November 2012 Housing Market – Talking Points
Released December 17, 2012
»Expanded talking points
»Detailed statistical reports, video
*Orlando home sales (all home types combined) in November 2012 were up 19.88 percent when compared to November of 2011 and down 5.89 percent when compared to October 2012.
*Single-family home sales in the Orlando area increased by 22.44percent in November when compared to November of last year. Villa sales decreased by 1.35 percent; condo sales increased by 22.74 percent.
*Of the 2,430 sales in November, 1,218 normal sales accounted for 50.12 percent of all sales, while 507 bank-owned and 705 short sales respectively made up 20.86 percent and 29.01 percent.
*The number of normal sales in November increased by 50.37 percent compared to November 2011, while short-sales decreased 6.62 percent and foreclosures increased 9.74 percent.
*The 8,847 pendings in November of this year is a decrease of 0.70 percent compared to the 8,909 pendings in November of last year.
*Short sales made up 67.37 percent of pendings in November. Normal properties accounted for 21.04 percent and bank-owned properties accounted for 11.60 percent.
*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in November were up by 13.40 percent when compared to November of 2011. Throughout the MSA, 2,869 homes were sold in November 2012 compared with 2,530 in November 2011. To date, sales are up 0.82 percent for all counties combined.
Each individual county’s monthly sales comparisons are as follows:
- Lake: 27.87 percent above November 2011 (390 homes sold in November 2012 compared to 305 in November 2011);
- Orange: 5.80 percent above November 2011 (1,440 homes sold in November 2012 compared to 1,361 in November 2011);
- Osceola: 3.62 percent above November 2011 (458 homes sold in November 2012 compared to 442 in November 2011); and
- Seminole: 37.68 percent above November 2011 (581 sold in November 2012 compared to 422 in November 2011).
*The median price of all existing homes combined sold in November 2012 — $129,000 — is a 12.17 percent increase from the $115,000 median price recorded in November 2011.
*The median price for "normal” existing homes sold in November is $155,048, an increase of 4.76 percent from the median price of "normal” existing homes in November 2011.
*The median price for short sales increased by 4.76 percent to $110,000, while the median price for bank-owned sales increased by 12.43 percent to $90,000.
*There are currently 7,847 homes available for purchase through the MLS. The November 2012 overall inventory level is 22.58 percent lower than it was in November 2011.
*Single-family home inventory is down 25.53 percent; condo inventory is down 3.71 percent.
*The current pace of sales translates into 3.23 months of inventory supply.
*New contracts are up 1.70 percent compared to November of 2011. New listings are down 5.09 percent.
*The Orlando affordability index decreased to 247.25 percent in November. First-time homebuyer affordability in November decreased to 175.82 percent.
*Homes of all types spent an average of 83 days on the market before coming under contract in November 2012, and the average home sold for 96.27 percent of its listing price.