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December 2011 and Year-end Housing Market - Talking Points
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December 2011 and Year-end Housing Market – Talking Points
Released January 16, 2012

Read the expanded talking points

Sales

*Orlando home sales (all home types combined) in December 2011 were down 13.86 percent over December 2010.

*Single-family home sales in the Orlando area decreased by 7.78 percent in December when compared to December of last year. Condo sales decreased by 35.62 percent; duplex, town home, and villa sales decreased by 9.44 percent.

*Of the 2,125 sales in December, 871 "normal” sales accounted for 40.99 percent of all sales, while 469 bank-owned and 785 short sales respectively made up 22.07 percent and 36.94 percent.

*The number of "normal” sales in December increased by 14.15 percent over December 2010, while short-sales increased 24.41 percent and foreclosures dropped 56.29 percent.

*The 8,095 homes pending closing in December of this year is a decrease of 3.2 percent compared to the 8,363 pendings in December of last year.

*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in December were down by 10.30 percent when compared to December of 2010. For all of 2011, sales in the MSA are down 1.34 percent.

*The sales comparison for each county’s within the Orlando MSA are as follows:

  • Lake: 4.63 percent above December 2010 (384 homes sold in December 2011 compared to 367 in December 2010);
  • Orange: 14.96 percent below December 2010 (1,359 homes sold in December 2011 compared to 1,598 in December 2010);
  • Osceola: 12.87 percent below December 2010 (467 homes sold in December 2011 compared to 536 in December 2010); and
  • Seminole: 3.98 percent below December 2010 (507 sold in December 2011 compared to 528 in December 2010).

Median Price

*The median price of all existing homes combined sold in December 2011, $118,000, is a 12.38 percent increase from the $105,000 median price recorded in December 2010.

*The median price for "normal” existing homes sold in December is $159,000, a decrease of 0.06 percent from the median price of "normal” existing homes in December 2010. The median price for bank-owned sales is $80,000 and the median price for short sales is $105,000.

Inventory

*There are currently 9,732 homes available for purchase through the MLS. The December 2011 overall inventory level is 35.09 percent lower than it was in December 2010, and 3.99 percent lower than it was in November 2011.

*Single-family home inventory is down 34.50 percent; condo inventory is down 32.14 percent.

*The current pace of sales translates into 4.58 months of inventory supply.

*New contracts are down 12.39 percent compared December of 2010

 Other

*The Orlando affordability index decreased to 250.44 percent in December. First-time homebuyer affordability in December decreased to 178.09 percent.

*Homes of all types spent an average of 103 days on the market before coming under contract in December 2011, and the average home sold for 92.40 percent of its listing price.

2011 Year-end Recap

*Sales in 2011 were down by 3.48 percent over 2010. A total of 27,703 homes were sold in 2011 compared to 28,701 the previous year.

*Sales of normal homes in 2011 increased 12.15 percent over 2010. Short sales increased by 20.93 percent while bank-owned sales declined by 27.35 percent.

*The 2011 year-end year-to-date median price increased 1.29 percent to $109,900 compared 2010’s $108,500.

*By year’s end in 2011, 34,670 homes were sold in the Orlando MSA while 35,140 homes had been sold by year’s end in 2010 (for a 1.34 percent decrease). Each county’s 2011 year-end sales comparisons are as follows:

  • Lake: 3.26 percent above 2010 (4,343 homes sold in 2011 compared to 4,206 in 2010);
  • Orange: 4.92 percent below 2010 (17,965 homes sold in 2011 compared to 18,894 in 2010);
  • Osceola: 1.03 percent above 2010 (6,401 homes sold in 2011 compared to 6,336 in 2010); and
  • Seminole: 4.51 percent above 2010 (5,961 sold in 2011 compared to 5,704 in 2010).

ORRA Partners
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