July 2012 Housing Market – Talking Points
Released August 15, 2012
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*Orlando home sales (all home types combined) in July 2012 were up 2.66 percent when compared to July of 2011 and down 9.91 percent when compared to June 2012.
*Single-family home sales in the Orlando area increased by 6.52 percent in July when compared to July of last year. Villa sales increased by 10.58 percent; condo sales decreased by 17.41.
*Of the 2,355 sales in July, 1,132 normal sales accounted for 48.07 percent of all sales, while 559 bank-owned and 664 short sales respectively made up 23.74 percent and 28.20 percent.
*The number of normal sales in July increased by 16.34 percent over July 2011, while short-sales decreased 1.63 percent and foreclosures dropped 13.47 percent.
*The 9,704 pendings in July of this year is a decrease of 1.67 percent compared to the 9,869 pendings in July of last year.
*Short sales made up 68.60 percent of pendings in July. Normal properties accounted for 20.12 percent and bank-owned properties accounted for 11.28 percent.
*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in July were up by 0.98 percent when compared to July of 2011. Throughout the MSA, 2,884 homes were sold in July 2012 compared with 2,856 in July 2011. To date, sales are down 4.45 percent for all counties combined.
Each individual county’s monthly sales comparisons are as follows:
- Lake: 11.26 percent above July 2011 (405 homes sold in July 2012 compared to 364 in July 2011);
- Orange: 2.04 percent above July 2011 (1,450 homes sold in July 2012 compared to 1,421 in July 2011);
- Osceola: 7.65 percent below July 2011 (471 homes sold in July 2012 compared to 510 in July 2011); and
- Seminole: 0.53 percent below July 2011 (558 sold in July 2012 compared to 561 in July 2011).
*The median price of all existing homes combined sold in July 2012 — $125,750 — is an 8.87 percent increase from the $115,500 median price recorded in July 2011.
*The median price for "normal” existing homes sold in July is $167,500, is an increase of 6.69 percent from the median price of "normal” existing homes in July 2011.
*The median price for short sales increased by 12.70 percent to $110,000, while the median price for bank-owned sales increased by 12.50 percent to $90,000.
*There are currently 8,106 homes available for purchase through the MLS. The July 2012 overall inventory level is 21.67 percent lower than it was in July 2011.
*Single-family home inventory is down 25.46 percent; condo inventory is up 6.35 percent.
*The current pace of sales translates into 3.44 months of inventory supply.
*New contracts are up 1.14 percent compared July of 2011.
*New listings are up 17.07 percent.
*The Orlando affordability index decreased to 242.95 percent in July. First-time homebuyer affordability in July decreased to 172.76 percent.
*Homes of all types spent an average of 82 days on the market before coming under contract in July 2012, and the average home sold for 96.14 percent of its listing price.