Orlando Homes Sales and Median Price Continues to Climb in April

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The Orlando Regional Realtor Association reported today increases in the median sales price of both bank-owned homes and short-sale homes have helped Orlando's overall median home price increase for the third consecutive month, to $115,000. The current median is 11.54 percent below the median price in April 2009, which was $130,000.

Bank-owned homes and short-sale homes made up 67.09 percent of all sales, with bank-owned alone accounting for 46.20 percent.

"Bank-owned homes, which encompass those in all stages of foreclosure, have been feeding into the inventory pipeline at a fairly steady pace and are being absorbed manageably," says Orlando Regional Realtor Association Chairman of the Board Kathleen Gallagher McIver, RE/MAX Town and Country Realty. "In fact, foreclosures are selling quickly, especially in the lower price ranges that are attractive to first-time home buyers."

Members of the Orlando Regional Realtor Association reported completed sales on 2,461 homes in April, which is a 32.74 percent increase over the April 2009 mark of 1,854.

In addition, the number of new contracts filed in April 2010 (5,221) represents a jump of 53.02 percent more than were filed in April 2009 (3,412). The area's pending sales statistic -- also an indicator of future sales activity - is likewise remaining at a record high with 86.18 percent more homes (10,832) under contract and awaiting closing in April of this year than in April of last year (5,818).

"As predicted, the homebuyer tax credit helped stabilize the market by creating a surge of home sales during the spring buying season," said Gallagher McIver. "Moving forward, low interest rates and affordable prices will continue to keep homebuyer demand strong."

The median price of all existing homes combined sold in April 2010 increased 4.55 percent to $115,000 from the $110,000 recorded in March 2010. April 2010's median price is a decrease of 11.54 percent compared to April 2009's median of $130,000.

April's $115,000 median price encompasses all types of sales situations and home types. The median price for "normal" sales is $160,000. The median price for bank-owned sales is $72,900 (up 1.60 percent from last month's $71,750), and the median price for short sales is $115,000 (up 1.77 percent from last month's $113,000).

Of the 2,461 sales in April, 810 "normal" sales accounted for 32.91 percent of all sales, while 1,137 bank-owned and 514 short sales made up 67.09 percent.

The Orlando affordability index decreased to 220.51 percent in April. (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 $52,991 can qualify to purchase one of 8,945 homes in Orange and Seminole counties currently listed in the local multiple listing service for $253,588 or less.

First-time homebuyer affordability in April decreased 10 percentage points to 156.81 percent. First-time buyers who earn the reported median income of $36,034 can qualify to purchase one of 5,725 homes in Orange and Seminole counties currently listed in the local multiple listing service for $153,280 or less.

Homes of all types spent an average of 81 days on the market before coming under contract in April 2010 (the lowest since December 2006), and the average home sold for 95.85 percent of its listing price. In April 2009 those numbers were 102 and 93.20 percent, respectively. The area's average interest rate increased in April to 5.12 percent.

Inventory

There are currently 15,766 homes available for purchase through the MLS. Inventory decreased by 457 homes from March 2010, which means that 457 more homes left the market than entered the market. The April 2010 inventory level is 21.93 percent lower than it was in April 2009 (20,194). The current pace of sales translates into 6.41 months of supply; April 2009 recorded 10.89 months of supply.

There are 11,738 single-family homes currently listed in the MLS, a number that is 2,734 (18.89 percent) less than in April of last year. Condos currently make up 2,764 offerings in the MLS, while duplexes/town homes/villas make up the remaining 1,264.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando area increased by 61.06 percent in April when compared to April of last year, and decreased by 10.78 percent when compared to March 2010. A total of 546 condos changed hands in April of this year compared to 339 in April 2009 and 612 in March 2010. To date, condo sales are up 100.79 percent (2,026 condos sold to date in 2010, compared to 1,009 by this time in 2009).

The most (292) condos in a single price category that changed hands in April were yet again in the $1 - $50,000 price range, which accounted for 53.48 percent of all condo sales.

Orlando homebuyers purchased 219 duplexes, town homes, and villas in April 2010, which is a 43.14 percent increase from April 2009 when 153 of these alternative housing types were purchased. Thirty-six duplexes, town homes, and villas sold in April 2010 fell into both the $1 - $50,000 and the $100,000 - $120,000 price categories.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in April were up by 31.27 percent when compared to April of 2009. Throughout the MSA, 3,035 homes were sold in April 2010 compared with 2,312 in April 2009.

To date, sales throughout the MSA are 43.23 percent above this time in 2009. Each individual county's year-to-date sales comparisons are as follows:

Lake: 27.89 percent above 2009 (1,481 homes sold to date in 2010 compared to 1,158 in 2009);

Orange: 47.44 percent above 2009 (5,874 homes sold to date in 2010 compared to 3,984 in 2009);

Osceola: 30.46 percent above 2009 (1,876 homes sold to date in 2010 compared to 1,438 in 2009); and

Seminole: 62.15 percent above 2009 (1,662 sold to date in 2010 compared to 1,025 in 2009).

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