Real Estate Market Conditions

April 2012 Winter Park Real Estate Market Conditions

May 4, 2012

Sometimes when you look at too small of a market, the numbers can swing quite a bit from month to month. Most of the Winter Park real estate numbers appear to be swinging in the right direction. The number of homes available for sale in the quaint city of Winter Park Florida dropped again from 290 in March to 251. Sales continued headed in the other direction, rising from 67 to 77 last month. At that pace, the current months inventory dropped from 4.3 months supply to only 3.3 months of available homes of all types. Perhaps the shortage of inventory is causing sellers to ask higher prices, or perhaps sales of less expensive homes outpaced the higher priced inventory. Either way, The average list price of the current inventory is up from $720,757 to $757,869, and the median list price is up from $385,000 to $489,900.

Looking at what sold last month, I am going to say the lower priced homes outsold the more expensive homes. There were some sales numbers that were down a bit. Starting with sales prices, the median dropped from $224,500 to $158,000 and the average sales price declined to $276,099 from $326,083. Also, the number of higher priced homes sold went down too. There were 11 homes that closed over $500,000, down from 16 the prior month. However, the number of homes that sold over $1 million increased by one from three to four. The top sale for the month was down though, at $1.6 million which was a steep drop from the $2.5 million the prior period. The less expensive homes moved faster. The average days to closing dropped from 158 to 140 and the median days to close declined from 102 to 80.

February 2012 Winter Park Real Estate Market Conditions

March 7, 2012

It is that time of month when we look back at the Winter Park real estate market conditions to see where we stand. Currently, we have 300 homes available for sale in the lovely city of Winter Park, Florida. The median list price of those homes on the market is $349,400 while the average list price is $726,469. Last month there were 46 sales. At that pace, we have just over 6.5 months supply of homes available, which is pretty close to what we consider a balanced market. Half the homes that closed in February went to contract in less than 89 days while the average days to contract was 155. The median sales price of those homes that closed last month was $200,000 and the average sales price was $324,135. There were seven homes that closed over $500,000 including three homes that sold for over $1 million. The most expensive sale was just over $2.5 million.

December 2011 Winter Park Real Estate Market Conditions

January 4, 2012

Baby it's cold outside..., but Winter Park real estate sales were red hot in December. There were 73 sales in December compared to 56 in November. The median price dropped from $166,850 in November to an even $160,000 last month. Average sales price took a huge 50% jump thanks to several high end sales. The average sales price in November was $261,431 while December posted an average sales price of a whopping $390,504. It did take longer on average for these sales to get to contract, again effected by the higher end sales that closed. The average days to contract in November was 120 and in December it jumped to 160. The median days to contract rose more modestly from 70 days in November to 74 in December.

As I mentioned, sales of more expensive proportion lead the way last month. There were a total of 13 homes that sold for more than $500,000 compared to 10 in November. More impressive is the seven sales greater than $1 million that closed compared to November's two million dollar sales. The highest sale was $4.9 million, and was one of the biggest sales for the year in the entire Orlando area. The fast pace of the sales along with the generous number of expensive closings caused the number and prices of available inventory to decline. In November there were 339 homes available for sale, and today there are only 312. The median list price dropped from November's $450,000 to $364,500, and the average price dropped from $736,179 to $714,059. All in all, a great way to end the year.

Rollins College - A Great Education Right in My Backyard

December 12, 2011

There are a lot of post-secondary education options here in the Winter Park area. The University of Central Florida (my alma mater) is just up the road a few miles, and is currently the second largest university in the country. Full Sail University is very well respected in all aspects of the entertainment industry. Barry University and FAMU both have law schools here in the area. There are also a myriad of other options in the surrounding area. Right here in the middle of Winter Park on the shore of Lake Virginia at the south end of Park Ave is Rollins College.

Rollins is consistently ranked among the top small colleges in the South, and has been number one for the last few years in a row. Thinking of graduate school? Their evening programs are equally well respected, and you just will not find a more lovely campus location. The Crummer Graduate School of Business (also my alma mater) is ranked as the number one MBA in the state, and consistently ranked nationally as well. Rollins College is just another terrific reason to consider Winter Park.

November 2011 Winter Park Real Estate Market Conditions

December 7, 2011

What a solid month November turned out to be for Winter Park real estate sales. November definitely gave us a lot to be thankful for. In October there were only 29 closed sales, but that jumped to 56 in November. The median sales price also jumped from $158,000 in October to $166,850 last month. Average sales price also made a big move from $251,576 in October to $261,431 in November. The number of days to contract however was up a bit with the average coming in 10 days longer at 120 and the median coming in 19 days longer at 70. Pricier properties took a big jump too. There were only 6 homes in October that sold for more than $500,000 and none over $1 million. In November there were 10 homes that sold for more than $500k and 2 that sold with an extra comma on the price tag.

The available inventory was impacted by the additional sales. The number of homes available dropped from 355 in October to 339 last month. At the same time, both the average and median list prices took big jumps. The median list price of $399,000 in October rose by more than $50,000 to $450,000 in November. The average list price jumped by nearly $29,000 from $707,382 in October to $736,179 last month. Hopefully, December will bring us more tidings of comfort and joy and more great sales numbers.