Archive for the 'Market Reports' Category

Orlando Real Estate Market November 2007

Published at December 12, 2007 in Market Reports. 0 Comments

The month of November saw a decline in the number of home sales in Orlando, although the average home price remained consistent from October to November, with the average home being priced at $235,000. Last year during the same time, the average home was priced at $250,000.

According to the Orlando Regional Realtor Association, home sales for November were nearly half of what they were one year ago. The number of home sales last year was 1,840, compared to 963 this year. In fact, home sales for the entire year are down. Year-to-date sales this year are 15,602 with 25,614 being the total number for the year before. The sale of condominiums also saw a decline. Last year the number of condos sold was 323. This November saw that number drop significantly to 104.

These numbers are no surprise considered that the affordability index has been boosted nearly nine percent. This translates into the fact that an individual making the average income is still 6.1 percent short of buying a home that’s priced in the average range.

With the numbers what they are, it’s clear Orlando is continuing its downturn in the housing market. Orange County has had a drop that is close to 51 percent. Seminole and Osceola County have gone down almost 47 percent and Lake County has dropped close to 40 percent.

These numbers clearly reflect that we are still experiencing a buyers market. While this is great news for home buyers, sellers need to understand these market conditions and act accordingly.

Average Mortgage Rate

Inventory

New Listings


Average vs Median Vs Sales


 

Orlando Market Update October 2007

Published at November 9, 2007 in Market Reports. 0 Comments

The monthly Orlando Real Estate Market update came out today for October 2007. This update includes both Orange and Seminole counties.  

The average mortgage rate was steady from September at 6.21% as was the number of inventory homes at 26,330. Real estate home sales were up slightly from 970 in September to 1,034 in October. However, compared to October 2006 sales were down just over 45%.  The average home sale price was $284,100.00. On a positive note new contracts were up 11% from September.

Orlando Market Conditions: BUYERS MARKET 

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Related Information: Orlando Real Estate

Windermere FL Real Estate Market Update

Published at October 6, 2007 in Market Reports. 0 Comments

I have just posted the Windermere, FL Real Estate Market update for September 07 to my main site. Here is a breakdown of the home sales for the month.

  • 733 Single Family Homes for Sale
  • 15 Single Family Homes Sold in September
  • 39 Single Family Homes Pending Sale
  • Average Asking Price Homes Sold $924,640
  • Average Number of Days on Until Closing: 128
  • Average Selling Price $847,340

    •  Windermere Home Sales

    For the complete Market Update including addresses and home sale prices please visit: Windermere FL Market Update

    Additional Resources: Windermere FL Real Estate

    Dr Phillips Orlando Market Update August 07

    Published at September 11, 2007 in Market Reports. 0 Comments

    drphilaug.jpgSINGLE FAMILY HOMES SALES FOR August 2007
    Zip Codes 32819, 32836

    • 511 Single family homes for sale
    • 28 Single family homes Pending Sale
    • Average Asking Price Homes Sold $732,908
    • Average Selling Price $689,912
    • Average Price Per Square Foot $210.28
    • Average Days on Market 116

    For the complete Market Update Including a list of individual homes sold in the Dr Phillips area in Orlando, FL. Please visit: Dr Phillips Market Update

    *Based on information provided by Mid Florida Regional MLS. Information deemed reliable but not guaranteed.  Parties are advised to verify

    Additional Information: Dr Phillips Real Estate

    Central Florida Real Estate Market Update

    Published at September 7, 2007 in Market Reports and Orlando Real Estate. 0 Comments

    The  Orlando Regional Realtor Association has just posted the market numbers for August 2007. As the numbers show we are still experiencing a strong Buyers Market.

    1. The average mortgage rate was up slightly to 6.6% from 6.5% in July 07

    2. The inventory of homes in Orange and Seminole County was steady at 26,310

    3. New Listings were up from 5404 in July to 5592 in August

    4. New Contracts were down approximately 14% from July to August and down 39% compared to August 06

    Average Mortgage Rate

    Inventory

    New Listings

    Average vs Median Vs Sales

    Orlando Real Estate

    Windermere, FL Real Estate Market Update

    Published at September 4, 2007 in Market Reports. 0 Comments

    WINDERMERE, FLORIDA - SINGLE FAMILY HOMES MONTH OF AUGUST 2007 - Current as of 9/4/07*

    • 635 single family homes for sale
    • 42 single family homes Pending sale
    • Average asking price Homes Sold $991,750
    • Average Sold Price of Homes: $921,853
    • Average Price Per Square Foot: $292.71
    • Average number of days on the market Homes Sold: 174

    SOLD HOMES - January - August 2007

    • 304 Single Family Homes Sold this year 

    Windermer, FL Market Update 

    For the complete Market Update Including a list of individual homes sold in the Windermere area. Please visit: Windermere Market Update

    *Based on information provided by Mid Florida Regional MLS. Information deemed reliable but not guaranteed.  Parties are advised to verify

    Wyndham Corp Increased Revenue 21% During Second Quarter

    Published at September 4, 2007 in Market Reports and Orlando Investment Properties. 0 Comments

    Wyndham Worldwide Corp. is a company that operates ten hotel brands including Ramada and Days Inn. The company announced last month that income had increased for their second quarter to $96 million, or fifty-two cents per share. This is big jump from $75 million, or thirty-seven cents per share, during the same time period a year ago.

    Wyndham OrlandoThe Orlando-based vacation ownership division of the company stated a 21 percent increase in revenue to $629 million. Timeshare sales amounted to $523 million, which is a 21 percent increase from the previous year.

    Wyndham’s corporate earnings showed four million in costs and eleven million in one-time profits. This is due in part to a 2006 spin-off from Cendant Corp., which is now Avis Budget Group Inc.

    Despite these numbers, Wyndham dropped their 2007 earnings forecast by four cents a share. This will give a range of $2.02 and $2.13. These figures can be compared to the $1.98 to $2.17 figures that had been previously given.

    The Wyndham Corp. has recently been contracted to manage the Vista Royale in Orlando.  The Vista Royale is a new Orlando Condo Hotel Resort that is scheduled to begin construction in January 2008.

    Orlando Forclosures

    Published at August 31, 2007 in General Real Estate, Market Reports and Orlando Real Estate. 0 Comments

    Are you interested in buying a distressed property? Pre-foreclosure filings were on the rise last month in Florida, placing it at the No. 2 spot across the nation for total filings and filings per capita, claims Foreclosures.com.

    Orlando ForclosuresIn first place was California with 132,101 year-to-date pre-foreclosures, and Florida followed closely behind with 111,236. Florida was also just behind Nevada’s 2.55 percent per capita with a 1.76 percent per capita.

    In July alone, Florida had 21,120 filings, which was well above the 13,005 filed in June. These were still very close to the numbers in California who had a total of 23,662 filings in July. However, they were much higher than the 6,498 cases filed in Texas.

    A report from Realty Trac. shows that Florida is number two in the rankings of the most foreclosures in the United States for the month of July.

    Florida was also ranked seventh in the entire country when it came to foreclosure rates. This includes one filing out of every 431 households. This is 1.6 times the entire country’s average.

    Last month there were a total of 179,599 filings reported last month. This number was an increase of nine percent of the previous month and a whopping ninety-six percent increase from July 2006. The report also indicated that for every 693 households, there is one foreclosure filing.

    Pre-foreclosures occur when homeowners are in default on their mortgages and may also have notice of default or notice of auction included in them. Not all pre-foreclosures end in the homeowner losing their home.

    However, up until July of this year, 18,935 homes in Florida were taken from homeowners under pre-foreclosure. This makes up for 0.3 percent per capita. In July alone, 4,268 homeowners lost their homes, a huge increase from June’s 2,691. Even with these staggering numbers, the state still does not rank among the country’s top ten for homes lost due to pre-foreclosure.

    The country’s total of pre-foreclosure filings totalled 617,162, which is 0.8 percent per capita. Of those, 100,421 were in July alone. Homes lost to pre-foreclosure were at a total of 300,938 or 0.37 percent per capita. In June there were a total of 51,373 in the country, which was still not as many as 41,535 homes lost in the month of June.

    These numbers are not good but they are bound to continue for another twelve to eighteen months. This spells bad news for homeowners that aren’t even in default yet but may be in the near future as these numbers are sure to make for tightened credit markets, making it even easier for homeowners to eventually lose their homes.

    If you are looking to Purchase a distressed property now is a great time. I can assist you in finding  and purchasing these types of properties at no cost to you.  Please contact Jeffrey Funk at 407-438-4028 or use my contact form.

    Orange County Tourist Tax June 2007

    Published at August 30, 2007 in Market Reports and Orlando Investment Properties. 0 Comments

    I am happy to report that I have some good news regarding tourism numbers. Resort tax collections in Orange County were raised almost four percent in the month of June. This should be good news for people that are looking to purchase an Orlando vacation property in our current buyers market.

    The six percent hotel tax had produced $14.9 million in June. $12.4 million was taken from the first five cents of the tax. The sixth cent took $2.5 million. The sixth cent was added in September by The County Commission.

    The June 2007 tax receipts had increased to $466,000 or 3.9 percent. In June 2006, the five percent rate created $11.9 million.

    It is definitely encouraging to know that the resort tax had increased some after two months of declining tax collections. Cumulative collections have also increased five percent compared to the same time period of the previous fiscal year.

    Resort taxes are charged on things such as motels and hotels, anything that has a short-term rental attached to it.

    Orlando Home Sales Continue to Decline

    Published at August 30, 2007 in General Real Estate, Market Reports and Orlando Real Estate. 0 Comments

    Homes prices in the Orlando area are continuing to be lowered. During the second quarter, Orlando experienced a forty percent drop in sales on single-family homes. The number of home sales dropped from 8,189 last year to 4,933 for the same time period this year. The average sale price has also dropped from $265,500 in the second quarter of 2006 to $253,800 for the same time this year.

    Condo sales for Orlando have also dropped by sixty-one percent. During the second quarter of 2006 the figure was 1,456, compared to 572 for the same period of time this year. Average sale prices for these condos have also dropped from $163,500 in the second quarter of 2006 to $155,700 this year.

    The entire state has experienced a decrease in single-family homes. During the second quarter of 2006 sales totalled 53,723. That number was down this year to 37,709. For existing homes the average sale price has also fallen from $250,400 in the second quarter of 2006 to $239,200 this year.

    Condo sales in the State of Florida have also suffered with a twenty-five percent decline. This number went from 16,566 in the second quarter of 2006 to 12,415 for the same time this year. The average sale price of a condo has changed very little although that too has decreased. This figure dropped slightly from $211,200 in the second quarter of 2006 to $208,400 this year.