Here's the market update for the Orlando Metro area for November 2012.
I've provided the text below, if you'd rather read it yourself.
Namaste,
Eric Martell
November 2012 Orlando Housing Market
Orlando area sales were up almost 20% since 2011, but down about 6 percent since October.
Single-family home sales in the Orlando area increased by 22.44 percent in November compared to last year. condo sales increased by 22.74 percent.
Of the 2,430 November sales, 1,218, 50.12 percent were so-called normal sales, while there were 507 or 20.86% bank-owned and 705 or 29% were short sales.
The number of normal sales in November increased by about 50%. over a year ago, while short-sales decreased 7 percent and foreclosures increased 10 percent.
There were 8,847 pendings in November which is about a 1% decrease from last year of these pendings, 67% are due to the extended closing times of short sales.
The median price of all existing homes combined sold in November 2012 is $129,000 and that is a 12.17 percent increase from the $115,000 median price recorded in November 2011. This includes short sales and foreclosures.
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" sales year over year.
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. This is significant because 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.
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.
The conclusion is that now is probably as good a time to put your home on the market as we have seen for a couple of years. There is less competition and prices are up. If you're thinking about purchasing a home, you may find that continued low inventory translates into appreciation for your new purchase.
