Orlando’s median home price finished out the year 22.04 percent higher than where it started, thanks to significant median price improvements every single month. In fact, Orlando’s overall median price has now posted positive year-to-year gains for 18 consecutive months, and has climbed 38.88 percent since January 2011.
"With its very consistent improvements in both median price and sales, Orlando’s 2012 housing market clearly demonstrates that it is in recovery mode,” says Orlando Regional REALTOR® Association Chairman Steve Merchant, Global Realty International. "Orlando REALTORS® anticipate a continued recovery in our area, and hope for an increase in the supply of homes for sale in order to keep up with the very strong buyer demand we are currently experiencing.”
Note: Additional year-end statistics are included at the end of this article.
The December median price of $131,800 (the highest since July 2009) is 10.76 percent above that of December 2011 ($119,000) and 3.01 percent above that of November 2012 ($127,950).
All sales types experienced year-to-year increases in median price in December. The median price of normal sales increased 4.40 percent, while the median price of foreclosures jumped 23.00 percent and short sales increased 2.86 percent.
Members of ORRA participated in 2,410 home sales that closed in December 2012, an increase of 8.90 percent compared to December 2011 and a 5.86 percent decrease compared to November 2012.
Compared to December of 2011, the number of short sales (728) decreased 10.12 percent and foreclosures (492) stayed exactly the same. The number of completed traditional sales (1,190), however, is a 30.63 percent increase compared to last year.
Homes of all types spent an average of 80 days on the market before coming under contract in December 2012, and the average home sold for 96.14 percent of its listing price. In December 2011 those numbers were 102 days and 92.56 percent, respectively.
The average interest rate paid by Orlando homebuyers in December, 3.46 percent, set yet another record as lowest average interest rate since ORRA began tracking the statistic in 1989. A year ago, homebuyers paid an average interest rate of 3.99 percent.
Pending sales – those under contract and awaiting closing – are currently at 7,883. The number of pending sales in December 2012 is 2.62 percent lower than it was in December 2011 (8,095) and 10.90 percent lower than it was in November 2012 (8,847).
Short sales, which take much longer to process from contract to close, made up 68.96 percent of pending sales in December 2012. Normal properties accounted for 19.21 percent of pendings, while bank-owned properties accounted for 11.84 percent.
The number of existing homes (all types combined) available for purchase in Orlando is continuing a steady decline that began back in July 2010 at 16,563 and now rests at 7,384. In December 2012, inventory was 24.13 percent less than it was in December 2011.
The inventory of single-family homes is down by 27.87 percent when compared to December of 2011, while condo inventory has decreased by 3.49 percent.
The month-of-supply decreased a bit in December when compared to last month: Current inventory combined with the current pace of sales equates to a 3.06-month supply of homes in Orlando (there was a 3.07-month supply in November 2012).
This month’s increase in median price has led to a decrease in Orlando’s affordability index: The December index of 242.31 percent is seven points lower than November 2012’s index of 249.27 percent. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)
Buyers who earn the reported median income of $54,815 can qualify to purchase one of 6,266 homes in Orange and Seminole counties currently listed in the local multiple listing service for $319,358 or less.
First-time homebuyer affordability in December decreased to 172.31 percent from last month’s 177.26 percent. First-time buyers who earn the reported median income of $37,274 can qualify to purchase one of the 4,596 homes in Orange and Seminole counties currently listed in the local multiple listing service for $193,034 or less.
Condos and Town Homes/Duplexes/Villas
The sales of condos in the Orlando area decreased by 4.55 percent in December when compared to December of 2011 (336 to 352).
The most (119) condos in a single price category that changed hands in December were yet again in the $1 - $50,000 price range and accounted for 35.42 percent of all condo sales.
Orlando homebuyers purchased 215 duplexes, town homes, and villas in December 2012, which is a 3.59 percent decrease compared to December 2011. Most (30 each) fell within the $140,000 - $160,000 price range category.
Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in December were up by 4.06 percent when compared to December of 2011. Throughout the MSA, 2,947 homes were sold in December 2012 compared with 2,832 in December 2011. To date, sales are up 1.51 percent for all counties combined.
Each individual county’s monthly sales comparisons are as follows:
Lake: 10.69 percent above December 2011 (435 homes sold in December 2012 compared to 393 in December 2011);
Orange: 0.07 percent above December 2011 (1,422 homes sold in December 2012 compared to 1,421 in December 2011);
Osceola: 3.88 percent below December 2011 (471 homes sold in December 2012 compared to 490 in December 2011); and
Seminole: 17.23 percent above December 2011 (619 sold in December 2012 compared to 528 in December 2011).
2012 Year-end Recap
Overall sales in 2012 were up by 3.16 percent over 2011. A total of 28,670 homes were sold in 2012 compared to 27,791 the previous year.
Sales of normal homes in 2012 increased 30.17 percent over 2011. Short sales increased by 3.71 percent while bank-owned sales declined by 26.43 percent.
The 2012 year-end year-to-date median price increased 10.10 percent to $121,000 compared 2011’s $109,900.
Orlando’s overall inventory experienced a 24.13 percent decline, year to date; single-family home inventory declined 27.87 percent, year to date.
By year’s end in 2012, 35,310 homes were sold in the Orlando MSA while 34,785 homes had been sold by year’s end in 2011 (for a 1.51 percent decrease).
Each county’s 2012 year-end sales comparisons are as follows:
Lake: 13.01 percent above 2011 (4,922 homes sold in 2012 compared to 4,352 in 2011);
Orange: 0.78 percent below 2011 (17,886 homes sold in 2012 compared to 18,027 in 2011);
Osceola: 10.04 percent below 2011 (5,779 homes sold in 2012 compared to 6,424 in 2011); and
Seminole: 12.39 percent above 2011 (6,723 sold in 2012 compared to 5,982 in 2011).
For detailed statistical reports, click on "Market Info” on the top menu bar.
This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.
ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.
Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.