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August 2013 Housing Market - Talking Points
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August 2013 Housing Market – Talking Points
Released September 16, 2013

»Expanded talking points

»Detailed statistical reports, video

Sales

*Orlando home sales (all home types combined) in August 2013 were up 4.52 percent when compared to August of 2012 and down 4.53 percent when compared to July 2013.

*Single-family home sales in the Orlando area increased by 7.89 percent in August when compared to August of last year. Villa sales increased by 14.72 percent; condo sales decreased 15.90 percent.

*Of the 2,824 sales in August, 1,878 normal sales accounted for 66.50 percent of all sales, while 471 bank-owned and 475 short sales respectively made up 16.68 percent and 16.82 percent.

*The number of normal sales in August increased by 45.02 percent compared to August 2012, while short-sales decreased 38.79 percent and foreclosures decreased by 25.36 percent.

*The 7,519 pendings in August of this year is a decrease of 19.69 percent compared to the 9,362 pendings in August of last year (and a 5.89 percent decrease compared to the 7,990 pendings last month).

*Short sales made up 55.13 percent of pendings in August. Normal properties accounted for 30.67 percent and bank-owned properties accounted for 14.20 percent.

*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in August were up by 0.75 percent when compared to August of 2012. Throughout the MSA, 3,340 homes were sold in August 2013 compared with 3,315 in August 2012. To date, sales throughout the MSA are 8.58 percent above this time last year.

Each individual county’s monthly sales comparisons are as follows:

  • Lake: 5.05 percent above August 2012;
  • Orange: 3.79 percent below August 2012;
  • Osceola: 3.72 percent above August 2012; and
  • Seminole: 7.59 percent above August 2012.

Median Price

*The median price of all existing homes combined sold in August 2013 — $155,000 — is a 28.84 percent increase from the $120,300 median price recorded in August 2012.

*The median price for "normal” existing homes sold in August is $180,000, an increase of 13.92 percent from the median price of "normal” existing homes in August 2012.

*The year-to-year median price for short sales increased by 5.45 percent to $116,000 in August, while the median price for bank-owned sales increased by 17.65 percent to $100,000.

Inventory

*There are currently 8,576 homes available for purchase through the MLS. The August 2013 overall inventory level is 5.51 percent higher than it was in August 2012; inventory is up 5.89 percent compared to July 2013.

*Year-to-year single-family home inventory is up 5.26 percent; condo inventory is up 4.61 percent.

*The current pace of sales translates into 3.04 months of inventory supply.

Other

*New contracts are down 7.28 percent compared to August of 2012. New listings are up 13.39 percent.

*The Orlando affordability index decreased to 180.30 percent in August. First-time homebuyer affordability in August decreased to 128.21 percent.

*Homes of all types spent an average of 67 days on the market before coming under contract in August 2013, and the average home sold for 96.90 percent of its listing price.

ORRA Partners
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