Metro Orlando’s residential market didn’t differ that much from the rest of the state during October, with one exception: condominiums.
While resale prices for single-family homes in the four-county metro area generally reflected those of houses sold elsewhere in the state, Orlando’s condo prices continued to lag those of almost every other metro area in Florida, according to a report released Tuesday by the Florida Realtors.
October’s midpoint price for a unit was $50,700 in Metro Orlando versus $82,400 for the state as a whole. Only Ocala — which reported only six condo closings in October — had a median price ($40,000) lower than Orlando’s. Nationally, the median resale price for a condo a month earlier, in September, was $165,400.
Orlando’s cheap condo prices continued to drive sales in October, with 1,822 closings reported in Orange, Seminole, Osceola and Lake counties combined. That was among the highest one-month totals in the state, though it was still down from October 2009, when 2,297 units changed hands.
And while prices remain relatively low compared with the state overall, they have fallen only 5 percent since October 2009, while the statewide median price for a condo has sagged 22 percent during the past year.
In other metro areas near Orlando, median condo prices in October were: $88,600 in Brevard County, down 16 percent from a year earlier; $47,600 in Polk County, down 23 percent from a year earlier; and $120,900 in Volusia County, down 23 percent from a year earlier.
For single-family homes, Metro Orlando’s median price in October was $130,800, down 9 percent from a year earlier. Statewide, the midpoint price for a house last month was $136,600, down 3 percent from October 2009.