October 2011 Housing Market – Talking Points
Released November 14, 2011
»Read the expanded talking points
*Orlando home sales (all home types combined) in October 2011 were up 5.89 percent over October 2010.
*Single-family home sales in the Orlando area increased by 18.16 percent in October when compared to October of last year. Condo sales decreased by 26.55 percent; duplex, town home, and villa sales remained exactly the same.
*Of the 2,068 sales in October, 854 "normal” sales accounted for 41.30 percent of all sales, while 500 bank-owned and 714 short sales made up 58.70 percent.
*The number of "normal” sales in October increased by 34.91 percent over October 2010, while short-sales increased 40.83 percent and foreclosures dropped 38.50 percent.
*The 8,937 homes pending closing in October of this year is an increase of 1.36 percent compared to the 8,817 pendings in October of last year.
*Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in October were up by 4.60 percent when compared to October of 2010. To date, sales in the MSA are down 1.20 percent.
Individual county’s monthly sales comparisons are as follows:
- Lake: 8.47 percent above October 2010 (320 homes sold in October 2011 compared to 295 in October 2010);
- Orange: 0.54 percent above October 2010 (1,293 homes sold in October 2011 compared to 1,286 in October 2010);
- Osceola: 5.86 percent below October 2010 (450 homes sold in October 2011 compared to 478 in October 2010); and
- Seminole: 28.65 percent above October 2010 (485 sold in October 2011 compared to 377 in October 2010).
*The median price of all existing homes combined sold in October 2011, $112,700, is a 7.33 percent increase from the $105,000 median price recorded in October 2010.
*The median price for "normal” existing homes sold in October is $153,000, a decrease of 11.70 percent from the median price of "normal” existing homes in October 2010. The median price for bank-owned sales is $80,000 and the median price for short sales is $95,000.
*There are currently 9,973 homes available for purchase through the MLS. The October 2011 overall inventory level is 35.41 percent lower than it was in October 2010.
*Single-family home inventory is down 33.52 percent; condo inventory is down 38.69 percent.
*The current pace of sales translates into 4.82 months of inventory supply.
*New contracts are down 11.02 percent compared October of 2010.
*The Orlando affordability index decreased to 254.94 percent in October. First-time homebuyer affordability in October decreased to 181.29 percent.
*Homes of all types spent an average of 106 days on the market before coming under contract in October 2011, and the average home sold for 94.66 percent of its listing price.