February 2013 Housing Market – Talking Points
Released March 15, 2013
»Expanded talking points
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*Orlando home sales (all home types combined) in February 2013 were up 11.54 percent when compared to February of 2012 and up 9.33 percent when compared to January 2013.
*Single-family home sales in the Orlando area increased by 16.68 percent in February when compared to February of last year. Villa sales increased by 6.06 percent; condo sales declined 6.69 percent.
*Of the 2,203 sales in February, 1,195 normal sales accounted for 54.24 percent of all sales, while 521 bank-owned and 487 short sales respectively made up 23.65 percent and 22.11 percent.
*The number of normal sales in February increased by 51.07 percent compared to February 2012, while short-sales decreased 24.73 percent and foreclosures decreased by 2.98.
*The 8,825 pendings in February of this year is a decrease of 5.59 percent compared to the 9,348 pendings in February of last year (and a 1.33 percent increase compared to the 8,709 pendings last month).
*Short sales made up 61.79 percent of pendings in February. Normal properties accounted for 25.96 percent and bank-owned properties accounted for 12.25 percent.
*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in February were up by 5.71 percent when compared to February of 2012. Throughout the MSA, 2,666 homes were sold in February 2013 compared with 2,522 in February 2012. To date, sales throughout the MSA are 8.80 percent above this time last year.
*Each individual county’s monthly sales comparisons are as follows:
- Lake: 1,83 percent below February 2012 (375 homes sold in February 2013 compared to 382 in February 2012);
- Orange: 3.05 percent above February 2012 (1,317 homes sold in February 2013 compared to 1,278 in February 2012);
- Osceola: 2.33 percent above February 2012 (440 homes sold in February 2013 compared to 430 in February 2012); and
- Seminole: 23.61 percent above February 2012 (534 sold in February 2013 compared to 432 in February 2012).
*The median price of all existing homes combined sold in February 2013 — $133,000 — is an 19.82 percent increase from the $111,000 median price recorded in February 2012.
*The median price for "normal” existing homes sold in February is $158,000, an increase of 5.69 percent from the median price of "normal” existing homes in February 2012.
*The median price for short sales increased by 11.76 percent to $114,000, while the median price for bank-owned sales increased by 26.71 percent to $102,000.
*There are currently 7,183 homes available for purchase through the MLS. The February 2013 overall inventory level is 22.37 percent lower than it was in February 2012.
*Single-family home inventory is down 25.40 percent; condo inventory is down 8.98 percent.
*The current pace of sales translates into 3.26 months of inventory supply.
*New contracts are down 6.47 percent compared to February of 2012. New listings are down 3.31percent.
*The Orlando affordability index decreased to 248.38 percent in February. First-time homebuyer affordability in February decreased to 176.63 percent.
*Homes of all types spent an average of 84 days on the market before coming under contract in February 2013, and the average home sold for 96.11 percent of its listing price.