The Orlando area has experienced a 16.8% reduction in month-over-month homes sales during the traditionally quiet sales period.  Primarily due to vacation homes being occupied and visitors coming on family vacations not to purchase property.

• 1,225 existing home sales was 16.8% less than 1,472 which sold in the previous month and 16.5% less than the 1,467 sold in August 2007.

• Median sales price fell to $200,000 which was a 3.9% drop from $208,000 reported for July 2008 and 18% less than August 2007 when the median price was $244,000.

The decrease in the median price means that the area’s affordability index jumped by 107.92% in August.  An affordability index of 99% means buyers earning the state reported median income of $51,791 are 1% short of the income required for a median priced home purchase.

• Duplex, townhomes and villa sales was 95 which was a decrease from the previous month when sales achieved 117 units, a decrease of  18.8%.  August 2007 sales were 134 which was 29% greater than the current month.

• Cumulative existing home sales within Lake, Orange, Osceola and Seminole counties totaled 1,518.  A drop of 212 sales compared to August 2007 resulting in a drop of  12.3% from this time the previous year.

• As at the end of August 2008, there was 24,834 homes listed through MLS (Multi-listing service) which reflects over 20 months of inventory if the sales continue to proceed at the current place.  Inventory levels are 5.62% lower than the 26, 313 listings recorded in August 2007.

The breakdown of these homes are 18,363 single family homes, 4,377 condominiums
2,094 duplexes, townhomes and villas.

• Condominium sales were 114 which was a  decrease from the previous month which posted 134 sales.  However, compared to August 2007 sales were down 31% from the 166 units sold

• Pending sales contracts within MLS at the end of August was 3,220; an increase of 1026 contracts compared to the August 2007 which was a massive increase of 46.8%. 

Home Type	Sales Activity August 2008	Sales Activity August 2007	Unit Increase / Decrease in Activity	Percentage increase / decrease
Existing home sales	1,225	1,467	(242)	(16.5%)
Median sales price	$200,000	$244,000	($44,000)	(18%)
Condo sales	114	166	(52)	(31%)
Duplex, town homes and villa sales	95	134	(39)	(29%)
MLX active home listings	24,834	26,313	(1,479)	(5.62%)

Whilst August is traditionally slow there were some bright spots noted:

• Affordability index jumped to 107.92% which should show an increase in the number of residential buyers in the area.

• Lowest days on market tally this year with 113.

• Fifth consecutive month with more pending sales than in 2007.  A positive predictor of future sales activity according the FAR.

• Osceola County saw an 8.9% increase in resales from 203 in August 2007 to 221 in August 2008, an increase of 8.9%. 

Cumulative homes sales have been increasing over the past few months which indicates a gradually recovery in the local market.   All home types spend sell for approx. 92.77% of it’s listing price.

 

(source:  BizJournal)