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The Orlando real estate market continue to show gradual signs of improvement as home sales and median sale price increase for the fourth consecutive month.

  • 1,443 existing home sales was 7.1% more than 1,347 which sold in May but 5.3% less than the 1,524 sold in June 2007. The first 6 months of 2008 saw total existing home sales over this period of 6,905; nearly 28% less than the same period in 2007 when sales posted was 9,588.
  • Median sales price rose to $217,500 which was 2.9% increase from $211,400 reported for May 2008 but still 13.9% less than June 2007 when the median price was $252,500
  • Condominium sales was 129 which was a slight decrease from the previous month which posted 132 sales. However, compared to June 2007 sales were down 29.9% from the 184 units sold.
  • Duplex, townhomes and villa sales was 126 which was an increase from the previous month when sales achieved 105 units, an increase of ????%. June 2007 sales were 120 which is 5% less than the current month.
  • Cumulative existing home sales within Lake, Orange, Osceola and Seminole counties totaled 1,712; a drop of 140 sales compared to June 2007 resulting in a drop of 7.6% from this time the previous year. Year to year, sales are down by 27.7% with 8,307 homes being sold during the first 6 months compared to 11,485 sales during the first 6 months of 2007.
  • As at the end of June 2008, there was 24,575 homes listed through MLS (Multi-listing service) which reflects over 17 months of inventory if the sales continue to proceed at the current pace. Again, inventory levels are fallen by 2.6 months from 19.6 month supply indicated in May 2008. The month to month inventory levels for the first 6 months of 2008 has declined by 46.2%.
  • Pending sales contracts within MLS at the end of June was 3,329; an increase of 104 contracts compared to the previous month.
Home Type Sales June ’08 Sales June ’07 Unit Up / Down % Up / Down
Existing home sales 1,712 1,852 (140) (7.6%)
Median sales price $217,500 $252,500 ($35,000) (13.9%)
Condo sales 129 184 (55) (29.9%)
Duplex, town homes and villa sales 126 120 6 5%

Again, positive signs of industry recovery. Homes sales continue to increase during the first 6 months of 2008 as does the median home price again has increased by 2.9% from the previous month.

All home types spend on average 123 days on the market and sell for approx. 93.38% of it’s listing price.


Source: BizJournal