What Crazy World Did We Just Wake Up In?

How many of you keep waking up to the thought that you just had a real bad nightmare, and then had to shake your head because of the realization that the nightmare was real? Here we are about 6 weeks in from when we all started to hear about the talk of coronavirus; some ignored it, others didn’t take it too seriously, but then as the weeks have gone on we have all had to pay attention to it!

It seems that there is nowhere on earth that hasn’t been affected by this, but some a lot worse than others – I hope and pray that as you are reading this you are not in one of those areas. However, unfortunately I know some of you are – I have a family member in Northern Italy; most of my family are in England, some in Holland; but then some friends in New York, the worst affected area in the US.

My thought has to be that you are all listening to the experts and staying in safely & without physical contact with others! But who’d have thought, only a few months ago, that we would have been saying this!? With those simple instructions, and most of us following them, our whole world has been turned upside down! Businesses have closed (hoping to be temporary, but some permanently), many have lost their jobs, & for the rest who cannot ‘work from home’, it has become about surviving!

Unfortunately, a question that cannot be answered just yet, is how long is this going to last – it seems we may not have reached or even come close to the peak of the curve yet here in the US, and so we are going to have to prepare for this to go on for some time. Moving forward, because our normal work routine as Realtors and as a Brokerage has slowed up, we will be making a few other changes & be attempting to bring you as much useful information as we can, and not all real estate related. With the help of NextHome corporate office, and our new predominantly online world, look out for more posts from us…

On a positive note, I’ll leave you with this – having spoken to a number of friends in other parts of the world, it does look like there are a few countries that are finally showing signs of coming down off the peak of their curve! They are having success in controlling this, and if it can be done there, then it can be done everywhere else!

Orlando Housing Market Update – February 2020

The Orlando Housing Market Update for February 2020.

Orlando’s housing market in February saw its home sales improve by more than 4% compared to February 2019, while the median price increased by 6%. Inventory experienced a year-over-year decline of 17%.

The following data, supplied by the Orlando Regional Realtor Association, does not reflect any changes to the market affected by the Coronavirus situation – the data sourced runs through the end of February, before any cases were reported within the US. ORRA does anticipate an impact from the coronavirus situation on the real estate market, but are unable to predict what that might be.

 

 

The image below shows the Market Data for the Orlando & surrounding areas

from January 2018 thru February 2020.

ORRA Market Pulse Feb 2020

The Following graph shows New Listings, New Contracts on Listings, Total Pendings, and Closed Sales over the last two years!

ORRA Market Data Feb 2020 2-Year Running Recap

The following shows the cyclical pattern of New Listings over the last 3 years!

ORRA Market Data Feb 2020 3-Year New Listings

The following shows the total number of homes listed for sale over the last 3 years! Total inventory has fallen further since last month.

ORRA Market Data Feb 2020 3-Year Inventory

The following shows the Average Monthly Mortgage Rate over the last 3 years!

The Avg rate for February continued to drop; U.S. long-term mortgage rates hit the all-time lows last week amid anxiety over risks to the economy from the deepening coronavirus crisis.

ORRA Market Data Feb 2020 3-Year Mortgage Rates

The following shows the total number of listings under contract (pending a sale) over the last 3 years. We show this graph to show what, if any, effect the coronavirus situation will have on the real estate market.

ORRA Market Data Feb 2020 3-Year Total Under Contract

This next graph shows the cyclical pattern of Listings taken off the market.

The winter month of December typically showing the highest number of units off the market, with Jan thru March showing the lowest numbers!

A spike shown in August 2017 could be explained by the formation of Hurricane Irma towards the end of that month!

ORRA Market Data Feb 2020 3-Year Units Off the Market

The World Health Organization on Wednesday declared the viral outbreak a pandemic. The number of cases continue increasing in Florida, and the first 2 cases reported in Orlando yesterday!
Financial markets continued to shudder amid a cascade of cancellations and shutdowns across the globe due to the COVID-19 virus. For the second time this week, U.S. stock prices tumbled so sharply at the opening bell that a circuit breaker meant to slow panic trading was triggered on Wall Street, halting all activity for 15 minutes. The Dow Jones Industrial Average closed in a bear market Wednesday for the first time in more than a decade.

The record low mortgage rates have been a boon to potential homebuyers, and they give many homeowners an opening to refinance into lower-rate loans to free up money to spend or save.

But prospective buyers may be reticent to shop for homes amid the coronavirus outbreak, seeking to avoid social contact. That could slow home sales. And ultra-low mortgage rates aren’t likely to produce a significant rise in home sales this year because the supply of homes for sale remains at historic lows, and could stay this way if this health crisis worsens.

We will continue to watch this crisis closely, and post more updates as we receive them!

Orlando Housing Market Update – January 2020

The Orlando Housing Market Update for January 2020.

Orlando’s housing market in January marked a second consecutive month of double-digit year-over-year sales increases. Sales improved by more than 16 percent compared to January 2019, while the overall median price of homes (all types combined) increased to $245,000, which is 7.9% above the January 2019 median price of $227,000. However, the numbers of homes available for purchase in Orlando, although an 0.1% increase compared to last month, dropped by 14.7% when compared to January 2019.

 

 

The image below shows the Market Data for the Orlando & surrounding areas

from December 2017 thru January 2020.

ORRA Market Pulse Jan 2020

The Following graph shows New Listings, New Contracts on Listings, Total Pendings, and Closed Sales over the last two years!

ORRA Market Data Jan 2020 2-Year Running Recap

The following shows the cyclical pattern of new listings over the last 3 years!

ORRA Market Data Jan 2020 3-Year New Listings

The following shows the total number of homes listed for sale over the last 3 years! Total inventory still remains low.

ORRA Market Data Jan 2020 3-Year Inventory

The following shows the Average Monthly Mortgage Rate over the last 3 years!

The Avg rate for January dropped to 3.55%; the lowest since November 2012!

ORRA Market Data Jan 2020 3-Year Mortgage Rates

The market data still points to an active start to the year with pending sales in January up 7.8% compared to January of last year; Pending sales are up 25.9% compared to last month.