Florida Real Estate, Tourism and Immigration News

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.

According to Forbes.com, real estate statistics for the first quarter of this year show that an increasing number of median-earning households have been able to afford metro homes in several markets.  This is a sign that buyers have started to respond to the shift in market affordability.  Cities topping the list of greater affordability were: Boston, Orlando, Washington DC and Phoenix.

The data used to calculate the affordability factor was from the National Association of Home Builders.  The fifty largest cities were compared to see which metro areas were changing the fastest.  Cities seeing increasing affordability in combination with a solid local economy or an influx of first-time home buyers made the list.

Technically, this is good news for the Orlando real estate market.  Although homes have gone through a massive price correction, more buyers can now afford to purchase homes.  This activity is key to strengthening the economy and getting us through the credit crunch.  In the previous market (from 01 to 06), price growth outpaced income growth which meant the majority of homeowners had to pay more than half their income to afford home ownership.

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

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For three months in a row, Orlando home and condo sales have gradually increased.  The number of pending contracts has also increased and the inventory declined a bit.  Could the Orlando housing market be on the way back up after bottoming out?  The Orlando Regional Realtor Association believes a slow shift is beginning toward more balance between buyers and sellers.  The following numbers provide a glimpse into the recently Orlando real estate market:

$214,000 – The median sales price of a home in the core Orlando area as of May

25,015 – The number of houses and condos available through the Orlando MLS.  This number marks the third biggest monthly decline since December 2006.

3,225 – Orlando homes under contract

2,010 – Orlando homes newly under contract.  Up 20% from three months ago.

5.94% – The average mortgage-interest rate in May.

121 days – The average days on market for an Orlando area home.  This is about 27 days slower than a year ago. 

Long story short, the market does seem to be experiencing the beginning of a slow rebound.  Will it last?  Only time can tell.  Europeans are helping to fuel the rekindling in recent months with the strength of the euro.  Many buyers are paying for their Orlando dream homes in cash.

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