Orlando Regional Realtor Association reports an increase in home sales and median sales price for May 2008

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.

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.

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