Real Estate Market Conditions

February 2012 Orlando Real Estate Market Conditions

February 8, 2012

Median price jumps 12 percent in December and lifts 2011 over 2010

A median price spike in December was enough to nudge the 2011 cumulative year-end median 1.29 percent above that of 2010 and end the year in the black. The cumulative year-end median in 2011 was $109,900; the cumulative year-end median price in 2010 was $108,500.

The median price of homes sold in Orlando during December 2011 ($118,000) was 12.38 percent higher than the median price in December 2010 ($105,000). During 2011, Orlando’s median price climbed 24.34 percent from a low of $94,900 in January to a high of $118,000 in December.

The median price of "normal” sales that closed in December 2011 was $159,900 (representing a decrease of 0.06 percent compared to December 2010). The median price for short sales in December 2011 was $105,000 (an increase of 10.53 percent compared to December 2010), and the median price for bank-owned sales in December was $80,000 (an increase of 6.67 percent compared to December 2010).

Members of the Orlando Regional REALTOR® Association participated in 13.86 percent less home sales in December of this year than in December of 2010: 2,125 and 2,467, respectively. At year’s end, the number of sales for all of 2011 (27,703) was 3.48 less than in all of 2010 (28,701).

"I am pleased to see a year-end sales tally that is very similar to 2010, which offered the homebuyer tax credit incentives to stimulate sales,” says ORRA Chairman Stephen Baker, RE/MAX Central Realty. "Buyers are taking note of Orlando’s historic affordability conditions, consistent increases in prices, and dramatically declining inventory and taking action. In addition, I expect to see even more sales activity once the problem of contract failures – estimated by the National Association of REALTORS® to be as much as 33 percent nationwide – is resolved by an easing of unnecessarily restrictive lending standards.”

In month-over-month comparisons, sales of foreclosed homes declined 56.29 percent in December 2011 compared to December 2010. Short sales and "normal” sales both increased (by 24.41 percent and 14.15 percent, respectively) in December 2011 compared to December 2010.

Normal sales (871) accounted for 40.99 percent of all transactions in December 2011, while short sales (785) accounted for 36.94 percent and bank-owned sales (469) made up the remaining 22.07.

The Orlando average interest has dropped to a new low once again. Buyers who purchased an Orlando area home in December paid an average interest rate of 3.99 percent, which is the lowest since the Orlando Regional REALTOR® Association began tracking the statistic in January of 1995.

Homes of all types spent an average of 103 days on the market before coming under contract in December 2011, and the average home sold for 92.40 percent of its listing price. In December 2010 those numbers were 97 days and 94.45 percent, respectively.

Pendings

Pending sales – those under contract and awaiting closing – are currently at 8,095. The number of pending sales in December 2011 is 9.14 percent lower than it was in November 2011 (8,909) and 3.2 percent lower than it was December 2010 (8,363).

Short sales — which take much longer to process from contract to close — made up 75.26 percent of pending sales in December 2011. "Normal” properties accounted for 12.87 percent of pendings, while bank-owned properties accounted for 11.87 percent. In December 2010, short sales were 64 percent of all pendings while normal properties were 14 percent and bank-owned properties were 23 percent of the total.

Inventory

Current overall inventory is down 35.09 percent compared to December 2010, and down 3.99 percent compared to November 2011. Single-family home inventory is down 34.50 compared to December 2010, while current condo inventory is down 32.14 percent compared to December 2010.

At the current pace of sales, there is a 4.58-month supply of homes in Orlando’s inventory (down from a 5.00-month supply in November 2011 and down from a 6.08-month supply in December 2010).

Affordability

The Orlando affordability index decreased three percentage points in December, to 250.44 percent, as a result of the increase in median price. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)

Buyers who earn the reported median income of $54,131 can qualify to purchase one of 5,703 homes in Orange and Seminole counties currently listed in the local multiple listing service for $295,519 or less. First-time homebuyer affordability in December decreased to 178.09 percent from last month’s 180.21 percent.

First-time buyers who earn the reported median income of $36,809 can qualify to purchase one of the 4,223 homes in Orange and Seminole counties currently listed in the local multiple listing service for $178,625 or less.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando area (338) decreased by 35.62 percent in December when compared to December of 2010 (525).

The most (129) condos in a single price category that changed hands in December were yet again in the $1 - $50,000 price range and account for 38.17 percent of all condo sales. While low-price condos still dominate closings, the number of sold units in this price category have steadily declined from a high of 288 in January.

Orlando homebuyers purchased 211 duplexes, town homes, and villas in December 2011, which a 9.44 percent decrease compared to December 2010. Most (39) fell within the $100,000 - $120,000 price range.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in December were down by 10.30 percent when compared to December of 2010. Throughout the MSA, 2,717 homes were sold in December 2011 compared with 3,029 in December 2010. For all of 2011, sales in the MSA are down 1.34 percent.

Each individual county’s monthly sales comparisons are as follows:

Lake: 4.63 percent above December 2010 (384 homes sold in December 2011 compared to 367 in December 2010);
Orange: 14.96 percent below December 2010 (1,359 homes sold in December 2011 compared to 1,598 in December 2010);
Osceola: 12.87 percent below December 2010 (467 homes sold in December 2011 compared to 536 in December 2010); and
Seminole: 3.98 percent below December 2010 (507 sold in December 2011 compared to 528 in December 2010).

2011 Year-end Recap

Overall sales in 2011 were down by 3.48 percent over 2010. A total of 27,703 homes were sold in 2011 compared to 28,701 the previous year.

Sales of normal homes in 2011 increased 12.15 percent over 2010. Short sales increased by 20.93 percent while bank-owned sales declined by 27.35 percent.

The 2011 year-end year-to-date median price increased 1.29 percent to $109,900 compared 2010’s $108,500.

By year’s end in 2011, 34,670 homes were sold in the Orlando MSA while 35,140 homes had been sold by year’s end in 2010 (for a 1.34 percent decrease). Each county’s 2011 year-end sales comparisons are as follows:

Lake: 3.26 percent above 2010 (4,343 homes sold in 2011 compared to 4,206 in 2010);
Orange: 4.92 percent below 2010 (17,965 homes sold in 2011 compared to 18,894 in 2010);
Osceola: 1.03 percent above 2010 (6,401 homes sold in 2011 compared to 6,336 in 2010); and
Seminole: 4.51 percent above 2010 (5,961 sold in 2011 compared to 5,704 in 2010).

December 2011 Orlando Real Estate Market Conditions

December 14, 2011

Dramatic rise in short-sale closings, median price drive improvements

The overall median sales price ($115,000) of existing homes in Orlando is 9.52 percent higher this November than in November 2010, buoyed by increases both in the number of closings and in the median price of short sales, reports the Orlando Regional REALTOR® Association.

The number of short-sale transactions in November 2011 jumped 39.38 percent compared to November 2010, and the median price of short sales improved by 7.07 percent (to $106,000 from $99,000).

"The increase in completed short-sales transactions is heartening,” says ORRA Chairman Mike McGraw, McGraw Real Estate Services, PL, who adds that short sales currently make up 73 percent of homes awaiting closings. "The very tight current lending conditions plus under-value appraisals are still causing both enormous slowdowns and outright contract cancellations among short sales. The sooner these short sales are processed through the system, the better it will be for the normal-home market.”

The National Association of REALTORS® states that contract failures reported by NAR members jumped to 33 percent in October 2011, compared to 8 percent in October 2010.

"Regardless, an improved median sales price in any category is good for homeowners and home sellers,” continues McGraw, "but it also means that buyers are going to encounter proportionally higher asking prices.”

Since January of this year, Orlando’s overall median price has increased by 21.18 percent.

The median price of "normal” sales closing in November 2011 was $148,000 (a decrease of 7.50 percent compared to November 2010), and normal sales accounted for 40.10 percent of all transactions. The median price for bank-owned sales in November was $81,999 (an increase of 4.12 percent compared to November 2010), and bank-owned sales accounted for 23.23 percent of all transaction.

Members of the Orlando Regional REALTOR® Association participated in about the same number of sales in November of this year and last: 1,950 and 1,936, respectively.

Sales of foreclosed homes declined 41.92 percent in November 2011 compared to November 2010, while short sales and "normal” sales both increased (by 39.38 percent and 21.62 percent, respectively).

The Orlando average interest has hit a new record low. Buyers who purchased an Orlando area home in November paid average interest rate of 4.10 percent, which is the lowest since the Orlando Regional REALTOR® Association began tracking the statistic in January of 1995. The previous record was set in September of this year: 4.19 percent.

Homes of all types spent an average of 99 days on the market before coming under contract in November 2011, and the average home sold for 94.74 percent of its listing price. In November 2010 those numbers were 96 days and 94.13 percent, respectively.

Pendings

Pending sales – those under contract and awaiting closing – are currently at 8,909. The number of pending sales in November 2011 is a barely noticeable 0.99 percent lower than in November 2010.

Short sales made up 73 percent of pending sales in November 2011. "Normal” properties accounted for 15 percent of pendings, while bank-owned accounted for 11 percent. In November 2011, short sales were 64 percent of pendings while normal properties were 14 percent and bank-owned were 23 percent.

Inventory

Current overall inventory is down 33.28 percent compared to November 2010, and up 1.63 percent compared to October 2011.

Current single-family home inventory is down 32.63 percent compared to November 2010, while current condo inventory is down 32.28 percent compared to November 2010.

At the current pace of sales, there is a 5.20-month supply of homes in Orlando’s inventory (up from a 4.68-month supply in October 2011).

Affordability

The Orlando affordability index decreased two percentage points in November, to 253.42 percent, as a result of the increase in median price. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)

Buyers who earn the reported median income of $54,074 can qualify to purchase one of 5,787 homes in Orange and Seminole counties currently listed in the local multiple listing service for $291,428 or less.

First-time homebuyer affordability in November decreased a bit to 180.21 percent from last month’s 181.61 percent. First-time buyers who earn the reported median income of $36,770 can qualify to purchase one of the 4,194 homes in Orange and Seminole counties currently listed in the local multiple listing service for $176,152 or less.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando area (286) decreased by 26.85 percent in November when compared to November of 2010 (391).

The most (117) condos in a single price category that changed hands in November were yet again in the $1 - $50,000 price range and account for 40.91 percent of all condo sales. While low-price condos still dominate closings, the number of sold units in this price category have steadily declined from a high of 288 in January.

Orlando homebuyers purchased 204 duplexes, town homes, and villas in November 2011, which a 7.94 percent increase compared to November 2010. Most (37) fell within the $100,000 - $120,000 price range.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in November were down by 0.33 percent when compared to November of 2010. Throughout the MSA, 2,410 homes were sold in November 2011 compared with 2,418 in November 2010. To date, sales in the MSA are down 0.87 percent.

Each individual county’s monthly sales comparisons are as follows:

Lake: 5.28 percent below November 2010 (287 homes sold in November 2011 compared to 303 in November 2010);
Orange: 2.76 percent above November 2010 (1,301 homes sold in November 2011 compared to 1,266 in November 2010);
Osceola: 10.87 percent below November 2010 (418 homes sold in November 2011 compared to 469 in November 2010); and
Seminole: 6.32 percent above November 2010 (404 sold in November 2011 compared to 380 in November 2010).

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA REALTOR® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.

November 2011 Orlando Real Estate Market Conditions

November 15, 2011

Sales of Orlando existing single-family homes jump 18 percent in October

View the video and data charts

Members of the Orlando Regional REALTOR® Association participated in the sales of 18.16 percent more existing single-family homes in October of this year than in October of 2010, which is the year’s greatest month-over-month increase in sales of this home type.

In addition to the 18.16 percent increase in existing single-family home sales, Orlando’s overall home sales for October have increased by 5.89.

"October marks the first time since March that overall sales have indicated a month-over-month improvement,” says ORRA Chairman Mike McGraw, McGraw Real Estate Services, PL. "This additional activity can be attributed to a multitude of local factors — such as low interest rates, a higher percentage of "normal” sales, and a steady incline in median price — that are encouraging buyers to take advantage of today extraordinary market conditions.”

In addition to an increase in sales, the overall median price of all home sale types combined ($112,700) increased by 7.33 percent compared to the $105,000 median price in October 2010. Since January of this year, Orlando’s median price has increased by 18.76 percent.

The median price of "normal” sales closing in October 2011 was $153,000, and normal sales accounted for 41.30 percent of all transactions. These two steadily improving factors have been helping to keep overall median prices hovering above those recorded in 2010.

But the lower median price of foreclosures and short sales (which combined account for 58.70 percent of all sales in October) does continue to negatively influence the overall median price. The median price for bank-owned sales in October is $80,000 and the median price for short sales is $95,000.

Sales of foreclosed homes declined 38.50 percent in October of this year compared to last, while short sales and "normal” sales both increased (by 40.83 percent and 34.91 percent, respectively).

Buyers who purchased an Orlando area home in October paid average interest rate of 4.21 percent, which is slightly above the 4.19 percent average interest rate recorded for September. That rate was the lowest since the Orlando Regional REALTOR® Association began tracking the statistic in January of 1995.

Homes of all types spent an average of 106 days on the market before coming under contract in October 2011, and the average home sold for 94.66 percent of its listing price. In October 2010 those numbers were 91 days and 94.67 percent, respectively.

At the current pace of sales, there is a 4.82-month supply of homes in Orlando’s inventory. The number of homes available for purchase in the Orlando area increased in October by 42 homes and now rests at 9,973. Overall inventory is down 35.41 percent from October of last year; single family home inventory is down 33.52 percent while condo inventory is down 38.69 percent.

Pending sales – those under contract and awaiting closing – are currently at 8,937. The number of pending sales in October 2011 is 1.36 percent greater than in October 2010.

Affordability

The Orlando affordability index decreased to 254.94 percent in October. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $54,017 can qualify to purchase one of 5,605 homes in Orange and Seminole counties currently listed in the local multiple listing service for $287,314 or less.

First-time homebuyer affordability in October decreased a bit to 181.29 percent from last month’s 181.81 percent. First-time buyers who earn the reported median income of $36,732 can qualify to purchase one of the 3,984 homes in Orange and Seminole counties currently listed in the local multiple listing service for $173,665 or less.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando area (332) decreased by 26.55 percent in October when compared to October of 2010 (452).

The most (151) condos in a single price category that changed hands in October were yet again in the $1 - $50,000 price range and account for 45.48 percent of all condo sales. Low-priced units have overwhelmingly dominated condo sales since March of 2009; this year alone, low-priced sales have made up 48.37 percent of all sales.

Orlando homebuyers purchased 207 duplexes, town homes, and villas in October 2011, which exactly the same number that was purchased in October 2010. There was a tie for the price category with the most (26) sales: under $50,000 and $120,000 - $140,000.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in October were up by 4.60 percent when compared to October of 2010. Throughout the MSA, 2,548 homes were sold in October 2011 compared with 2,436 in October 2010. To date, sales in the MSA are down 1.20 percent. Each individual county’s monthly sales comparisons are as follows:

Lake: 8.47 percent above October 2010 (320 homes sold in October 2011 compared to 295 in October 2010);
Orange: 0.54 percent above October 2010 (1,293 homes sold in October 2011 compared to 1,286 in October 2010);
Osceola: 5.86 percent below October 2010 (450 homes sold in October 2011 compared to 478 in October 2010); and
Seminole: 28.65 percent above October 2010 (485 sold in October 2011 compared to 377 in October 2010).

*This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

October 2011 Orlando Real Estate Market Conditions

October 19, 2011

Home sales in Orlando have doubled since 2008.

Home sales in Orlando have doubled since 2008. What are you waiting for? According to the latest numbers, home sales in Central Florida have doubled since 2008. Interest rates remain in the historically low 4 to 5 percent range, making homeownership more affordable than ever. So what are you waiting for? Act now. This truly is the best time ever to buy a home in Central Florida. Don’t miss this once in a lifetime opportunity.

Orlando Market: By the Numbers -------------------------------------------------------------------------------- Orlando home sales in February 2011 were up 5.68 percent over February 2010. Of the 2,085 sales in February, 553 “normal” sales accounted for 26.52 percent of all sales, while 1,041 bank-owned and 491 short sales made up 73.48 percent. The median price of all existing homes combined sold in February 2011, $96,000, is an 8.57 percent decrease from the $105,000 median price recorded in February 2010. The median price for “normal” existing homes sold in February is $155,000. The median price for bank-owned sales is $74,000 and the median price for short sales is $98,000. There are currently 13,480 homes available for purchase through the MLS. The February 2011 inventory level is 16.02 percent lower than it was in February 2010 (16,051). The current pace of sales translates into 6.47 months of supply; February 2010 recorded 8.14 months of supply. Why it's a good time to buy a home in Orlando -------------------------------------------------------------------------------- Although many try to forecast when prices will hit bottom, the truth is that no one can predict the bottom of any market until it has already happened. Even within the Orlando market, different areas will “bottom” out at different times. Price fluctuations within each area of the Orlando market also differ. Buyers who hold off purchasing a home because they are waiting for prices to fall further may miss out on the home that they really want. The inventory of homes available for purchase, especially condos, is on a steady decline. Home prices have moderated, interest rates are at 40-year lows and the supply of homes for sale is plentiful. However, inventory has decreased by more than 37 percent since this time three years ago. Currently, about 75 percent of Orlando homes sales are foreclosures and short sales, which are typically priced much lower than “normal” homes. These types of homes sales continue to put downward pressure on the reported median or average sales price. Low interest rates, coupled with price declines, give trade-up buyers a unique opportunity to take advantage of market conditions. What an owner may lose on the sell side can be more than recovered on the buy side.

Why homeownership matters… -------------------------------------------------------------------------------- To people Homeowners are happier and healthier and enjoy a greater feeling of control over their lives. Owning a home is one of the best ways to build long-term wealth. Historically, a homeowner’s net worth has ranged from 31 to 46 times that of a renter. Home owners are free to redecorate, renovate, and modify their homes as they wish. Most home owners enjoy stable housing costs — a fixed-rate mortgage payment might not change for 15 to 30 years while rent typically increases 3 percent a year. Homeowners can typically deduct mortgage interest and property taxes on their federal individual income tax return. To communities People who own homes vote more, volunteer more and contribute more to their neighborhoods. Homeowners do not move as frequently as renters, providing more neighborhood stability. In turn, this stability helps reduce crime and supports neighborhood upkeep. Children of homeowners do better in school, stay in school longer, are more likely to participate in organized activities and spend less time in front of the television. To the United States 67 percent of American households are owner-occupied. America is a nation of home owners. Homeowners pay 80 to 90 percent of federal individual income taxes, contributing to federal programs that benefit all Americans. Every home purchased pumps $60,000 into the economy for furniture, home improvements, and related items. Housing accounts for more than 15 percent of the national Gross Domestic Product, a key driver of our national economy.

Source: National Association of REALTORS®

Average interest rate hits 16-year low; median price jumps 15 percent

September 19, 2011

Market Statistics

(September 13, 2011 – Orlando, FL) Buyers who purchased an Orlando home in August are paying the lowest average interest rate – 4.26 percent – since the Orlando Regional REALTOR® Association began tracking the statistic in January of 1995. The record was previously held by October 2010, when the average interest rate stood at 4.28.

However, buyers are paying increasingly more for homes as the year progresses. The Orlando area’s overall median price is $115,000 for the month of August, a 15.12 percent increase over August 2010. Since January of this year, Orlando’s median price has increased by 21.18 percent.

The lower median price of foreclosures and short sales does continue to negatively influence the overall median price.The median price for bank-owned sales in August is $81,750 and the median price for short sales is $96,950.

A steady rise in the percentage of “normal” sales — those that are neither bank-owned nor short sales — continues to boost the overall median price. In August, the number of normal sales dropped a single percentage point after six months of consecutive increases and made up 41.33 percent of all transactions involving members of the Orlando Regional REALTOR® Association.

The 2,342 sales transactions that were completed in August 2011 is 8.73 percent less than were completed in August 2010. A breakdown by sales type, however, shows that bank-owned sales dropped 51.36 percent compared to August 2010, while short sales increased 31.95 percent and “normal” sales increased 32 percent.

At the current pace of sales, there is a 4.29-month supply of homes in Orlando’s inventory. The number of homes available for purchase in the Orlando area declined in August by 294 homes and now rests at 10,055. Overall inventory is down 39.19 percent from August of last year; single family home inventory is down 35.54 percent while condo inventory is down 51.84 percent.

Pending sales – those under contract and awaiting closing – are currently at 9,502. In August 2010, the pending tally was 8,945.

Homes of all types spent an average of 101 days on the market before coming under contract in August 2011, and the average home sold for 95.05 percent of its listing price. In August 2010 those numbers were 83 days and 95.14 percent, respectively.

The area’s average interest rate decreased in August 2011 to 4.26 percent, from the 4.53 percent posted in July 2011. The August 2011 average interest rate is the lowest since before January 1995.

Affordability

The Orlando affordability index increased to 247.95 percent in August. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.)

“Affordability conditions this year have been enormously favorable, but many buyers are being held back because banks are offering financing to only the most highly qualified borrowers and ignoring a large share of otherwise creditworthy buyers,” explains ORRA Chairman Mike McGraw, McGraw Realty Services, Inc. “Those potential buyers represent the difference between an uneven recovery and a much more robust housing market that in Orlando and even on a national scale could stimulate additional economic activity and create jobs.”

Buyers who earn the reported median income of $53,903 can qualify to purchase one of 5,596 homes in Orange and Seminole counties currently listed in the local multiple listing service for $285,141 or less.

First-time homebuyer affordability in August increased to 176.32 percent from last month’s 169.79 percent. First-time buyers who earn the reported median income of $36,654 can qualify to purchase one of the 3,908 homes in Orange and Seminole counties currently listed in the local multiple listing service for $172,352 or less.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando area (393) decreased by 41.43 percent in August when compared to August of 2010 (671).

The most (161) condos in a single price category that changed hands in August were yet again in the $1 - $50,000 price range and account for 40.97 percent of all condo sales. Low-priced units have overwhelmingly dominated condo sales since March of 2009.

Orlando homebuyers purchased 227 duplexes, town homes, and villas in August 2011, which is a 1.34 percent increase from August 2010, when 224 of these alternative housing types were purchased. Most sales (39) were between $100,000 and $120,000.

MSA Numbers

Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in August were down by 11.07 percent when compared to August of 2010. Throughout the MSA, 2,803 homes were sold in August 2011 compared with 3,152 in August 2010. To date, sales in the MSA are down 1.95 percent.

Each individual county’s monthly sales comparisons are as follows:

Lake: 17.02 percent above August 2010 (385 homes sold in August 2011 compared to 329 in August 2010);
Orange: 14.22 percent below August 2010 (1,442 homes sold in August 2011 compared to 1,681 in August 2010);
Osceola: 29.15 percent below August 2010 (440 homes sold in August 2011 compared to 621 in August 2010); and
Seminole: 2.88 percent above August 2010 (536 sold in August 2011 compared to 521 in August 2010).