Talking Points: April 2011 Housing Market

  • Orlando home sales in April 2011 were down 9.68 percent over April 2010.
  • Of the 2,388 sales in April, 824 “normal” sales accounted for 34.51 percent of all sales, while 955 bank-owned and 609 short sales made up 65.49 percent.
  • Pending sales are down 8.10 percent, with 9,955 pending homes awaiting closing in April of this year compared to 10,832 in April of last year. There are 4.68 percent more homes currently under contract than were under contract last month.
  • New contracts are down 20.40 percent compared April of 2010 and down 8.18 percent compared to March 2011.
  • Condo sales in the Orlando area decreased by 22.24 percent in April when compared to April of last year. Duplex, town home, and villa sales decreased 10.04 percent.
  • The median price of all existing homes combined sold in April 2011, $105,000, is a 8.70 percent decrease from the $115,000 median price recorded in April 2010.
  • The April median price represents the third consecutive month-to-month increase.
  • The median price for “normal” existing homes sold in April is $160,000. The median price for bank-owned sales is $80,000 and the median price for short sales is $91,000.
  • The Orlando affordability index decreased to 251.18 percent in April. First-time homebuyer affordability in April decreased to 178.61 percent.
  • Homes of all types spent an average of 104 days on the market before coming under contract in April 2011, and the average home sold for 94.10 percent of its listing price.
  • There are currently 11,480 homes available for purchase through the MLS. The April 2011 inventory level is 27.19 percent lower than it was in April 2010 (15,766).
  • The current pace of sales translates into 4.81 months of supply, the lowest since December 2005.
  • Orlando’s condo inventory is 53.65 percent lower than it was in April 2010.
  • Sales of existing homes within the entire Orlando MSA were down by 4.62 percent when compared to April of 2010. To date, sales in the MSA are up 6.12 percent.
    Lake: 2.24 percent below April 2010 (392 homes sold in April 2011 compared to 401 in April 2010);Orange: 10.58 percent below April 2010 (1,563 homes sold in April 2011 compared to 1,748 in April 2010); 

    Osceola: 13.11 percent above April 2010 (647 homes sold in April 2011 compared to 572 in April 2010); and

    Seminole: 5.87 percent below April 2010 (497 sold in April 2011 compared to 528 in April 2010).

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