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.
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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.
Even with the real estate slow down the Orlando area is still on pace to be the the second best year on record for numbers of homes sold, writes Jerry Jackson of the Orlando Sentinel. Read the full article