Orlando-area existing home sales in 2009 were up 59 percent versus 2008, while December 2009 resales were up 51.8 percent from the same month in 2008, the Orlando Regional Realtor Association reported.
Association members were involved in 2,194 closings last month, nearly double the 1,455 closings posted in December 2008. Of those sales, 67 percent were distressed property sales, with 961 bank-owned home sales and 517 short sales. Along with that, pending sales — considered a leading indicator of future sales activity — more than doubled in December, from 3,265 in 2008 to 8,163 this year. Last month, a total of 2,984 new sales contracts were filed, a 59.5 percent jump when compared with December 2008’s 1,871.
In addition, the median price of existing homes was up 1.6 percent month-over-month, from $123,000 in November 2009 to $125,000 in December 2009. But December’s median home price also was down 25 percent when compared with December 2008’s $167,500.
The median price for bank-owned homes was $82,000 in December, down from November 2009’s $83,250, and for short sales was $134,600 in December, up about 10 percent from November 2008’s $122,000.
Home resales in the Orlando metropolitan statistical area — Lake, Orange, Osceola, and Seminole counties — more than doubled in December, from 1,802 in 2008 to 2,736 in 2009. Year-end 2009 sales in the Orlando MSA totaled 30,142 in 2009, 66 percent up from the 18,131 sold a year prior and the median price fell 35 percent, from $200,000 in 2008 to $130,000 last year. About 12.5 percent of single-family homes that changed hands throughout the year sold in the $200,000-$250,000 price range, while 8 percent sold for $50,000 or less.
The sales prices put the Orlando affordability index at 204.07 percent last month, so buyers who earn the state-reported median income of $52,763 can qualify for a home priced up to $255,086. The first-time homebuyer affordability index in December was 145.12 percent, which means those who earn the state-reported median income of $35,879 can qualify for a home priced up to $154,185.
Homes of all types spent an average of 91 days on the market before coming under contract in December 2009, and the average home sold for 93.7 percent of its listing price.
Meanwhile, 453 more homes left than entered the market in December 2009, resulting in an inventory of 15,549 homes available through the local Multiple Listing Service. December’s inventory — nearly 31 percent lower than December 2008’s 22,524 — represents a 7.1-month supply at the current sales pace. That number fell 67 percent since January’s 21.5-month supply, the peak for 2009.
Orlando-area condominium sales by association members totaled 409 in December 2009, nearly triple the 155 sold in December of last year. About 208 condos or nearly half of those sold for $50,000 and less in December 2009 while only 11 sold for more than $250,000. Meanwhile, a total of 181 existing duplexes, townhomes and villas sold in December 2009, 34 percent up from December 2008’s 135. A total of 32 sold in the $100,000-$120,000 price category and 18 sold for less than $50,000 in December 2009.
Condo sales in the Orlando MSA totaled 4,331 in 2009, nearly three times higher than the 1,454 that sold in all of 2008. More than half of those sold for $50,000 or less.