market
The January median price of $128,000 is 18.5 percent above that of January 2012 ($108,000), but actually represents a decline of 3.4 percent below that of December 2012 ($132,500). From a year ago in January, the median price of normal sales increased 10.5 percent, while the median price of foreclosures increased 14.12 percent and that of short sales jumped 22.22 percent.
In the Completed Sales category, there were 1,923 home sales in the metro area that closed in January 2013, an increase of 11.09 percent compared to January 2012. Orlando has now experienced seven consecutive year-to-year increases. The January 2013 sales tally reflects a 23.23 percent decrease compared to December 2012. This is a normal trend reflecting the rush to close before the end of the year due to tax considerations.
From a year ago, the number of short sales (455) decreased 30.00 percent and the number of foreclosures (514) increased 13.97 percent. The number of completed traditional sales (954), is a 51.43 percent increase compared to last year. Homes of all types spent an average of 81 days on the market before coming under contract in January 2013, and the average home sold for 95.98 percent of its listing price.
The average interest rate paid by Orlando homebuyers in January, 3.44 percent, set yet another record as lowest average interest rate since our local board of Realtors began tracking the statistic in 1989.
Moving to Pending Sales, which are those under contract that haven't closed as yet, the number of pending sales is currently 8,432. Short sales, which take much longer to process from contract to close, made up 64.48 percent of pending sales in January 2013. Normal properties accounted for 22.83 percent of pendings, while bank-owned properties accounted for 12.69 percent.
Inventory levels for this January are lower. The number of existing homes (all types combined) available for purchase in Orlando is continuing a steady decline that can be traced from July 2010 when there were 16,563 homes for sale. There are now 7,336 homes for sale. This is a 20.76 percent reduction from January of 2012 The inventory of single-family homes is down by 24.71 percent when compared to January of 2012, however condo inventory has increased by 2.42 percent. Current inventory divided by the current pace of sales gives the Orlando area a 3.81-month supply of homes for sale.
The Condos and Town Homes market has not changed as much. The sales of condos in the Orlando was exactly the same in January 2013 as it was in January 2012: 287. Orlando homebuyers purchased 173 duplexes, town homes, and villas in January 2013, which is a 1.76 percent increase compared to January 2012. Most (30) fell within the $100,000 - $120,000 price range category.
Metropolitan area Numbers: Sales of existing homes within the entire area which includes Lake, Orange, Osceola, and Seminole counties, were up by 7.42 percent when compared to January of 2012. Throughout the area, 2,330 homes were sold in January 2013.
This can be divided by county as follows: •Lake: 368 homes sold in January 2013 compared to 303 in January 2012 •Orange: 1,128 homes sold in January 2013 compared to 1,103 in January 2012 •Osceola: 403 homes sold in January 2013 compared to 389 in January 2012 •Seminole: 431 sold in January 2013 compared to 374 in January 2012
My conclusion is that it is a good a time to put your home on the market. There is less competition for buyers and prices are higher than they have been in recent years.
We've seen some of our listings sell very quickly in the past couple of weeks and we even received one offer that had an automatic price acceleration clause. The last time we saw this technique was during the peak of the real estate boom about 5 or 6 years ago.
If you're thinking about purchasing a home, you could find that continued low inventory translates into more rapid appreciation for your newly purchased home.
If you want information on the market value of your home, give us a call at 407-352-5800 Ext. 618.
This is Eric Martell with RE/MAX properties SW. Visit our website at Orlando-properties.com and check out the services we offer.
Thank you.
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