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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 May ’08 Sales May ’07 Unit Up / Down Percentage Up / Down
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