November 2011 Housing Market – Talking Points

Released December 13, 2011 

The overall median sales price ($115,000) of existing homes in Orlando is 9.52 percent higher this November than in November 2010, buoyed by increases both in the number of closings and in the median price of short sales, reports the Orlando Regional REALTOR® Association.

*Orlando home sales (all home types combined) in November 2011 were up 0.72 percent over November 2010.
*Single-family home sales in the Orlando area increased by 7.67 percent in November when compared to November of last year. Condo sales decreased by 26.85 percent; duplex, town home, and villa sales increased by 7.94 percent.
*Of the 1,950 sales in November, 782 "normal” sales accounted for 40.10 percent of all sales, while 453 bank-owned and 715 short sales made up 59.90 percent.
*The number of "normal” sales in November increased by 21.62 percent over November 2010, while short-sales increased 39.38 percent and foreclosures dropped 41.92 percent.
*The 8,909 homes pending closing in November of this year is a barely noticeable decrease of 0.99 percent compared to the 8,998 pendings in November of last year.
*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in November were down by 0.33 percent when compared to November of 2010. To date, sales in the MSA are down 0.87 percent. *Individual county’s monthly sales comparisons are as follows:
  • Lake: 5.28 percent below November 2010 (287 homes sold in November 2011 compared to 303 in November 2010);
  • Orange: 2.76 percent above November 2010 (1,301 homes sold in November 2011 compared to 1,266 in November 2010);
  • Osceola: 10.87 percent below November 2010 (418 homes sold in November 2011 compared to 469 in November 2010); and
  • Seminole: 6.32 percent above November 2010 (404 sold in November 2011 compared to 380 in November 2010).
Median Price
*The median price of all existing homes combined sold in November 2011, $115,000, is a 9.52 percent increase from the $105,000 median price recorded in November 2010.
*The median price for "normal” existing homes sold in November is $148,000, a decrease of 7.50 percent from the median price of "normal” existing homes in November 2010. The median price for bank-owned sales is $81,999 and the median price for short sales is $106,000.

*There are currently 10,136 homes available for purchase through the MLS. The November 2011 overall inventory level is 33.28 percent lower than it was in November 2010, and 1.63 percent higher than in October 2011.
*Single-family home inventory is down 32.63 percent; condo inventory is down 32.28 percent.
*The current pace of sales translates into 5.20 months of inventory supply.
*New contracts are down 10.98 percent compared November of 2010.
*The Orlando affordability index decreased to 253.42 percent in November. First-time homebuyer affordability in November decreased to 180.21 percent.
*Homes of all types spent an average of 99 days on the market before coming under contract in November 2011, and the average home sold for 94.74 percent of its listing price.