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March 2013 Housing Market - Talking Points
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March 2013 Housing Market – Talking Points
Released April 15, 2013

»Expanded talking points

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Sales

*Orlando home sales (all home types combined) in March 2013 were up 6.98 percent when compared to March of 2012 and up 12.43 percent when compared to February 2013.

*Single-family home sales in the Orlando area increased by 9.20 percent in March when compared to March of last year. Villa sales decreased by 4.88 percent; condo sales increased 4.29 percent.

*Of the 2,605 sales in March, 1,483 normal sales accounted for 56.93 percent of all sales, while 556 bank-owned and 566 short sales respectively made up 21.34 percent and 21.73 percent.

*The number of normal sales in March increased by 49.20 percent compared to March 2012, while short-sales decreased 29.86 percent and foreclosures decreased by 12.30 percent.

*The 8,799 pendings in March of this year is a decrease of 9.74 percent compared to the 9,748 pendings in March of last year (and a 0.29 percent decrease compared to the 8,825 pendings last month).

*Short sales made up 60.67 percent of pendings in March. Normal properties accounted for 26.92 percent and bank-owned properties accounted for 12.41 percent.

*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in March were up by 1.41 percent when compared to March of 2012. Throughout the MSA, 3,174 homes were sold in March 2013 compared with 3,130 in March 2012. To date, sales throughout the MSA are 7.59 percent above this time last year.

*Each individual county’s monthly sales comparisons are as follows:

  • Lake: 13.96 percent above March 2012 (506 homes sold in March 2013 compared to 444 in March 2012);
  • Orange: 0.51 percent above March 2012 (1,589 homes sold in March 2013 compared to 1,581 in March 2012);
  • Osceola: 14.36 percent below March 2012 (501 homes sold in March 2013 compared to 585 in March 2012); and
  • Seminole: 11.15 percent above March 2012 (578 sold in March 2013 compared to 520 in March 2012).

Median Price

*The median price of all existing homes combined sold in March 2013 — $140,000 — is a 21.74 percent increase from the $115,000 median price recorded in March 2012.

*The median price for "normal” existing homes sold in March is $173,590, an increase of 11.99 percent from the median price of "normal” existing homes in March 2012.

*The year-to-year median price for short sales increased by 7.84 percent to $110,000, while the median price for bank-owned sales increased by 15.73 percent to $96,000.

Inventory

*There are currently 6,937 homes available for purchase through the MLS. The March 2013 overall inventory level is 19.95 percent lower than it was in March 2012.

*Single-family home inventory is down 22.53 percent; condo inventory is down 7.29 percent.

*The current pace of sales translates into 2.66 months of inventory supply.

Other

*New contracts are down 9.20 percent compared to March of 2012. New listings are up 1.77 percent.

*The Orlando affordability index decreased to 223.58 percent in March. First-time homebuyer affordability in March decreased to 158.99 percent.

*Homes of all types spent an average of 80 days on the market before coming under contract in March 2013, and the average home sold for 95.96 percent of its listing price.

ORRA Partners
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