Central Florida Real Estate News - November 2019

Posted by Florida Realty Marketplace on Friday, November 15th, 2019 at 3:51pm

ORLANDO MEDIAN PRICE RISES IN OCTOBER WHILE SALES AND INVENTORY DROP

October 2019 Recap

Orlando’s housing market in recorded a 6% year-over-year increase in median price and a small 1% decrease in sales in October. The inventory of homes available for purchase appears to be back on a declining trend, with a decrease (5%) for the third consecutive month.

“Low inventory translates into opportunity for sellers,” says Orlando Regional REALTOR® Association President Jeffrey M. Fagan, Watson Realty Corp. “Declining interest rates mean greater purchasing power, which is alluring to buyers, and our local demand is illustrated by an 8 percent increase in pending sales for October.”

“The holidays and wintertime are actually excellent times to list a home, especially here in Orlando where we don’t have weather concerns” continues Fagan, “Those who are searching for a home during these periods tend to be very serious about making a purchase, and with fewer customers real estate service providers tend to be more attentive.”

October Housing Market Indicator Comparison



Median Price 

The overall median price of Orlando homes (all types combined) sold in October is $242,000, which is 5.7% above the October 2018 median price of $229,000 and down 1.2% compared to the September 2019 median price of $245,000.

The median price for single-family homes that changed hands in October increased 5.2% over October 2018 and is now $263,000. The median price for condos increased 12.8% to $143,500.

The Orlando housing affordability index for October is 140.70, up from 137.63% last month. (An affordability index of 99% means that buyers earning the state-reported median income are 1% 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.)

The first-time homebuyers affordability index increased to 100.05 from 97.87% from last month.

Sales and Inventory 

Members of ORRA participated in 2,899 sales of all home types combined in October, which is 0.9% less than the 2,924 sales in October 2018 and 3.0% less than the 2,989 sales in September 2019.

Sales of single-family homes (2,227) in October 2019 decreased by 0.1% compared to October 2018, while condo sales (360) decreased 10.5% year over year.

Sales of distressed homes (foreclosures and short sales) reached 100 in October and are 20.0% less than the 125 distressed sales in October 2018. Distressed sales made up 3.5% of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in October (7,837) represents a decrease of 5.3% when compared to October 2018, and a 0.7% increase compared to last month. There were 6.4% fewer single-family homes and 5.4% less condos, year over year.

Current inventory combined with the current pace of sales created a 2.7-month supply of homes in Orlando for October. There was a 2.8-month supply in October 2018 and a 2.6-month supply in September 2019.

The average interest rate paid by Orlando homebuyers in October was 3.61%, down from 3.68% the month prior.

Homes that closed in October took an average of 54 days to move from listing to pending and an average of 37 days between pending and closing, for an average total of 91 days from listing to closing (up from a total of 89 days the month prior).

Pending sales in October are up 8.3% compared to October of last year and are up 0.6% compared to last month.



 

Sales Details by County

MSA Numbers  
  
Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in September were up by 6.8% when compared to September of 2018. To date, sales are down 3.1%.
  
Each individual county’s sales comparisons are as follows:  
  
*Lake:           5.8%      Above November 2018  
*Orange:       2.8%      Below November 2018 
*Osceola:      0.7%      Below November 2018 
*Seminole:    5.7%      Below November 2018 
*Polk:            1.0%      Below November 2018 

 

View Davenport Florida Homes for Sale

New Home vs. Resale: Which is Right for You?

 
Is a newly built home right for you? Do you want a home that you’ve helped design and that offers the latest in energy efficiency and design? Or a previously owned home that may need fix-ups, paint jobs, and walls moved around to create the types of open spaces that make sense today?

There are a number of reasons you might prefer a resale house, even if it needs work. For instance, you may have your heart set on moving to a specific neighborhood.

So it’s understandable that some buyers prefer an existing house in an older neighborhood. But have you seriously considered the potential advantages of buying new? Here’s a quick overview of some of the important pluses of new homes to think about:

Energy Consumption/Green Building: If you care about “green” — whether that means the money you spend on energy bills every month or your concern about the environment — a newly constructed home is virtually always the better option.

Flexibility for Space and Wiring Customization: When you buy a resale house, you get what’s already there. With a new home, by comparison, you can often participate in the design of interior spaces with the builder, in advance of actual construction.

Replacement Costs: By definition, with a new house everything is new, including costly components — such as the furnace, water heater, air conditioning unit, kitchen appliances and roof, — and doors, windows, and more. In a new home, most of these components come with a warranty, sometimes for up to 10 years.
Bottom Line Here: Although you — and your budgetary resources — control what you improve and when, it’s highly likely that you’re going to spend money on at least several of these capital improvements in the early years following purchase of a resale house. They are the unadvertised costs of not buying new.

Safety Features (Especially from Fires): Newly-built homes come with modern fire retardants in materials such as carpeting and insulation,
unlike most existing houses. Builders also hard-wire smoke and carbon monoxide detectors into their homes, making it unnecessary for new
owners to install less-dependable battery-powered detectors. Many builders also back up their hard-wired detectors with battery power to handle electrical outages.

Mortgage Financing: Builders often have mortgage subsidiaries or affiliates, and are able to custom-tailor financing — down payments, “points,” other loan fees and even interest rates — to your specific situation. Many are also willing to work with you to help defray closing costs at
settlement.

Resale Value: You may plan to live in your next home many years, but at some point, most people sell a given home for any of a myriad of
reasons.  While the home you sell will (by definition) no longer be new, a 5-year old home will often be more desirable — given all the features above — than a 25-year old home at resale.

The decision to buy a newly built or used home is ultimately best made by each home buyer. Now you know the questions to ask, and the relative costs involved, in order to make the best decision for you.

Contract to purchase a NEW CONSTRUCTION
Residential Home through Florida Realty Marketplace before December 31, 2019 we will give the
BUYER up to a $2,000 REBATE at closing.

Contract to purchase a NEW CONSTRUCTION RESORT home  for Short Term Rental through Florida Realty Marketplace before December 31, 2019 we will give the BUYER up to a $5,000 REBATE at closing.
IF YOU ARE THINKING OF BUYING A PROPERTY IN THE DISNEY AREA:

Our Agents are very experienced and will provide you an Overview of the Buying Process, the Local area, will Negotiate on Your Behalf, Show you the properties you are interested in and Guide You throughout the Entire Sales Process

There is NO COST and NO OBLIGATION for our Buyer Services 
IF YOU ARE THINKING OF SELLING YOUR PROPERTY CONTACT US FOR A FREE-NO OBLIGATION
COMPARATIVE MARKET ANALYSIS FOR YOUR PROPERTY.


We will complete it within 48 hours of request.  
info@anarumogroup.com  or Call: 863-557-4543
Jeri and Bob Anarumo are looking forward to assisting you with the
sale of your home or your next purchase of a home!!

 

www.FloridaRealtyMarketplace.com

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