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December 2012 Housing Market - Talking Points
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December 2012 Housing Market – Talking Points
Released January 15, 2013

»Expanded talking points
»Detailed statistical reports, video

Sales

*Orlando home sales (all home types combined) in December 2012 were up 8.90 percent when compared to December of 2011 and down 5.86 percent when compared to November 2012.

*Single-family home sales in the Orlando area increased by 13.49 percent in December when compared to December of last year. Villa sales decreased by 3.59 percent; condo sales decreased by 4.55 percent.

*Of the 2,410 sales in December, 1,190 normal sales accounted for 49.38 percent of all sales, while 492 bank-owned and 728 short sales respectively made up 20.41 percent and 30.21 percent.

*The number of normal sales in December increased by 30.63 percent compared to December 2011, while short-sales decreased 10.12 percent and foreclosures held steady.

*The 7,883 pendings in December of this year is a decrease of 2.62 percent compared to the 8,095 pendings in December of last year. *Short sales made up 68.96 percent of pendings in December. Normal properties accounted for 19.21 percent and bank-owned properties accounted for 11.84 percent.

MSA Numbers

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). 

Median Price

*The median price of all existing homes combined sold in December 2012 — $131,800 — is a 10.76 percent increase from the $119,000 median price recorded in December 2011.

*The median price for "normal” existing homes sold in December is $164,950, an increase of 4.40 percent from the median price of "normal” existing homes in December 2011.

*The median price for short sales increased by 2.86 percent to $108,000, while the median price for bank-owned sales increased by 23.00 percent to $99,998.

Inventory

*There are currently 7,384 homes available for purchase through the MLS. The December 2012 overall inventory level is 24.13 percent lower than it was in December 2011.

*Single-family home inventory is down 27.87 percent; condo inventory is down 3.49 percent.

*The current pace of sales translates into 3.06 months of inventory supply.

Other

*New contracts are down 10.82 percent compared to December of 2011. New listings are down 13.74 percent.

*The Orlando affordability index decreased to 242.31 percent in December. First-time homebuyer affordability in December decreased to 172.31 percent.

*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.

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 increase).  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).

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