December 11th, 2009 6:35 PM by Karyn Smith
Members of the Orlando Regional Realtor Association sold more than double the number of homes last month than they did in November 2008, but values fell by more than 25 percent, the association reported.
Association members recorded 2,238 closings in November, compared to 1,110 closings in the same month a year prior. Of those sales, about 63 percent were short sales or bank repossessions, which resulted in keeping values lower. The median price of homes sold in November fell to $123,000, nearly 5.4 percent less than the $130,000 posted in October of this year and 25.9 percent under November 2008’s $166,000.
November sales of all existing homes in the Orlando area — Lake, Orange, Osceola, and Seminole counties —also more than doubled, from 1,343 in 2008 to 2,816 this year.
Association members reported 957 bank-owned property sales and 463 short sales in November, while traditional sales stood at 818. The median price for bank-owned properties was $84,000, $122,000 for short sales and $173,960 for traditional sales, the association reported.
That pushed the Orlando affordability index up by more than 12 percent to nearly 209.1 percent last month. An affordability index of more than 100 means that those earning the state-reported median income of $52,706 can qualify to purchase any of the 9,195 homes listed in Orange and Seminole counties for up to $278,049.
The first-time homebuyer affordability index in November also jumped about 10 percent to 148.66 percent. That means first-time buyers who earn the state-reported median income of $35,840 can qualify to purchase one of 6,057 homes in Orange and Seminole counties currently listed in the local multiple listing service for up to $168,065.
Things also are looking up for the future, as association members reported more than double the number of November pending sales, or 8,633, compared to November 2008’s 3,326. Pending sales are considered an indicator of future sales activity. Meanwhile, a total of 3,023 sales contracts were newly filed in the month of November, a nearly 83.9 percent jump when compared the 1,644 posted in November of last year.
Condominium resales more than tripled in November, from 114 last year to 387 this year. The most condos, or 185 units, sold for up to $50,000, making up nearly 50 percent of all condo sales this year. Only six condo units sold for more than $250,000 last month.
Meanwhile, 224 existing duplexes, townhomes and villas sold last month, nearly triple the 95 sold in November 2008. The majority of these units, 40 total, sold in the $100,000 to $120,000 price category, while 16 sold for less than $50,000 last month.
The Orlando area’s home inventory increased by only 259 homes — meaning 259 more homes were put on the market versus homes that sold — to a total of 16,002 homes. That puts the area’s inventory at a nearly 7.2 month supply at the current sales pace, a far cry from January 2009’s 21.5-month supply.
Homes spent an average of 86 days on the market, the shortest time since December 2006, before coming under contract last month and the average home sold for 94.9 percent of its listing price.