Market Pulse Report: August 2011

Here's a few points from this month's pulse report in Central Florida:

·         Of the 2,147 sales in July, 905 “normal” sales accounted for 42.15 percent of all sales, while 607 bank-owned and 635 short sales made up 57.85 percent. The percentage of “normal” sales has increased for six consecutive months.

·         The 9,869 homes pending closing in July of this year is increased compared to the 9,133 pendings in July of last year.

·         Condo sales in the Orlando area decreased by 37.88 percent in July when compared to July of last year. Duplex, town home, and villa sales decreased 28.51 percent.

·         The median price of all existing homes combined sold in July 2011, $117,000, is a 7.64 percent increase from the $108,700 median price recorded in July 2010.

·         The Orlando affordability index decreased to 235.71 percent in July. First-time homebuyer affordability in July increased to 167.61 percent.

·         Homes of all types spent an average of 101 days on the market before coming under contract in July 2011, and the average home sold for 95.01 percent of its listing price.

·         There are currently 9,869 homes available for purchase through the MLS. The July 2011 inventory level was 19,133.

·         The current pace of sales translates into 4.82 months of supply.

·         Orlando’s condo inventory is 53.19 percent lower than it was in July 2010.