February 2012 Housing Market – Talking Points
Released March 14, 2012
Read the expanded talking points
*Orlando home sales (all home types combined) in February 2012 were down 15.19 percent over February 2011.
*Single-family home sales in the Orlando area decreased by 2.82 percent in February when compared to February of last year. Condo sales decreased by 34.27 percent; duplex, town home, and villa sales decreased by 27.31 percent.
*Of the 1,854 sales in February, 738 "normal” sales accounted for 39.81 percent of all sales, while 498 bank-owned and 618 short sales respectively made up 26.86 percent and 37.98 percent.
*The number of "normal” sales in February increased by 29.02 percent over February 2011, while short-sales increased 20.00 percent and foreclosures dropped 54.02 percent.
*The 9,348 homes pending closing in February of this year is an increase of 1.37 percent compared to the 9,223 pendings in February of last year.
*Short sales made up 69.84 percent of pendings in February. Normal properties accounted for 17.02 percent and bank-owned properties accounted for 13.14 percent.
*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in February were down by 14.20 percent when compared to February of 2011. Each individual county’s monthly sales comparisons are as follows:
- Lake: 17.14 percent above February 2011 (369 homes sold in February 2012 compared to 315 in February 2011);
- Orange: 15.54 percent below February 2011 (1,207 homes sold in February 2012 compared to 1,429 in February 2011);
- Osceola: 27.77 percent below February 2011 (398 homes sold in February 2012 compared to 551 in February 2011); and
- Seminole: 15.27 percent below February 2011 (394 sold in February 2012 compared to 465 in February 2011).
*The median price of all existing homes combined sold in January 2012, $108,000, is a 13.80 percent increase from the $94,900 median price recorded in January 2011.
*The median price for "normal” existing homes sold in February is $150,000, is a decrease of 3.23 percent from the median price of "normal” existing homes in February 2011.
*The median price for short sales increased by 5.26 percent to $100,000, while the median price for bank-owned sales increased by 8.11 percent to $80,000.
*There are currently 9,253 homes available for purchase through the MLS. The February 2012 overall inventory level is 31.36 percent lower than it was in February 2011, and almost equal to what it was in January 2012.
*Single-family home inventory is down 32.68 percent; condo inventory is down 18.46 percent.
*The current pace of sales translates into 4.99 months of supply.
*The Orlando affordability index decreased to 271.61 percent in February. First-time homebuyer affordability in February decreased to 193.14 percent.
*Homes of all types spent an average of 96 days on the market before coming under contract in February 2012, and the average home sold for 93.14 percent of its listing price.
*New contracts are down 8.00 percent compared February of 2011. New listings are down 0.58 percent.