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Real Estate Sales Report May 2024

Real Estate Sales Report May 2024

Real Estate Sales Report May 2024

Real Estate Sales Report May 2024

Existing-home sales slightly declined in May while the median sales price reached a record high, as reported by the National Association of REALTORS® (NAR). Sales fell month-over-month in the South but remained stable in the Northeast, Midwest, and West. Year-over-year, the Midwest saw a rise in sales, whereas the Northeast, South, and West experienced declines.

Total existing-home sales, encompassing single-family homes, townhomes, condominiums, and co-ops, decreased by 0.7% from April, reaching a seasonally adjusted annual rate of 4.11 million in May. Compared to last year, sales dropped by 2.8% from 4.23 million in May 2023.

The NAR Chief Economist, Lawrence Yun, stated that more inventory will eventually help boost home sales and tame home price gains in the upcoming months. Increased housing supply is expected to benefit consumers who want to see more properties before making purchasing decisions.

Total housing inventory at the end of May was 1.28 million units, marking a 6.7% increase from April and an 18.5% increase from one year ago (1.08 million). The unsold inventory is at a 3.7-month supply at the current sales pace, up from 3.5 months in April and 3.1 months in May 2023.

The median existing-home price for all housing types in May was $419,300, the highest ever recorded, up 5.8% from one year ago ($396,500). All four U.S. regions registered price gains.

Yun noted that home prices reaching new highs are creating a wider divide between those owning properties and those who wish to be first-time buyers. The mortgage payment for a typical home today is more than double that of homes purchased before 2020. Despite this, first-time buyers in the market understand the long-term benefits of owning.

REALTORS® Confidence Index According to the monthly REALTORS® Confidence Index, properties typically remained on the market for 24 days in May, down from 26 days in April but up from 18 days in May 2023.

First-time buyers accounted for 31% of sales in May, down from 33% in April but up from 28% in May 2023. NAR’s 2023 Profile of Home Buyers and Sellers, released in November 2023, indicated that the annual share of first-time buyers was 32%.

All-cash sales made up 28% of transactions in May, unchanged from April but up from 25% a year ago. Individual investors or second-home buyers, who comprise many cash sales, purchased 16% of homes in May, the same as in April and up from 15% in May 2023. Distressed sales – foreclosures and short sales – represented 2% of sales in May, unchanged from both last month and the previous year.

Mortgage Rates According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.87% as of June 20, down from 6.95% the previous week but up from 6.67% a year ago.

Single-family and Condo/Co-op Sales Single-family home sales declined to a seasonally adjusted annual rate of 3.71 million in May, down 0.8% from 3.74 million in April and 2.1% from the previous year. The median existing single-family home price was $424,500 in May, up 5.7% from May 2023. Existing condominium and co-op sales were unchanged from April, at a seasonally adjusted annual rate of 400,000 units in May, but down 9.1% from one year ago (440,000 units). The median existing condo price was $371,300 in May, up 5.1% from the previous year ($353,300).

Regional Breakdown

  • Northeast: Existing-home sales were unchanged from April at an annual rate of 480,000, a 4% decline from May 2023. The median price was $479,200, up 9.2% from the previous year.
  • Midwest: Existing-home sales remained steady from April at an annual rate of 1 million, a 1% increase from a year ago. The median price was $317,100, up 6.4% from May 2023.
  • South: Sales fell 1.6% from April to an annual rate of 1.87 million in May, down 5.1% from the previous year. The median price was $374,300, up 3.6% from last year.
  • West: Sales in May were unchanged from April at an annual rate of 760,000, a 1.3% decrease from one year earlier. The median price was $632,900, up 5.5% from May 2023.

About the National Association of REALTORS® The National Association of REALTORS® is the largest trade association in America, representing 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term REALTOR® is a registered collective membership mark identifying a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.



When to List Your Long-Term Rental with RE/MAX Heritage for the Best Results

When to List Your Long-Term Rental with RE/MAX Heritage for the Best Results

When to List Your Long-Term Rental with RE/MAX Heritage for the Best Results

Located in the vibrant Four Corners area near Orlando, REMAX Heritage understands that advice on the best times to buy or sell property is readily available. But what if your goal isn’t to sell? What if you’re looking to rent out your single-family home or an apartment within your complex? Knowing the optimal time to list your rental property can significantly enhance your chances of finding tenants.

Why Spring Is the Optimal Time to List Your Rental

Spring emerges as the prime season to market your rental property for several compelling reasons, paralleling some of the logic behind property sales:

1) Aligning with the School Calendar: Families prefer moving during the summer to avoid disrupting the school year. Listing in spring caters to these potential tenants, helping them plan their relocation right after the school term ends.

2) Advantageous Weather: Generally, more people are inclined to move during spring and summer, favored by milder weather. This makes not only property viewing but also the physical move smoother and more pleasant.

3) Enhanced Property Aesthetics: Properties tend to showcase their best look in spring, with blooming flowers, lush greenery, and vibrant landscapes. Enhancing your property’s curb appeal with fresh landscaping or colorful planters can make a significant difference.

4) Financial Boost from Tax Refunds: The influx of tax refunds during spring provides many renters with extra funds, which they might use for moving expenses, making it a financially opportune time to seek new living arrangements.

While spring stands out as the ideal time to list, REMAX Heritage offers strategies to effectively market your rental during other seasons:

Seasonal Rental Listing Tips

  • Summer: Highlight features like pools, air conditioning, and proximity to outdoor activities. Be ready to inform about local school timelines, reassuring families they can settle before the academic year starts.
  • Fall: Utilize autumnal decor to create a cozy, inviting atmosphere. Emphasize the natural scenery and plant seasonal blooms like chrysanthemums to maintain an appealing exterior.
  • Winter: Ensure your property feels warm and welcoming. Preheat the space before showings, utilize seasonal scents, and maximize natural lighting to counteract the shorter days.

By adapting your strategy to each season, you can attract tenants year-round, maintaining a successful rental venture even during traditionally slower months.

Exploring Opportunities in the Off-Season

What strategies do you consider effective for listing your rental property outside the peak season? At REMAX Heritage, we’re always looking for innovative ideas to serve our clients better and keep occupancy rates high throughout the year.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

Real Estate Sales Report April 2024

Real Estate Sales Report April 2024

Real Estate Sales Report April 2024

In April, existing-home sales saw a decline nationwide, as reported by the National Association of REALTORS®. All major regions in the United States experienced decreases in sales compared to the previous month, with year-over-year declines noted in the Northeast, Midwest, and South, while the West saw an increase.

Total existing-home sales, including single-family homes, townhomes, condominiums, and co-ops, decreased by 1.9% from March to reach a seasonally adjusted annual rate of 4.14 million in April. Year-over-year, sales dropped by 1.9%, down from 4.22 million in April 2023.

Lawrence Yun, Chief Economist at NAR, commented, “Overall, home sales remained relatively steady, but there’s been a notable uptick in the upper-end market due to increased supply.”

Housing inventory at the end of April stood at 1.21 million units, marking a 9% increase from March and a 16.3% increase from a year ago. Unsold inventory represented a 3.5-month supply at the current sales pace, up from 3.2 months in March and 3.0 months in April 2023. Additionally, inventory and sales of homes priced at $1 million or more increased by 34% and 40%, respectively, compared to the previous year.

The median existing-home price for all housing types in April was $407,600, up by 5.7% from the previous year. Price gains were observed across all four U.S. regions.

Yun noted, “The record-high home prices for April are encouraging for homeowners, but we anticipate a slowdown in price increases with the increasing availability of housing inventory.”

REALTORS® Confidence Index: According to the monthly REALTORS® Confidence Index, properties spent an average of 26 days on the market in April, down from 33 days in March but up from 22 days in April 2023.

First-time buyers accounted for 33% of sales in April, up from 32% in March and 29% in April 2023.

All-cash sales represented 28% of transactions in April, consistent with both March and the previous year.

Individual investors or second-home buyers, often making cash purchases, bought 16% of homes in April, up from 15% in March but down from 17% in April 2023.

Distressed sales, including foreclosures and short sales, made up 2% of total sales in April, showing no significant change from the previous month or year.

Mortgage Rates: Freddie Mac reported that the 30-year fixed-rate mortgage averaged 7.02% as of May 16, a decrease from 7.09% the previous week but an increase from 6.39% one year ago.

Single-family and Condo/Co-op Sales: Single-family home sales decreased to a seasonally adjusted annual rate of 3.74 million in April, down 2.1% from March and 1.3% from the previous year. The median existing single-family home price was $412,100, up 5.6% from April 2023.

Existing condominium and co-op sales remained unchanged from the previous month, with a seasonally adjusted annual rate of 400,000 units in April, down 7% from one year ago. The median existing condo price was $365,300, up 5.4% from the previous year.

Regional Breakdown:

  • Northeast: Existing-home sales decreased by 4% from March to an annual rate of 480,000 in April, down 4% from April 2023. The median price in the Northeast was $458,500, up 8.5% from the previous year.
  • Midwest: Existing-home sales slipped by 1% from the previous month to an annual rate of 1 million in April, down 1% from one year ago. The median price in the Midwest was $303,600, up 6% from April 2023.
  • South: Existing-home sales declined by 1.6% from March to an annual rate of 1.9 million in April, down 3.1% from the previous year. The median price in the South was $366,200, up 3.7% from last year.
  • West: Existing-home sales retracted by 2.6% from the previous month to an annual rate of 760,000 in April, up 1.3% from one year ago. The median price in the West was $629,600, up 9.3% from April 2023.

About the National Association of REALTORS®: The National Association of REALTORS® is the largest trade association in America, representing 1.5 million members engaged in residential and commercial real estate. The term “REALTOR®” identifies a real estate professional who is a member of NAR and adheres to its Code of Ethics.

 

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

March Real Sales Report 2024

March Real Sales Report 2024

March Real Sales Report 2024

March Real Sales Report 2024


 

WASHINGTON (April 18, 2024) – The National Association of REALTORS® reported a decline in existing-home sales in March, noting decreases in the Midwest, South, and West, while sales increased in the Northeast for the first time since November 2023. Overall, sales decreased year-over-year across all regions.

Total existing-home sales – encompassing single-family homes, townhomes, condominiums, and co-ops – fell by 4.3% from February to a seasonally adjusted annual rate of 4.19 million in March. Compared to the same month last year, sales were down by 3.7%.

The Chief Economist of the National Association of REALTORS® commented, “While home sales are recovering from recent lows, they remain constrained as interest rates have stabilized without significant change. However, with employment significantly higher than pre-COVID levels, the number of potential home buyers has increased.”

The total housing inventory at the end of March stood at 1.11 million units, an increase of 4.7% from February and 14.4% from the previous year. The unsold inventory represents a 3.2-month supply at the current sales pace, which is an increase from previous months.

The Chief Economist added, “The market is welcoming more inventory. Now is an opportune time to list properties, as mid-priced homes continue to receive multiple offers and home prices generally rise.”

The median existing-home price for all housing types in March was $393,500, marking a 4.8% increase from the previous year. Price gains were recorded across all four U.S. regions.

According to the REALTORS® Confidence Index, homes typically stayed on the market for 33 days in March, quicker than in February but slower than the previous year. First-time buyers accounted for 32% of sales in March, a noticeable increase from previous months.

Cash sales made up 28% of all transactions in March, slightly down from February but up from last year. Individual investors or second-home buyers purchased 15% of homes.

Distressed sales, including foreclosures and short sales, made up 2% of total sales, consistent with recent trends.

Mortgage rates also showed a rise, with Freddie Mac reporting the average 30-year fixed-rate mortgage at 6.88% in early April.

Breaking down by type, single-family home sales stood at a seasonally adjusted annual rate of 3.8 million units in March, while sales of condos and co-ops were at 390,000 units. Median prices for these homes showed respective increases from the previous year.

Regionally, the Northeast saw an improvement in home sales, while other regions experienced declines. Notably, sales in the West saw significant decreases.

The National Association of REALTORS® continues to be a leading organization in the real estate industry, representing over 1.5 million members across residential and commercial sectors.

For detailed local information, contacting local REALTOR® associations is recommended, as they provide the most accurate and current data from local multiple listing services (MLS).

Upcoming releases from the National Association of REALTORS® include the Pending Home Sales Index and the Existing-Home Sales report, expected later this spring.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

Why Having a Real Estate Agent is Essential for Your Home Purchase Journey

Why Having a Real Estate Agent is Essential for Your Home Purchase Journey

Why Having a Real Estate Agent is Essential for Your Home Purchase Journey

Why Having a Real Estate Agent is Essential for Your Home Purchase Journey

Considering buying a home in the Orlando Area? It’s a significant journey, but you don’t have to navigate it alone. A real estate agent can be your invaluable ally, offering the expertise and support you need. Here are five compelling reasons why enlisting the help of a real estate agent is a wise decision:

Industry Experience:

Real estate agents are equipped with training, knowledge, and local connections that can demystify the buying process for you. They’ll lead you through each step, from home search to closing, ensuring you’re well-informed at every turn.

Local Market Knowledge:

A seasoned real estate agent possesses an in-depth understanding of the local market. They can provide insights into current trends, the pace of home sales, and emerging neighborhoods. This insider knowledge is crucial when deciding where and how much to invest.

Pricing and Market Value Expertise:

Stay ahead of the curve with a real estate agent who can interpret market trends and assess home values accurately. This empowers you to craft competitive offers that strike a balance between your budget and the seller’s expectations.

Contract Review and Negotiations:

The home buying process involves a mountain of paperwork, including intricate contracts and disclosures. Your real estate agent will decode these documents for you, ensuring your interests are safeguarded. Plus, they’ll skillfully negotiate on your behalf to secure favorable terms and pricing.

Negotiation Expertise:

Negotiation is an art, especially in the realm of real estate. From the initial offer to the final closing, your real estate agent will be your advocate, leveraging their experience and skills to secure the best possible outcome for you.

Consider RE/MAX Heritage to buy or sell your  home 

We all live and work in the area, bringing our expertise and dedication to every transaction. Whether you’re buying or selling real estate, it’s often the most significant financial decision you’ll make. With over 30 years of experience serving clients in Orlando and surrounding areas, our team is committed to providing the best representation possible.

If you’d like one of our experienced agents to assist you directly through the buying process, simply complete the short form opposite. Our agents will help guide you through the entire process, offering valuable support at every step. Contact us today to learn more about how we can help you achieve your real estate goals

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

JUST LISTED: 17717 WOODCREST WAY, CLERMONT 

JUST LISTED: 17717 WOODCREST WAY, CLERMONT 

JUST LISTED: 17717 WOODCREST WAY, CLERMONT 

17717 Woodcrest Way, Clermont, FL

Just Listed

$ CLICK FOR CURRENT PRICE

4 BEDROOMS 2.5 BATHROOMS 6717 sqft Lot

Welcome to your future home! This spacious two-story pool home features 4 bedrooms and 2.5 bathrooms, offering ample space for comfortable living. With a newer roof installed in 2022, this property is not only well-designed but also well maintained, ensuring peace of mind for years to come. This home benefits from a south-west facing pool and spa overlooking a serene pond, providing a tranquil backdrop for relaxation and entertainment. Upon entering, you’re greeted by a welcoming foyer alongside which is tiled kitchen decorative arch cut outs overlooking the great room. The kitchen has been recently updated with freshly painted cabinets and stainless appliances, including a newer stainless dishwasher, stove, and microwave. A pantry closet and eating space add to the convenience and functionality of the kitchen. The foyer also grants access to the laundry room, ready for your washer and dryer, as well as providing access into the two-car garage with epoxy painted flooring and an electronic door opener. The great room, which opens up from the entrance hall, comprises a carpeted living room and dining room with sliding doors to the covered lanai area, seamlessly extending the living space outdoors. The spacious primary bedroom overlooks the pool area and is easily accessed off the family room. Its ensuite bathroom features a walk-in shower, garden tub, toilet cubicle, and a walk-in closet, providing a luxurious retreat. Upstairs, three additional bedrooms offer comfortable accommodation with easy access to the family bathroom. Step outside to your own private oasis—a fully screened pool and spa area with covered lanai overlooking the pond behind. The pool heater was replaced in 2021, ensuring year-round enjoyment. Conveniently located on Highway 27, this home offers easy access to medical facilities, restaurants, grocery stores, and major roadways, including Highway 192. Plus, its proximity to theme parks, designer outlets, and the airport as well as grocery stores, restaurants and medical facilities makes it an ideal choice for experiencing the quintessential Florida lifestyle.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.