(June 10, 2009 – Orlando, FL) Members of the Orlando Regional REALTOR® Association in May sold nearly 38 percent more homes than in May of last year, contributing to the area’s year-to-date sales increase of 44 percent.
There were 1,854 closings in May, which brings the year’s total to 7,834; a total of 5,462 homes had changed hands by this time last year. Of those May sales, 50.97 percent of the homes were either bank-owned (795) or distressed (150). The remaining (909) “normal” sales made up 49.03 percent.
In addition to an increase in completed sales in Orlando, there is more than double the number of homes currently awaiting closings (6,603) than in May of last year (3,225). Those pending sales, of which 3,455 are homes that came under contract in the month of May alone (the most in one month this year), are forward-looking indicators of an improving market.
Homes of all types spent an average of 104 days on the market before being sold in May 2009, and the average home sold for 94.19 percent of its listing price. In May 2008 those numbers were 115 and 93.83 percent, respectively.
An equal number (149) of single-family homes sold in three price categories in May 2009: $120,000 - $140,000, $140,000 - $160,000, and $200,000 - $250,000, which is the price range where most sales traditionally fall. On the far ends of the scale, seven homes were sold for $1 million or more while 97 homes sold for less than $50,000.
Inventory
There are currently 19,123 homes available for purchase through the MLS. Inventory decreased by 1,071 homes from April 2009, which means that 1,071 more homes left the market than entered the market. Compared to last year, the May 2009 inventory level is 23.55 percent lower than it was in May 2008 (25,015).
The inventory level reflects a 10.31-month supply at the current pace of sales, which is down a bit from the 10.89-month supply recorded in April 2009 down significantly from the 18.57-month supply recorded in May of last year. Altogether, inventory months-of-supply has declined 52.14 percent since January 2009.
There are 13,734 single-family homes currently listed in the MLS, a number that is 4,931 (26.42 percent) less than this time last year. As usual, most (1,647) are listed in the $200,000 - $250,000 price range. Condos currently make up 3,674 offerings in the MLS, while duplexes/town homes/villas make up the remaining 1,715. Most condos (632) are priced below $50,000; the majority of duplexes/town homes/villas (261) are listed in the $120,000 - $140,000 price category.
Condos and Town Homes/Duplexes/Villas
The sales of condos in the Orlando area increased by 159.86 percent in May when compared to May of last year, following year-to-year increases of 252.22 percent and 189.74 percent in March and April. A total of 369 condos changed hands in May of this year compared to 142 in May 2008. One thousand three hundred seventy-eight condos have sold to date this year, a 148.29 percent increase over last year’s 555.
The most (198) condos in a single price category that changed hands were in the $1 - $50,000 price range, more than four times the number (46) that were sold in the next most populated category ($50,000 - $60,000). Only three condos sold for more than $350,000 in May.
Orlando homebuyers purchased 156 duplexes, town homes, and villas in May 2009, which is a 35.65 percent increase from May 2008 when 115 of these alternative housing types were purchased. The majority (29) of duplexes, town homes, and villas sold in April 2009 fell into the $100,000 - $120,000 price category.
MSA Numbers
Sales of existing homes within the Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in May were up by 44.40 percent when compared to May of last year. Throughout the entire MSA, 2,400 homes were sold in May 2009 compared with 1,662 in May 2008. To date, MSA sales are up by 51.71 percent over this time last year, with sales at 10,005 compared to 2008’s 6,595.
Each county’s year-to-date sales comparisons are as follows:
Lake: 20.25 percent above 2008 (1,443 homes sold to date in 2009 compared to 1,200 in 2008);
Orange: 66.38 percent above 2008 (5,281 homes sold to date in 2009 compared to 3,174 in 2008);
Osceola: 108.98 percent above 2008 (1,908 homes sold to date in 2009 compared to 913 in 2008); and
Seminole: 4.97 percent above 2008 (1,373 sold to date in 2009 compared to 1,308 in 2008).
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