The Fall Real Estate slowdown continues in consistent fashion here in Central Florida. For the month of October, in Orange County, a total of 1,108(-53) single family homes sold, as compared to September’s total of 1,161. A couple of interesting trends have developed, which will make the market interesting to watch in the upcoming months.
Starting with luxury homes, October saw 24(-1) sales of homes over $1 million, and September had 25 homes sold in the same category, continuing in consistent fashion. Interestingly enough, more homes over $700,000 sold in October, 52(+6) than September, 46.
Continuing to be the most active price range, the $200,000-$249,000 range was most popular, although there was a sharp drop from September, 217, to October, 197 (-20). Homes from $250,000-$299,000 saw a slight increase, as October saw 176 (+9) sales compared to September, at 167. Homes in the $180,000-$199,000 category also saw a slight increase in October, 86 (+3) over September, 83. The $160,000-$179,000 price range had 88 (+6) sales in October compared to September at 82.
Similar to September, when 555(47.8%) homes sold in 0-30 days, October also saw a similar percentage, with 527(47.6%) homes going within the same time frame. Less homes sold within 31-60 days in October, 205 (18.5%) compared to September, 232 (20%).
Interestingly, cash purchases have dropped, and conventional and FHA purchasing has increased. Cash purchases in October amounted to 304 (27.4%) compared to September, at 354 (30.5%). Homes purchased with conventional financing in October amounted to 439(39.6%) versus September 440 (37.9%). FHA financed homes came to 247 in October(22.3%) AND September (21.3%). Homes purchased with VA financing rose from 60 in September to 62 in October.
Cash purchases versus Conventional/FHA financed will be an interesting trend to watch in the upcoming months. Is there a weakening in the Real Estate Investment market, or are the TRID mortgage regulations recently passed having an immediate positive effect on the market? Is the foreclosure and short sale market starting to dry up a little bit?
Additionally, with a sizable drop in the most active category, which way are average home prices going to go in the upcoming months? Prices have been expected to rise sharply for months now; is this the beginning of that trend?
Buyers considering buying should get pre-approved immediately and get into the market with a professional agent who understands the intricacies and how to best take advantage of this market.
Sellers need to make sure their home is in the best possible condition, working with an experienced agent who has the capacity to appropriately price their home for sale.
Are you ready to buy or sell? Contact me right away, and lets set up a winning gameplan to get you what you want, when you want it!
Ramon Morales
Real Estate Agent
La Rosa Realty
www.ramonmoralesrealestateagent.com
Isellcflhomes@gmail.com
407.517.8693
***All information obtained from MLS Home Sales Report***