The Orlando real estate market shows even more signs of improvement as home sales and median sale price increase for the third consecutive month.  

• 1,276 existing home sales was 3.7% more than 1,231 which sold in April but 27% less than the 1,745 sold in May 2007.

• Median sales price rose to $214,000 which was 1.4% increase from $211,000 reported for April 2008 but still 14% less than May 2007 when the median price was $250,000

• Condominium sales was 132 which was a 12.8% increase from the previous month which posted 117 sales.  However, compared to May 2007 sales were down 30% from the 189 units sold.

• Duplex, townhomes and villa sales was 105 which was a  decrease from the previous month when sales achieved 120 units, a drop of 12.5%.  May 2007 sales were 154 which was 31.8% greater than the current month.

• Cumulative existing home sales within Lake, Orange, Osceola and Seminole counties totaled 1,583; a drop of 415 sales compared to May 2007 resulting in a drop of 20.8% from this time the previous year.

• As at the end of May 2008, there was 25,015 homes listed through MLS (Multi-listing service) which reflects over 19 months of inventory if the sales continue to proceed at the current pace.  A positive sign that inventory is selling through.   Inventory levels are 1.76% lower than 24,463 homes listed for sale in May 2007.

• Pending sales contracts within MLS at the end of May was 3,225; an increase of 372 contracts compared to the previous month. 

 

Home Type	Sales Activity May 2008	Sales Activity May 2007	Unit Increase / Decrease in Activity	Percentage increase / decrease
Existing home sales	1,276	1,745	(469)	(27%)
Median sales price	$214,000	$250,00	($36,000)	(14%)
Condo sales	132	189	(57)	(30%)
Duplex, town homes and villa sales	105	154	(49)	(31.8%)
MLX active home listings	25,015	25,463	(448)	(1.76%)

Again, positive progress is being made on a monthly basis.  Homes sales have been increasing over the past few months which indicates a gradually recovery in the local market.  The median home price increased by 1.4% another sign of recovery. 

 All home types spend on average 121 days on the market and sell for approx. 93.79% of it’s listing price.

(source:  BizJournal)

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