Orlando Realtors sold more homes in May, but more than half were bank owned or distressed sales, according to the latest report from Orlando Regional Realtor Association.
Association members sold 1,854 existing homes last month, or 38 percent more than April and 44 percent more than the same month last year. Of the homes sold in May, 795 were bank-repossessed properties and another 150 were distressed.
Those sales have driven down the median home price in May to $130,000, a 38.5 percent decrease. The median price for a traditional home resale was $165,000, $82,000 for bank-owned resales and $140,000 for distressed sales.
Meanwhile, sales of existing homes in Lake, Orange, Osceola and Seminole counties was up 44 percent last month. There were 2,400 home resales in the Orlando area, compared to the 1,662 sold in May 2008.
Through May, 10,005 homes have be sold, 51.7 percent more than the 6,595 sold during the same period last year.
Along with increased sales, more than double the number of homes awaited closings in May, an indicator of an improving market, the report said. There were 6,603 pending contracts last month, which compares with 3,225 in the same month last year and 3,455 homes came under contract in May 2009.
Orlando area condo resales was 369 in May, more than double May 2008’s 142 unit sales. The majority of those sales, 198 units, were priced at $50,000 or less.
The report said 156 duplex, townhome, and villa units sold in May, a nearly 36 percent increase from May 2008’s 115. Most of those sales, 29 units, sold in the $100,000-$120,000 price category.
Orlando’s affordability index is at nearly 198, which means that buyers earning the state-reported median income of $52,364 can qualify to purchase homes priced up to $256,939.
The first-time homebuyer affordability in Orlando is 140.6 percent, which means first-time homebuyers who earn the reported median income of $35,608 can qualify to purchase a home listed for $155,306 or less.
All homes were on the market for an average of 104 days before selling in May 2009. The average home sold for 94 percent of its listing price.
There were 19,123 homes for sale through the Multiple Listing Service last month, down 1,071 homes from April 2009. The May inventory level is nearly 24 percent lower than 25,015 available in May 2008. The May 2009 inventory reflects a 10.31-month supply at the current sales pace.
