Home prices in and around Orlando are down, interest rates are down and for the seventh straight month in a row sales are up.

Some recent statistics from the Orlando Business Journal in an article by Anjali Fluker are very encouraging for sellers and buyers alike…

• Home sales in the Orlando market jumped nearly 48 percent, but values fell by nearly 40 percent, according to the March report from the Orlando Regional Realtor Association.
• Association members reported 1,653 existing home sales in March, compared with 1,120 in the same month a year prior.
• Realtors also put 2,956 homes under contract last month, a far cry from March 2008’s 1,679.
• Association members also reported 4,906 pending sales — considered a leading indicator of future sales — in March, more than double March 2009’s 2,398.
• March home resales in the Orlando area — Lake, Orange, Osceola and Seminole counties — jumped nearly 58 percent, from 1,354 homes last year to 2,139 homes this year.
• Osceola County saw the biggest increase in sales at 112 percent, from 466 homes sold in March 2008 to 989 sold last month. Orange County saw the next largest jump at nearly 61 percent, from 1,667 last year to 2,681 this year, followed by Lake County’s 21.5 percent increase, from 657 last year to 798 this year, and Seminole’s nearly 5 percent jump, from 679 to 713.
• The association reported that 49 percent of the homes that were sold being bank-owned or distressed homes. There were 700 bank-owned home sales last month with a median price of $95,000, along with 111 distressed home resales with a median price of $143,500.
• Homes of all types spent an average of 104 days on the market before being sold last month, down from an average of 128 days in March 2008.
• The average home sold for nearly 92.6 percent of its listing price in March 2009, slightly down from the 93.1 percent posted in the same month last year.
• March inventory of homes available reflects a nearly 13-month supply at the sales pace, down from the nearly 17-month supply recorded in February 2009.
• Orlando-area condo sales saw a huge increase 228 percent last month — from 90 in 2008 to 295 this year.

If you are considering buying a home in Florida, please complete this short form for a customised porperty search  - http://www.britishhomesgroup.com/floridaforeclosures.php or call 0800 096 5989.

Read the full article here…

http://orlando.bizjournals.com/orlando/stories/2009/04/13/daily7.html

According to the Orlando Regional Realtor Association, September brings a 38% increase in existing home sales!  Although this is great news and further indication of a market turn around, Orlando area home values have continued to decline somewhat.  September resales for 2008 were 1,335 homes as compared to last year’s 970 sales during the same period.  The median sales price for Orlando home resales was $182,000 - 9% less than that of August 2008.  Sales increases were evident in the four major Orlando counties with the highest increase being a 72% yearly jump in Osceola County.  Orange County followed with a 54% increase over 2007 numbers.  Seminole and Lake counties followed with 7.35 and 7.66 percent jumps respectively. 

Another positive market indicator for Orlando real estate is the month over month increase in pending contracts/sales.  September showed a 62% increase in homes under contract as compared to August - this is a reliable predictor of future sales activity.  Here are a few more Orlando real estate market statistics from September 2008:

• Average Days on Market: 113
• Average Home Sold for 94% of its listing price
• Total homes available from the MLS in September: 24,690 (a 6.16% decrease from 9/07)
• 144 more homes left the market than entered from 8/08 to 9/08
• During September of 2008: 116 condos were sold and 98 duplexes, townhomes or villas

While this spike could be influenced by foreclosures and REOs, we are optimistic about the general market uptick.

Call British Homes Group Today for help with purchasing or financing your Orlando area dream home!

Orlando Area MLS Search  

Florida’s existing home sales remain level in July 2008

ORLANDO, Florida. – Aug. 25, 2008 – Single-family existing home sales rose in Florida for the first time in more than two years: While only six more homes sold in July 2008 than in July 2007, it could indicate stabilization in Florida’s housing sector, according to the latest housing statistics released by the Florida Association of Realtors® (FAR).

11,498 existing homes sold statewide last month

11,492 homes sold in July 2007

The last time statewide sales of existing homes outpaced the previous year’s sales figure was in the year-end 2005 report, according to FAR records, when sales were up 2 percent over year-end 2004.

Florida’s median sales price for existing homes last month was $193,600; a year ago, it was $238,900 for a 19 percent decrease.

But, looking back to July 2003, the statewide median sales price for single-family homes has increased 18 percent over the five-year-period, according to FAR records – at that time, the statewide existing-home median price was $164,000.

In a year-to-year comparison for condos, 3,375 units sold statewide compared to 3,641 in July 2007 for a 7 percent decline. The statewide existing-condo median sales price last month was $168,500; in July 2007 it was $194,100 for a 13 percent decrease.

More than half of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in July; seven MSAs also showed gains in condo sales. Realtors around the state reported increased business activity, including more telephone calls, more home showings and a rise in pending sales.

Read the full FAR article

Call British Homes Group Today for help with purchasing or financing your Orlando area dream home!

Orlando Area MLS Search  

Securing the number 10 spot of top cities for investment in the American marketplace, Orlando real estate offers a value many investors are finding attractive.  Although it ranked 32nd on the international market list, Brits still consider Orlando number one.  This marketplace is a great investment for vacation bound Europeans at the moment as the combination of strong currency such as the Sterling and all time lows on real estate prices make for an attractive investment.  Most real estate investors expect for the US market to recover and exchange rates to return to the rates of a few years ago.  If this happens, their investments today will produce excellent returns.  According to the Association of Foreign Investors in Real Estate, the US is currently the top nation for international real estate dollars with an expected 16% increase in foreign investment from last year’s $230 billion.

Orlando’s proximity to Disney, historic success with buy to let investment properties and generally strong tourism economy has made it the number one choice for British real estate investors for years.  If you’re looking for that Disney area dream home or even a gorgeous Florida beachfront condo, please contact British Homes Group.  They can help with multi-currency Florida mortgages as well as your Orlando real estate search. 

Opportunities for Europeans to buy real estate in Florida against a weak dollar may soon come to an end.  In a recent press event, President Bush vowed US commitment to keeping the Dollar strong possibly straying from the previous “hands-off” approach.

There are but a few ways for the US government to intervene in strengthening its currency.  There is of course direct intervention - the buying of dollars in currency markets by the US government.  This has not happened during the Bush administration, who is previously known to have touted the natural progression of free-market forces.  Then again, the burgeoning cost of gas and all time lows may have them thinking twice.  The Federal Reserve could also raise interest rates, which is seen as an unlikely candidate considering economic woes.

The new dollar discussions are likely being fueled by pressure to respond to soaring gas prices.  The Federal Reserve Chairman also recently chimed in saying that the Fed is paying close attention to the situation.  Is all this talk an attempt to make currency traders think twice about betting against the dollar?  This remains to be seen, but what is clear is that the opportunities for Brits to buy Florida dream homes at a currency bargain may soon disappear.

Contact British Homes Group today for information about multi-currency mortgages or for more information about Orlando Real Estate.

Orlando Area MLS Search

Southern Business and Development Magazine has listed Orlando in the top two metro growth markets for 2008.  According to the magazine, the area has posted strong growth indicators for the last six years.  Economic diversity is one of the main factors lending to such strength.  The Orlando market has thriving enterprises in a wide range of segments such as: aviation, manufacturing, digital media, film and television, conventions, entertainment, tourism, distribution, simulation, photonics and optics, software and life sciences.  The life sciences segment has raised the bar for Florida growth and development with the addition of entities like the Burnham Institute for Medical Research and the UCF College of Medicine.  Several hospitals and research labs are also under construction in the Orlando area. 

Sustainable regional growth is due in large part to strong population growth and job creation as well as plans for a 60+ mile light rail system from Volusia County to Osceola County.  Last but not least is the new found housing affordability in Central Florida.  One positive result of the bursted national housing bubble.

Are you looking for an Orlando investment villa? Please use our complimentary Orlando Area MLS Search

According to a recent article entitled, "The Housing Crisis is Over" by the Wall Street Journal, analysts believe it is likely that April 2008 will mark the bottom for the US housing market.  While many make take this as difficult news, what it really means is that the trend is no longer worsening.  All indicators point to a slow and steady return to health.  According to national trend, home sales peaked in July of 2005.  This "bust" has lasted nearly three years yet numbers indicate 15-year lows. 

So what does this mean for the Florida Property Market?  What will stop the decline?  Technically the tables will turn due to sheer affordability.  Boomers are all coming into retirement ages and Florida is an increasingly popular place for those folks to retire.  Tourism and the local economy in the Orlando area remains strong.  Affordable home prices will drive the market back to health slowly but surely.  In fact, the boom made housing unaffordable for many Americans and International second home owners.  Home prices increased so much that people could just not afford to live in them, and thus those people stopped buying altogether.  Since the boom, prices have fallen approximately 10-15% while incomes continue to grow slowly.  The levels have come back into check. 

According to the Wall Street Journal, "In the past five major housing market corrections, every time home sales bottomed, the pace of house-price declines halved within one or two months".  While the news has been extreme during the last several cycles, the message here is that things likely won’t get worse.  The market is beginning it’s slow correction and we are heading out of this crisis.  In the meantime, Florida is a buyer’s market - there are many deals to be had - especially for Brits looking at investment properties.  With the combination of the market crisis and the strength of the Sterling, there has never been a better time to pursue buy to let properties in Florida.  For sellers, it looks like the key is time.  There is no place to go but up.

For more information about buy to let properties, Florida Villas or currency converting mortgages, please contact the British Homes Group.

Online Orlando Area Property Search