Home sales up, median prices down
The Orlando Regional Realtor Association reported completed sales on 2,429 homes in August, a 10.91 percent increase over August 2009’s 2,109.
To date, Orlando-area home sales are up 36.12 percent over this time in 2009, ORRA said.
“As expected, sales have been softer following the expiration of the homebuyer tax credit,” said ORRA Chairman Kathleen Gallagher McIver of Re/Max Town & Country Realty. “However, since May, the number of new contracts has continued to climb as consumers take advantage of record-low mortgage rates and historically high housing affordability.”
Other findings from the ORRA report:
• The number of new contracts filed in August 2010 — 3,892 — represents an increase of 17.09 percent more than were filed in August 2009 (3,324).
• The area’s pending sales statistic — an indicator of future sales activity — also is at a record high with 8.6 percent more homes (8,945) under contract and awaiting closing in August of this year than in August of last year (8,237).
• The median price of all existing homes combined sold in August 2010 decreased 21.95 percent to $99,900 from the $128,000 recorded in August 2009. August 2010’s median price is a decrease of 8.1 percent compared to July 2010’s median of $108,700.
• The median price for “normal” sales is $165,900 (down 5.20 percent from last month’s $175,000). The median price for bank-owned sales is $70,000 (down 2.78 percent from last month’s $72,000), and the median price for short sales is $100,000 (down from last month’s $116,000).
“With foreclosures and short sales dominating the market, the median price continues to be lowered,” said McIver. “Plus, the rise in popularity of lower-priced condominiums has put additional downward pressure on prices.”
• Homes of all types spent an average of 84 days on the market before coming under contract in August 2010, and the average home sold for 95.04 percent of its listing price. In August 2009 those numbers were 94 and 94.44 percent, respectively.
• There are 16,535 homes available for purchase through the MLS. Inventory decreased by 28 homes from July 2010, which means that 28 more homes exited the market than entered the market.
• Condo sales in the Orlando area increased by 43.28 percent in August when compared to August of 2009 and increased by 5.89 percent compared to July of this year. To date, condo sales are up 74.09 percent (4,596 condos sold to date in 2010, compared to 2,640 by this time in 2009).
Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties.