The Orlando area has experienced a 16.8% reduction in month-over-month homes sales during the traditionally quiet sales period. Primarily due to vacation homes being occupied and visitors coming on family vacations not to purchase property.
- 1,225 existing home sales was 16.8% less than 1,472 which sold in the previous month and 16.5% less than the 1,467 sold in August 2007.
- Median sales price fell to $200,000 which was a 3.9% drop from $208,000 reported for July 2008 and 18% less than August 2007 when the median price was $244,000.
The decrease in the median price means that the area’s affordability index jumped by 107.92% in August. An affordability index of 99% means buyers earning the state reported median income of $51,791 are 1% short of the income required for a median priced home purchase.
- Duplex, townhomes and villa sales was 95 which was a decrease from the previous month when sales achieved 117 units, a decrease of 18.8%. August 2007 sales were 134 which was 29% greater than the current month.
- Cumulative existing home sales within Lake, Orange, Osceola and Seminole counties totaled 1,518. A drop of 212 sales compared to August 2007 resulting in a drop of 12.3% from this time the previous year.
- As at the end of August 2008, there was 24,834 homes listed through MLS (Multi-listing service) which reflects over 20 months of inventory if the sales continue to proceed at the current place. Inventory levels are 5.62% lower than the 26, 313 listings recorded in August 2007.
The breakdown of these homes are 18,363 single family homes, 4,377 condominiums
2,094 duplexes, townhomes and villas.
- Condominium sales were 114 which was a decrease from the previous month which posted 134 sales. However, compared to August 2007 sales were down 31% from the 166 units sold
- Pending sales contracts within MLS at the end of August was 3,220; an increase of 1026 contracts compared to the August 2007 which was a massive increase of 46.8%.
| Home Type | Sales Activity August 2008 |
Sales Activity August 2007 |
Unit Increase / Decrease in Activity | Percentage increase / decrease |
| Existing home sales | 1,225 | 1,467 | (242) | (16.5%) |
| Median sales price | $200,000 | $244,000 | ($44,000) | (18%) |
| Condo sales | 114 | 166 | (52) | (31%) |
| Duplex, town homes and villa sales | 95 | 134 | (39) | (29%) |
| MLX active home listings | 24,834 | 26,313 | (1,479) | (5.62%) |
Whilst August is traditionally slow there were some bright spots noted
- Affordability index jumped to 107.92% which should show an increase in the number of residential buyers in the area.
- Lowest days on market tally this year with 113.
- Fifth consecutive month with more pending sales than in 2007. A positive predictor of future sales activity according the FAR.
- Osceola County saw an 8.9% increase in resales from 203 in August 2007 to 221 in August 2008, an increase of 8.9%.
Cumulative homes sales have been increasing over the past few months which indicates a gradually recovery in the local market. All home types spend sell for approx. 92.77% of it’s listing price.