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.