August 2012 Housing Market – Talking Points
Released September, 2012
»Expanded talking points
»Detailed statistics reports, video
*Orlando home sales (all home types combined) in August 2012 were up 5.36 percent when compared to August of 2011 and up 7.07 percent when compared to July 2012.
*Single-family home sales in the Orlando area increased by 6.03 percent in August when compared to
August of last year. Villa sales increased by 1.59 percent; condo sales increased by 4.72.
*Of the 2,634 sales in August, 1,265 normal sales accounted for 48.03 percent of all sales, while 610 bank-owned and 759 short sales respectively made up 23.16 percent and 28.82 percent.
*The number of normal sales in August increased by 23.29 percent compared to August 2011, while short-sales decreased 7.78 percent and foreclosures dropped 6.30 percent.
*The 9,362 pendings in August of this year is a decrease of 1.47 percent compared to the 9,502 pendings in August of last year.
*Short sales made up 69.66 percent of pendings in August. Normal properties accounted for 19.39 percent and bank-owned properties accounted for 10.95 percent.
*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in August were up by 7.84 percent when compared to August of 2011. Throughout the MSA, 3,220 homes were sold in August 2012 compared with 2,986 in August 2011. To date, sales are down 2.37 percent for all counties combined.
Each individual county's monthly sales comparisons are as follows:
- Lake: 9.41 percent above August 2011 (442 homes sold in August 2012 compared to 404 in August 2011);
- Orange: 8.03 percent above August 2011 (1,668 homes sold in August 2012 compared to 1,544 in August 2011);
- Osceola: 4.88 percent above August 2011 (494 homes sold in August 2012 compared to 471 in August 2011); and
- Seminole: 8.64 percent above August 2011 (616 sold in August 2012 compared to 567 in August 2011).
*The median price of all existing homes combined sold in August 2012 — $120,550 — is a 5.10 percent increase from the $114,700 median price recorded in August 2011.
*The median price for "normal” existing homes sold in August is $158,230, an increase of 2.08 percent from the median price of "normal” existing homes in August 2011.
*The median price for short sales increased by 19.05 percent to $110,000, while the median price for bank-owned sales increased by 4.71 percent to $85,000.
*There are currently 8,128 homes available for purchase through the MLS. The August 2012 overall inventory level is 19.16 percent lower than it was in August 2011.
*Single-family home inventory is down 23.96 percent; condo inventory is up 11.52 percent.
*The current pace of sales translates into 3.09 months of inventory supply.
*New contracts are down 2.11 percent compared to August of 2011. New listings are up 5.97 percent.
*The Orlando affordability index increased to 253.57 percent in August. First-time homebuyer affordability in August increased to 180.31 percent.
*Homes of all types spent an average of 80 days on the market before coming under contract in August 2012, and the average home sold for 96.26 percent of its listing price.