Orlando's overall median price drops asbank-owned and short sales continue to dominate closing
ORLANDO -- An ORRA record:
73.42% of closings are either bank-owned or short sales
26.58 % worth of normal sales to buoy the area's overall median price.
The median price of all existing homes combined sold in January 2010 DROPPED 14.17% to $103,000 from the $120,000 recorded in December 2009.
DECEMBER 2009 to JANUARY 2010 | Month over Month Dropped 14.17%.
January 2010's median price is a decrease of 30.41 percent compared to January 2009's median of $148,000.
JANUARY Year over Year dropped 30.41%. (mostly due to condo sales)
However, that $103,000 median price encompasses all types of sales situations and home types (including the enormous percentage of condos sold for less than $50,000).
The median price for "normal" sales is $169,990 (a miniscule decrease from last month's $175,000).
The median price for bank-owned sales is $69,550 (down 13.06 percent from last month's $80,000), and the median price for short sales is $115,000 (down 11.88 percent from last month's $130,500).
Orlando REALTORS® recorded 1,742 closings in January, 65.90 percent more than in January 2009.
66% More Sales Year : Year.
Of those sales:
463 "normal" sales accounted for only 26.58%
830 bank-owned & 449 short sales = 73.42 %.
There were 124.28%more homes (8,590) under contract and awaiting closing in January of this year than in January of last year (3,830). A total of 3,579 sales contracts were newly filed in the month of January, which is a jump of 56.84% compared to January 2009 (2,282).
The Orlando affordability index increased to 247.36 percent in January from 204.07 percent in December 2009. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $52,820 can qualify to purchase one of 9,075 homes in Orange and Seminole counties currently listed in the local multiple listing service for $254,782 or less.
First-time homebuyer affordability in January jumped 16.37 percent to 175.90 percent.
First-time buyers who earn the reported median income of $35,918 can qualify to purchase one of 5,854 homes in Orange and Seminole counties currently listed in the local multiple listing service for $154,002 or less.
Average Days on Market (ADOM): 90 days on the market before coming under contract in January 2010,
The average home sold for 93.63% of its listing price.
The area's average interest rate increased in January by a hundredth of a point to 5.05%.
Inventory
There are currently 15,911 homes available for purchase through the MLS.
Inventory increased by 362 homes from last month | December 2009, which means that 362 more homes entered the market than left the market.
The January 2010 inventory level is (29.61) percent lower than it was in January 2009 (22,613).
The current pace of sales translates into 9.13 months of supply of homes; January 2009 (last year) equaled 21.54 months of supply.
There are 11,756 single-family homes currently listed in the MLS, a number that is 4,647 (28.33 percent) less than in January of last year. Condos currently make up 2,802 offerings in the MLS, while duplexes/town homes/villas make up the remaining 1,353.
Condos and Town Homes/Duplexes/Villas
The sales of condos in the Orlando area increased by 168.03 percent in January when compared to January of last year, and decreased by 12.83 percent when compared to December 2009. A total of 394 condos changed hands in January of this year compared to 147 in January 2009.
The most (217) condos in a single price category that changed hands in January were yet again in the $1-$50,000 price range, which accounted for 55.08 percent of all condo sales. Thirteen condos sold for more than $250,000 in January.
Orlando homebuyers purchased 162 duplexes, town homes, and villas in January 2010, which is a 76.09 percent increase from January 2009 when 92 of these alternative housing types were purchased. The majority (30) of duplexes, town homes, and villas sold in January 2010 fell into the $100,000-$120,000 price category. Twenty-four duplexes, town homes, and villas sold for less than $50,000 in January.
MSA Numbers
Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in January were up by 51.07 percent when compared to January of 2009. Throughout the MSA, 2,112 homes were sold in January 2010 compared with 1,398 in January 2009.
Each county's year-to-date sales comparisons are as follows:
Lake: 44.13 percent above 2009 (307 homes sold to date in 2010 compared to 213 in 2009);
Orange: 62.21 percent above 2009 (1,176 homes sold to date in 2010 compared to 725 in 2009);
Osceola: 23.57 percent above 2009 (346 homes sold to date in 2010 compared to 280 in 2009); and
Seminole: 57.22 percent above 2009 (283 sold to date in 2010 compared to 180 in 2009).
Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any Realtor® association, not just members of ORRA.
Most data from this report is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association or its Multiple Listing Service (MLS). Neither the association nor its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or its MLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.
For detailed statistical reports, please visitwww.orlrealtor.com and click on "Housing Statistics" on the top menu bar.
Lee Rosa is a Prominent Listing Specialist who understands our changing marketplace and utilizes technology to put his clients in the best position to sell. As an ABR® Specialist in Orlando, Florida, he understands the market temperature when negotiating with Central Florida Homebuyers,search every Active Listing in Orlando.