Area Real Estate News & Market Trends

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July 19, 2018

Orlando Housing Market Report | June 2018

Orlando's meager inventory continues to stifle sales, drive up prices

 

 

The inventory of homes available for purchase in the Orlando area displayed its greatest percentage of decrease yet in 2018, contributing to a second consecutive month of slower sales. However, buyer demand is continuing to boost the area’s median price.

The overall median price of Orlando homes (all types combined) sold June is $239,180, which is 6.8 percent above the June 2017 median price of $223,950 and 2.7 percent above the May 2018 median price of $233,000. 

Year-over-year increases in median price have been recorded for the past 84 consecutive months; as of June 2018, the overall median price is 107.8 percent higher than it was back in July 2011.The median price for single-family homes that changed hands in June increased 6.8 percent over June 2017 and is now $260,000. The median price for condos increased 13.6 percent to $125,000.

The Orlando housing affordability index for June is 124.26 percent, down from 124.26 last month. (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. Orlando June SnapshotConversely, 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 decreased to 88.37 percent, from 90.31 percent last month.

Sales and Inventory

Members of ORRA participated in 3,451 sales of all home types combined in June, which is 11.1 percent less than the 3,882 sales in June 2017 but 0.7 percent more than the 3,426 sales in May 2018.

“Summertime is when we traditionally see sales expand as families seek to secure new homes before the start of the new school year,” explains ORRA President Lou Nimkoff, Brio Real Estate Services. “Incredibly low supply continues to be the primary impediment to sales in Orlando, but the combination of higher prices and mortgage rates contribute by pinching the budgets of some prospective buyers -- particularly first-timers – and thwarting their efforts to buy.”

Sales of single-family homes (2,672) in June 2018 decreased by 11.8 percent compared to June 2017, while condo sales (408) decreased 11.1 percent year over year.

Sales of distressed homes (foreclosures and short sales) reached 132 in June and are 50.2 percent less than the 266 distressed sales in June 2017. Distressed sales made up just 3.8 percent of all Orlando-area transactions last month.

The overall inventory of homes that were available for purchase in June (7,558) represents a decrease of 17.3 percent when compared to June 2017, and a 1.0 percent increase compared to last month. There were 16.1 percent fewer single-family homes and 22.6 percent fewer condos.

Current inventory combined with the current pace of sales created a 2.2-month supply of homes in Orlando for June. There was a 2.35-month supply in June 2017 and a 2.2-month supply last month.

The average interest rate paid by Orlando homebuyers in June was 4.61, down from 4.64 percent the month prior.

Pending sales in June are down 11.6 percent compared to June of last year and are down 9.9 percent compared to last month.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in June were down by 11.4 percent when compared to June of 2017. Year to date, MSA sales are down by 1.8 percent.

Each individual county’s sales comparisons are as follows:

*Lake: 12.8 percent below June 2017;

*Orange: 12.1 percent below June 2017;

*Osceola: 9.9 percent below June 2017; and

*Seminole: 9.6 percent below June 2017.

MAY BY THE NUMBERS

Median Price $239,180

+7%

 Sales 3,451

-11% 

Pending Sales 5,206

-12%   

New Listings 4,128

-11% 

New Contracts 3,188

-7% 

Inventory 7,558

-17%  

Interest Rate 4.61%

Compared to June 2017

Based on 30-year fixed rate mortgage

 

 

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, ot just members of ORRA,
 
July 17, 2018

Douglas and Wymore Changes | I-4 Ultimate Improvement Project

Douglas and Wymore Changes

Old-New Configuration

 

As Soon as July 28, Traffic Will no Longer be Able to Cross S.R. 436 from Douglas Ave. and Wymore Rd.

To improve traffic flow at the State Road (S.R.) 436 and Interstate 4 (I-4) interchange nearby roads and traffic movements must shift.

As soon as Saturday, July 28, 2018, a new traffic movement will be in place to prepare for the final configuration of the S.R. 436 interchange. The change means traffic will no longer be able to cross S.R. 436 between Wymore Road and Douglas Avenue.

Wymore Road and Douglas Avenue will become right-in, right-out only from S.R. 436. Pedestrians and right-in and right-out traffic will still be guided by the existing traffic signal. Once the S.R. 436 interchange is completed and the pedestrian tunnel opened the traffic signal at S.R. 436 and Wymore Road/Douglas Avenue will be removed to provide more capacity for vehicles accessing I-4 and to improve traffic flow.

Lanes on Westmonte Drive also will be added or widened to accommodate the additional volume of motorists using the roadway. Construction on these roadways began in 2017 in anticipation of motorists using this new traffic movement. The signals throughout these roadways will be adjusted and timed to accommodate the additional capacity.

The final configuration of S.R. 436 will function as a Single Point Urban Interchange (SPUI). This type of interchange helps efficiently move large traffic volumes through an intersection with limited space. The SPUI at S.R. 436 will allow opposing left turns to proceed simultaneously in one single intersection over I-4.

3351 Wymore Douglas Westmonte Handout

 

 

 

Posted in Topic Of Interest
July 12, 2018

Is The C&D About To Take Over The B&B?

C&D

Is The C&D About To Take Over The B&B?

You ask what a C&D is?  A Couch and Dinner, invented by Angie Rendo due to the need to help her brother-in-law, Korey.   She invented the C&D as a way to provide him a place to stay while he was searching for his new home.  

We took the time to speak with Angie about how she came up with the C&D idea.

Interviewer: “Angie, how did you come about with the C&D idea?”

Angie: “Well, first off I've got a really large couch and it's really soft and really comfortable.  I often found myself sleeping on it a lot of nights when I had difficulty in my own bed or my husband was snoring so loud, he would shake the walls. So, when my brother-in-law got a new job down here In Lake Mary, we decided to let him stay here. However, we have a small 2-bedroom apartment and really had no place for him to sleep.  We did look at the prices of cots and other solutions, but they were kind of expensive, so we thought, you know, let's just turn the couch into a bed it's super wide and really comfortable.”

Interviewer: “So where does the D for Dinner come in?”

Angie: “Well, to top it off, he doesn't like to eat breakfast. I made breakfast a couple mornings before he went to his new job and he just never ate them.  I asked him, and he said he never eats breakfast. But dinner, that's a whole different story, he loves to eat, and I love to cook.  So, in preparing a dinner for my husband, I would just make an extra big meal so that he got a good dinner, too.  Thus, we came up with ‘couch and dinner’ the ‘C&D’.”

Interviewer: “So, Angie, what tips could you offer to those who would like to help out a family member or make a few extra dollars with their own C&D?”

Angie: “Well probably the biggest one to start with is that you’ve got to have a great couch. I’ve got a GREAT couch.  I’ve got a sectional that I can move around and make different sizes, but the best thing about it,is that it is super deep.  You can actually sleep two people together on this couch if you wanted to.”

Interviewer: “What are some of the other tips you can provide?”

Angie: “One of the big things is with the dinners, you need to find out what your clients are allergic to, or if they are on a special kind of diet.  One of the things that Korey made clear was that he wanted to cut down on his carbs, so I made sure he had a high protein meal. One little side thing about that, you must make sure that you have a lot of snacks in the pantry because you'll find that your guest like to get up in the middle of night and nibble on a lot of different snacks. So that is just a little side tip.”

Interviewer: “Have your every heard or seen anything like your C&D before?”

Angie: “That is funny you ask because I have seen something called ‘Couchsurfing’.  I think there is an actual website on it too.  But I prefer C&D, it sounds more welcoming.”

Interviewer: “That's fantastic Angie.  Really appreciate your time and wish you much success with your C&D Business.”

Posted in Topic Of Interest
July 6, 2018

School Immunizations For Seminole County

Seminole County

Information Provided By Community Relations Officer Ashley Moore

SCHOOL IMMUNIZATIONS

The Florida Department of Health in Seminole County (DOH-Seminole) is urging parents to prepare their children now for this upcoming school year. Parents may visit their child’s medical provider or the health department to obtain their required vaccines and school physicals for school entry and help keep their children safe from vaccine preventable diseases. “Up-to-date immunizations are very important to keep children safe and ready for school. A higher number of vaccinated children will make it less likely for a disease to spread from person to person, which is known as community immunity,” said Donna Walsh, health officer for the Florida Department of Health in Seminole County. “It is important to continue protecting our children from outbreaks of vaccine-preventable diseases like pertussis, mumps and measles.” Immunizations and school physicals are available at DOH-Seminole located at 400 W. Airport Boulevard in Sanford, Monday through Friday from 8 am to 3:30 pm. To make an appointment call (407) 665-3700. Due to the high demand for immunizations from July 23rd through August 14th, services are provided on a first come, first served, walk-in basis. You may experience a longer wait during this period. Children must be accompanied by an adult family member or legal guardian to receive immunizations. If not, a notarized permission form, signed by the parent or legal guardian, must be presented before services are rendered. A copy of each child’s immunization record and government-issued, valid photo identification of the adult relative or legal guardian are required. Parents may also visit their primary care provider to avoid possible long wait times. A certified DH 680 immunization form is required for school entry and is provided with immunizations. You can obtain this form at your child’s medical provider or though the immunization clinic at the health department. Immunization services are available for low-cost administrative fees at the health department. Families with private insurance assigned to a medical home or HMO provider are encouraged to go to their doctor for immunizations as the health department is a safety net for those without health care coverage. For more information on childhood immunizations visit www.seminolecohealth.com .

 

Florida Health

 

July 31, 2017

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