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 – Nov ’08||Sales – Nov ’07||Unit Up / Down||Percentage Up / Down|
|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%)|
|Duplex, town homes and villa sales||93||89||4||4.5%|
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.