The Orlando area has experienced a 13.6% jump in month-over-month homes sales which are baby steps towards a balanced real estate market.

• 1,080 existing home sales was 13.5% more than 951 which sold in the previous month but 39.3% less than the 1,779 sold in March 2007.

• Median sales price fell to $220,000 which was an 1.35% drop from $223,000 reported for February 2008 and 8.3% less than March 2007 when the median price was $240,000.

• Condominium sales was 84 which was a 26.3% decrease from the previous month which posted 114 sales.  However, compared to March 2007 sales were down 65.6% from the 244 units sold.

• Duplex, townhomes and villa sales was 100 which was an increase from the previous month when sales achieved 79 units, an increase of 26.6%%.  March 2007 sales were 147 which was nearly 32% greater than the current month.

• Cumulative existing home sales within Lake, Orange, Osceola and Seminole counties totaled 1,319.  A drop of 831 sales compared to March 2007 resulting in a drop of 38.7% from this time the previous year.

• As at the end of March 2008, there was 25,472 homes listed through MLS (Multi-listing service) which reflects over 23 months of inventory if the sales continue to proceed at the current place.  Inventory levels are 8.18% higher than recorded in March 2007.

• Pending sales contracts within MLS at the end of March was 2,398; an increase of 223 contracts compared to the previous month. 

 

Home Type	Sales Activity March 2008	Sales Activity March 2007	Unit Increase / Decrease in Activity	Percentage increase / decrease
Existing home sales	1,080	1,779	(699)	(39.3%)
Median sales price	$220,000	$240,000	($20,000)	(8.3%)
Condo sales	84	244	(160)	(65.6%)
Duplex, town homes and villa sales	100	147	(47)	(32%)
MLX active home listings	25,472	23,547	1925	8.18%

Homes sales have been increasing over the past few months which indicates a gradually recovery in the local market.  

All home types spend on average 130 days on the market and sell for approx. 93.53% of it’s listing price.

(source:  BizJournal)

DATA SHEET FOR INFORMATION ONLY: BROKER NOT RESPONSIBLE FOR ACCURACY AND/OR ERROR OR OMISSION