Florida Market Data, Housing Market, Housing Recovery, Housing Trends, Market Research

Orlando MSA Logs 12% Rise in Median Price in December

According to the Orlando Realtors Association, the median price of homes rose 12% in December 2012 over December 2011.  Excluding distressed sales, the median price in was $159,000.  The cumulative median price for all of 2011 was $109,900 which is higher than 2010′s $108,500.

Other numbers to note from the Realtors year-end report:

  • Foreclosure sales were down over 56% in 2011 as the foreclosure pipeline starts winding down
  • Total sales were down in 2011 to 34,670 from 2010′s 35,140, a decline of 1.34%.  This decline is low considering no home buyer tax credit existed in 2011.
  • Short sales account for 75% of all pending contracts
  • Inventory is down 35% from December of last year
  • Current supply stands at 4.58 months versus about 6 months last year at year end.
  • Normal sales were up 12% in 2011, Short sales were up 21%, while bank-owned were down 27%
I anticipate in 2012 we’ll total sales eclipse 2011 by 10% or more in the MSA as there will be no tax credit year to compare it to.  Also short sale inventory will reduce in 2012 and normal sales will again drive the market.   Construction is a wild card in the area.  In my community 30 new units have been built in the last 6 months with more being built spec now.  If one drives the MSA, there is dirt being turned over nearly everywhere in the shape of new infrastructure such as utilities and roads.   2012 will be a game of inventory in the Orlando MSA as Wall Street bets on housing as an asset class.  
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