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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%)
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