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Orlando Area Real Estate Video Update for December 2012

By
Real Estate Agent with RE/MAX Properties SW, Inc.

 

If you'd rather read the update, I've placed the text version below.

Namaste,

Eric Martell

 

 

Let's address Sales statistics first:

 *All types of Orlando home sales were up 8.9 percent in December 2012 when compared to a year ago but down almost 6 percent from the month before.

 *Single-family home sales were up 13.5 percent in December when compared to December of last year while condo sales decreased by a little over 4.5 percent.

 *There were 2,410 sales in December 2012 and of these, 1,190 or about 50% were so-called normal sales. The bank-owned sales composed 20% of the market, while short-sales were 30%.

 *The number of normal sales in December increased by 31 percent from a year ago, while short-sales decreased 10.12 percent. Foreclosures held steady.

 Sales of existing homes in the entire Orlando metro area which includes Lake, Orange, Osceola, and Seminole counties were up by 4.06 percent in December when compared to December of 2011.

 •Lake: was up almost 11%

 •Orange: showed a minor gain of slightly less than 1%

 •Osceola: dropped almost 4%

 •Seminole: showed a larger gain of slightly over 17%

 Contracts which have been written but are not yet closed are known as Pending contracts:

 *There were 7,883 pendings in December, 2012, a slight decrease from the 8,095 pendings in December of last year.

 *Short sales made up 69% percent of pendings in December. Normal properties accounted for 19 percent and bank-owned properties accounted for 12 percent.

 The PRICEs of homes have changed

 *The median price of all existing homes combined sold in December 2012 moved upwards to $131,800. That is about an 11 percent increase from December 2011. This increase is largely driven by the 23% increase in the price for foreclosed properties. Normal existing homes only increased by slightly over 4% and short sales only increased by about 3%

 We still suffer from Inventory problems.

 *There are currently 7,384 homes available for purchase through the MLS. This is about a 3 month supply of homes.

 *The December 2012 overall inventory level is 24.13 percent lower than it was in December 2011. This is a big change and will impact the market since restricted supply leads to increased competition for each property if demand does not decline. However, the fact is that new contracts are off about 11% year over year. This implies a certain slowing of the market, but this may also be balanced out by the fact that new listings are down about 14%.

 *If you are thinking of selling, you should know that homes of all types are now spending an average of 80 days on the market and selling for a little over 96% percent of listing price.

 Finally, here is some 2012 Annual data that you might find interesting.

 *Overall sales in 2012 were up by 3.16 percent over 2011. A total of 28,670 homes were sold in 2012 compared to 27,791 the previous year.

 *Sales of normal homes in 2012 increased 30.17 percent over 2011. Short sales increased by 3.71 percent while bank-owned sales declined by 26.43 percent.

 *The 2012 year-end year-to-date median price increased 10.10 percent to $121,000 compared 2011’s $109,900. This is a modest move in the right direction after the continued decline we've experienced since the sub-prime mortgage bubble burst.

 *Orlando’s overall inventory experienced a 24.13 percent decline, year to date; single-family home inventory declined 27.87 percent, year to date.

 So, what is to be concluded from this data?

It continues to look as if this may be one of the best times to sell as compared to recent years. Inventory levels continue to be low and demand, while a little shaky due to the continued weak national economic situation, remains fairly constant. This might change in the next quarter if interest rates which are currently at or near an all-time low were to begin to move upward.

Comments (1)

John Pusa
Glendale, CA

Eric - Thank you for sharing detailed information about Orlando area real estate video update for December 2012.

Jan 15, 2013 05:54 AM