The Orlando real estate market continue to show signs of improvement with a 4.6% increase in existing home sales in November however the median sale price fell by 29% from the previous year.

• 1,076 existing home sales was 43.6% less than 1,545 which sold in October and 4.6% more than the 1,029 sold in November 2007. 

Osceola County sales for November 2008 were 223 compared to 167, the previous year which was an increase of 33.5%.  Orange County sales increased 10% from 599 in 2007 to 659 in November 2008.  Lake County sales increased 9.3% from 193 in 2007 to 211, this November.

• Median sales price dropped fell to $167,025 which was 40.6% down from $234,900 reported for November 2007 and 5% less than December 2008 when the median price was $175,650.

• Condominium sales was 107 which was a 12% decrease from the previous month which posted 120 sales.  November 2007 sales were 116 units.

• Duplex, townhomes and villa sales was 93 which was a minimal decrease from the previous month when sales achieved 95 units, a reduction of  2%.  November 2007 sales were 89.

• As at the end of November 2008, there was 24,408 homes listed through MLS (Multi-listing service) which reflects over 22.7 months of inventory if the sales continue to proceed at the current pace.  Inventory levels for November 2007 was 26,172.

• Pending sales contracts have increased month over month which housing economists believe is a reliable predictor of future sales activities.  There were 84% more homes pending in November 2008, a total of 3,326, compared to 1,806 reported in same month in 2007. 

 

Home Type	Sales Activity Nov 2008	Sales Activity Nov 2007	Unit Increase / Decrease in Activity	Percentage increase / decrease
Existing home sales	1076	1029	47	4.6%
Osceola County sales	223	167	56	33.5%
Orange County sales	659	599	60	10%
Lake County sales	211	193	18	9.3%
Median sales price	$167,025	$234,900	($67,875)	(40.6%)
Condo sales	107	116	(9)	(8.4%)
Duplex, town homes and villa sales	93	89	4	4.5%
Pending sales	3,326	1,806	1,520	84%

Homes of all types spent an average of 109 days on the market before being sold with the average home selling for 93% of the listing price.

The reduction in interest rates has improved the area’s affordability index to 135.13%.  An affordability index that is over 100 means that buyers who earn the state reported median income of $51,962 make more than is necessary to qualify for a median-priced home.

(source:  BizJournal)