Thank you for taking the time to read my 2016 Windermere Year in Review, you will not find data like this broken down like this anywhere on the internet. I am a firm believer that knowledge is power and you get knowledge from accurate information. This is why Ron the Realtor’s clients are the most informed in the marketplace.
Windermere is where Ron’s family calls home and Ron has been currently ranked in the 25 in closed sales for the Windermere zipcode 34786.
Let’s dive right into it… these charts reflect all closed sales for a particular year derived directly from the Orlando Regional Realtor Associations Mid Florida MLS. Every year has 2 different charts, one for ALL units sold in Windermere Florida 34786 and one breaking down just single family homes sold.
This is done to show the overall state of the market for the zip code and then to examine the single family market on its own merit. This type of extra layer is crucial to understanding any local market, yet rarely do people take it down this far.
I typically only break down the year and the following year but with Windermere I found myself going back and back, so I thought you as the reader may want to see what I was looking at as well, so I pulled back the curtain and posted all the way back to 2012…
What I found was something I have been seeing with every quarterly market blog post I have been doing all year long… A flat Windermere Market. It really came to light to me when I had a really nice home I listed under 280k in Summerport community… received full price offer, as expected quickly… but the appraisal came in short… I am accustomed to low appraisals and am versed in dealing with them, I frequently sell homes for more than current value… but this one was different… I never expected in a million years to have an appraisal issue…. well 2 weeks of debating with the appraiser, I only got them up 3 k more on their value…. reason why appraiser could not justify an improving market. In the end, sadly, either could I.
These data charts below show this as well.
More on this and my take in a few, here is the breakdown year by year…. Let us examine 2 years ago….
In 2015 944 Units were sold with an average Sale Price of $530,000, $160.58/ ft
| Status: Sold (944) | |||||||||||||
| Beds | Baths | SqFt Heated | List Price | LP/SqFt | Close Price | SP/SqFt | DTC | DTCL | ADOM | CDOM | SP/LP Ratio | ||
| Min | 2 | 1 | $127,200 | $87.50 | $143,325 | $82.14 | -367 | -106 | .5 | ||||
| Max | 9 | 11 | 21,515 | $16,500,000 | $766.91 | $8,250,000 | $545.45 | 820 | 849 | 819 | 1,372 | 1.32 | |
| Avg | 4 | 4 | 2,984 | $566,024 | $168.23 | $530,255 | $160.68 | 92 | 135 | 92 | 110 | .96 | |
| Median | 4 | 3 | 2,751 | $375,000 | $142.11 | $364,420 | $138.87 | 62 | 108 | 61 | 72 | .97 | |
When we remove the condos and townhomes and focus on single family only….
743 single family homes sold in 2015 for Windermere Fl 34786….
Averaging $619,000 sale price and $169.28 a foot…
2015 also witnessed one of the highest resales in the zip code in many years, with an aggressive $16,500,000 asking price, it was 50% off day…. it sold for $8,250,000. Still a record sale for the zip code to this day.
For all my avid long time readers, you know my take on this sale, it really skewed the numbers and the averages…. for 2015 in the zip code.
| Status: Sold (743) | |||||||||||||
| Beds | Baths | SqFt
Heated |
List Price | LP/SqFt | Close Price | SP/SqFt | DTC | DTCL | ADOM | CDOM | SP/LP Ratio | ||
| Min | 2 | 1 | $199,000 | $87.50 | $202,000 | $82.14 | -235 | -106 | .5 | ||||
| Max | 9 | 11 | 21,515 | $16,500,000 | $766.91 | $8,250,000 | $545.45 | 820 | 849 | 819 | 1,372 | 1.32 | |
| Avg | 4 | 4 | 3,364 | $662,864 | $177.86 | $618,993 | $169.28 | 101 | 144 | 99 | 121 | .96 | |
| Median | 4 | 4 | 3,036 | $444,950 | $152.39 | $430,000 | $148.21 | 71 | 116 | 70 | 81 | .97 | |
2016 numbers are in….
928 units sold with an average sold price of $537,780 and $164.70 / ft
a little under 2 % increase in average closed sales …but no $8M sold or even close in 2016
| Status: Sold (928) | |||||||||||||
| Beds | Baths | SqFt Heated | List Price | LP/SqFt | Close Price | SP/SqFt | DTC | DTCL | ADOM | CDOM | SP/LP Ratio | ||
| Min | 2 | 1 | 1,000 | $149,800 | $51.38 | $145,000 | $68.46 | -228 | -5 | -5 | .73 | ||
| Max | 34 | 9 | 9,623 | $5,999,000 | $764.72 | $4,675,000 | $678.37 | 985 | 969 | 897 | 2,586 | 1.33 | |
| Avg | 4 | 4 | 2,999 | $565,430 | $171.63 | $537,780 | $164.70 | 93 | 141 | 91 | 110 | .97 | |
| Median | 4 | 3 | 2,725 | $389,000 | $146.64 | $375,000 | $143.07 | 53 | 104 | 53 | 61 | .97 | |
Break it down even further in RTR fashion to only single family home sold for 2016
748 single family homes sold with an average $616,000 and $171,76 / ft, which is almost NIL difference from 2015.
| Status: Sold (748) | |||||||||||||
| Beds | Baths | SqFt Heated | List Price | LP/SqFt | Close Price | SP/SqFt | DTC | DTCL | ADOM | CDOM | SP/LP Ratio | ||
| Min | 2 | 1 | 1,000 | $149,800 | $51.38 | $151,500 | $68.46 | -228 | -5 | -5 | .73 | ||
| Max | 34 | 9 | 9,623 | $5,999,000 | $764.72 | $4,675,000 | $678.37 | 985 | 969 | 897 | 2,586 | 1.33 | |
| Avg | 4 | 4 | 3,340 | $648,900 | $179.56 | $615,852 | $171.76 | 100 | 149 | 98 | 121 | .96 | |
| Median | 4 | 4 | 3,065 | $439,900 | $155.99 | $435,000 | $150.24 | 60 | 111 | 59 | 70 | .97 | |
——————————————————————————————————————
When this came out as flat as it did, I thought , well what about the year before….
What I found was pretty surprising…
70 less single family homes sold, but slightly higher closed average sale price $621,000 but lower per foot at… $168.78
2014
| Status: Sold (861) | |||||||||||||
| Beds | Baths | SqFt Heated | List Price | LP/SqFt | Close Price | SP/SqFt | DTC | DTCL | ADOM | CDOM | SP/LP Ratio | ||
| Min | 2 | 1 | 1,022 | $144,900 | $72.79 | $110,000 | $23.95 | -60 | -5 | -5 | .1 | ||
| Max | 7 | 9 | 15,917 | $5,495,000 | $975.05 | $4,700,000 | $905.09 | 2,291 | 2,319 | 2,262 | 2,607 | 1.38 | |
| Avg | 4 | 3 | 3,035 | $563,058 | $167.86 | $530,763 | $159.79 | 88 | 134 | 83 | 105 | .96 | |
| Median | 4 | 3 | 2,773 | $375,000 | $142.67 | $362,000 | $138.34 | 56 | 99 | 54 | 63 | .97 | |
| Status: Sold (673) | |||||||||||||
| Beds | Baths | SqFt Heated | List Price | LP/SqFt | Close Price | SP/SqFt | DTC | DTCL | ADOM | CDOM | SP/LP Ratio | ||
| Min | 2 | 1 | 1,022 | $219,000 | $72.79 | $110,000 | $23.95 | -60 | -5 | -5 | .1 | ||
| Max | 7 | 9 | 15,917 | $5,495,000 | $975.05 | $4,700,000 | $905.09 | 2,291 | 2,319 | 2,262 | 2,607 | 1.38 | |
| Avg | 4 | 3 | 3,435 | $660,358 | $177.76 | $621,336 | $168.78 | 96 | 143 | 89 | 115 | .96 | |
| Median | 4 | 3 | 3,131 | $489,900 | $151.53 | $462,000 | $147.40 | 62 | 109 | 58 | 70 | .97 | |
So went back another year… oddly same pattern. Higher average sold than 2014! $631,760 but again lower per ft… $164.07
2013
| Status: Sold (815) | |||||||||||||
| Beds | Baths | SqFt Heated | List Price | LP/SqFt | Close Price | SP/SqFt | DTC | DTCL | ADOM | CDOM | SP/LP Ratio | ||
| Min | 2 | 2 | 1,093 | $99,900 | $41.22 | $98,000 | $34.37 | -27 | -5 | -5 | .54 | ||
| Max | 9 | 9 | 11,456 | $6,500,000 | $706.06 | $6,500,000 | $706.06 | 2,020 | 2,087 | 1,793 | 1,879 | 1.3 | |
| Avg | 4 | 3 | 3,145 | $583,510 | $162.95 | $549,204 | $155.32 | 88 | 142 | 82 | 97 | .97 | |
| Median | 4 | 3 | 2,837 | $395,000 | $134.59 | $375,000 | $131.22 | 36 | 85 | 34 | 39 | .97 | |
| Status: Sold (665) | |||||||||||||
| Beds | Baths | SqFt Heated | List Price | LP/SqFt | Close Price | SP/SqFt | DTC | DTCL | ADOM | CDOM | SP/LP Ratio | ||
| Min | 2 | 2 | 1,208 | $149,900 | $41.22 | $125,000 | $34.37 | -5 | -5 | .54 | |||
| Max | 9 | 9 | 11,456 | $6,500,000 | $706.06 | $6,500,000 | $706.06 | 2,020 | 2,087 | 1,793 | 1,879 | 1.3 | |
| Avg | 4 | 3 | 3,501 | $673,171 | $173.03 | $631,760 | $164.07 | 97 | 151 | 90 | 109 | .96 | |
| Median | 4 | 3 | 3,115 | $478,853 | $147.84 | $450,000 | $141.93 | 38 | 90 | 38 | 43 | .9 | |
So naturally, I went back another year to 2012…. and there it is …. a massive spike in property values…an almost 100k jump from 2012 to 213 in average closed sale price and respectively , massive jump in $/ft
2012
| Status: Sold (753) | |||||||||||||
| Beds | Baths | SqFt Heated | List Price | LP/SqFt | Close Price | SP/SqFt | DTC | DTCL | ADOM | CDOM | SP/LP Ratio | ||
| Min | 2 | 1 | 1,000 | $45,000 | $26.10 | $45,000 | $26.10 | -328 | -328 | .23 | |||
| Max | 7 | 8 | 12,398 | $7,950,000 | $641.23 | $3,335,000 | $464.90 | 1,367 | 1,414 | 1,274 | 2,063 | 1.23 | |
| Avg | 4 | 3 | 3,080 | $507,372 | $143.17 | $465,408 | $134.92 | 101 | 170 | 88 | 109 | .96 | |
| Median | 4 | 3 | 2,844 | $334,999 | $122.17 | $315,250 | $118.03 | 42 | 112 | 39 | 42 | .97 | |
| Status: Sold (616) | |||||||||||||
| Beds | Baths | SqFt Heated | List Price | LP/SqFt | Close Price | SP/SqFt | DTC | DTCL | ADOM | CDOM | SP/LP Ratio | ||
| Min | 2 | 1 | 1,000 | $129,900 | $56.91 | $134,000 | $56.91 | -328 | -328 | .23 | |||
| Max | 7 | 8 | 12,398 | $7,950,000 | $641.23 | $3,335,000 | $464.90 | 1,367 | 1,414 | 1,274 | 2,063 | 1.23 | |
| Avg | 4 | 3 | 3,430 | $586,248 | $153.12 | $536,385 | $143.60 | 109 | 176 | 97 | 120 | .96 | |
| Median | 4 | 3 | 3,112 | $399,500 | $132.62 | $385,000 | $128.42 | 46 | 112 | 43 | 46 | .97 | |
Here is a breakdown of all 5 years for single family home market:
YEAR Units Closed Av Price Sq Ft $/FT CDOM
2012 616 $536,385 3,430 $143.60 120
2013 665 $631,760 3,501 $164.07 109
2014 673 $621,336 3,435 $168.78 115
2015 743 $618,993 3,364 $169.28 121
2016 748 $615,852 3,340 $171.76 121
(CDOM is continuous days on market, just fyi)
What does all this mean?
Well, you know I am going to let you know, that is why you read this long market update right?
Windermere is perfectly fine… in fact, it is one of the most sought after areas in Central Florida to call home….
Why the flat prices?
Lack of sales…. that is the bottom line… people that live in Windermere are not selling. They like where they live and they are not moving. The only homes that are really selling are the lower end properties and the ones in need of major rehab.
There are almost no large tracts of land to even develop in the zip code, it is virtually built out. The very few new housing options available are well over 1 million price tag. These are options you can count on one hand.
To build a brand new in Windermere these days you need to find a “one off” lot that was not built on, buy it and build. This end result does not reflect in the resale market as sale other than the vacant lot.
The only other option, one that is become more prevalent every month is to buy a teardown or remodel. While these do show up on resale, they are distressed pricing.
Drive down any street in the Town of Windermere, you will be hard pressed to not count at least 1 dumpster in a driveway full of old tile and construction debris and a home being renovated… this is the true sign of a strong real estate market… it is the best way to forecast the future…
This is how RTR and his clients always stay ahead of the national averages… looking past the face value of data and applying real world, common sense analysis to what many untrained eyes would interpret differently. This is also a reason why you should always rely on a local expert for any of your real estate needs.
MARK MY WORDS…. you will see a price jump by summer in average sold sale price in 34786, it may not be the 100k spike we witnessed in 2013… but it will be significant. NOW is the time to buy.
34786 is Ron’s backyard… if you are interested in buying or selling real estate in Windermere Florida 34786 call RTR today… no such thing as after hours.
