Florida Real Estate, Tourism and Immigration News

BRITISH HOMES GROUP

April 22, 2010

From today’s ORLANDO BUSINESS JOURNAL

Orlando home, condo sales up in March

Existing home sales in Florida rose 24 percent in March, with 16,294 homes sold statewide compared to 13,090 homes sold in March 2009, said Florida Realtors.

In addition, while March’s statewide existing-home median price of $137,000 was down 3 percent from $141,300 a year ago, it was 4.3 percent higher than February’s statewide existing-home median price.

Florida Realtors also reported a 63 percent increase in statewide sales of existing condos in March compared to the previous year’s sales figure, with 7,148 units sold compared to 4,387 in March 2009.

March’s statewide existing-condo median price of $96,900 was down 11 percent compared to the year-ago figure of $108,500, but it was 5.1 percent higher than February’s statewide existing-condo median price.

In metro Orlando, 2,489 existing home sales took place in March, a 36 percent increase over 1,828 in March 2009.

The median price for homes in March 2010 was $132,200 in the metro area, a 12.7 percent decrease from $151,500 in the year-ago period.

Meanwhile, 790 condo units sold in March compared with 364 a year ago, a 117 percent increase. However, the median price fell 11 percent to $49,700 compared with $55,700 a year ago.

Sincerely,

Bill Cowie  President

www.BritishHomesGroup.com
Kissimmee Office: 407 396 9914
Member: British-American Chamber of Commerce

Our Email Address: Info@BritishHomesGroup.com

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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  

July marked the second best sales month this year for Orlando home re-sales.  Second only to June, 1,436 transactions were recorded versus June’s 1,489 Orlando home sales.  For the Orlando market June is typically a peak month so the slight decrease comes as no surprise.  Another indicator suggesting market stabilization is the July 08 to July 07 comparison.  July marked the second month in a row where the year over year decline was less than 10% (it was just less than 6%).  Orlando’s core real estate market – Orange and Seminole counties show a 26.7 percent increase in homes under contract as compared to a year ago.  This bodes well for sales throughout the rest of 08. 

The median price of Orlando homes, townhomes and condos was down from 2007 by 21% (at $207,500), but again this is no surprise based on the fact that the median price peaked at $264,436 in June of last year even though local market sales peaked in August of 2005. 

There were 24,742 properties listed for sale in the Orlando Multiple Listing Service in July.  This was up in a month to month comparison but was 5% lower than the inventory in July 07.  The third month in a row to show year over year inventory decline.

Average days on the market for July 08 was 117 days.  This is declining but still well above 07 numbers.

Average interest rate for a 30-year fixed rate mortgage in July was 6.4%.  The highest rate so far in 2008, but lower than those of a year ago.

For more information about Orlando real estate or Orlando home financing, please contact the British Homes Group.

Metro Orlando real estate sales dipped by 26 percent in 2006, compared to a statewide average of 28 percent. 

However, the median sales price for the same area increased by 14 percent reports Jerry W Jackson of the Orlando Sentinel.

Read the full report to learn what experts are predicting for 2007.

The Buyers Market will not last for long…

It is expected that the market will show good future growth so now is the time to get in and get that Florida Property Now!

2006 wound up being the second best year on record for existing Orlando home sales.  Even though sales were down compared to 2005 levels, the median house price continues to rise says Jerry Jackson of the Orlando Sentinel.

Read full article