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The Orlando real estate market continue to show signs of improvement with a 38% increase in existing home sales in September however the median sale price fell from the previous month.

  • 1,335 existing home sales was 8% more than 1,225 which sold in August and 26.3% more than the 970 sold in September 2007.

Osceola County sales for September 2008 were 289 compared to 168, the previous year which was an increase of 72%. Orange County sales increased 54% from 513 in 2007 to 818 in September 2008.

  • Median sales price dropped fell to $182,000 which was 9% down from $200,000 reported for August 2008 and 22.6% less than September 2007 when the median price was $235,000.
  • Condominium sales was 116 which was a slight increase from the previous month which posted 114 sales. September 2007 sales were also 116 units.
  • Duplex, townhomes and villa sales was 98 which was a minimal increase from the previous month when sales achieved 95 units, an increase of 3%.. September 2007 sales were 64 which is 53% less than the current month.
  • Cumulative existing home sales within Lake, Orange, Osceola and Seminole counties totaled 3,256; an increase of 1244 sales compared to September 2007 resulting in a 62% increase from this time the previous year.
  • As at the end of September 2008, there was 24,690 homes listed through MLS (Multi-listing service) which reflects over 18.5 months of inventory if the sales continue to proceed at the current pace. The month to month inventory levels for 2008 has declined by 58%.
  • Pending sales contracts have increased month over month which housing economists believe is a reliable predictor of future sales activities. There were 62% more homes pending in September 2008, a total of 3,256, compared to 2,012 reported in same month in 2007.
Home Type Sales – Sept ’08 Sales – Sept ’07 Unit Up / Down Percentage Up / Down
Existing home sales 1,335 970 365 26.3%
Median sales price $182,000 $235,000 ($53,000) (22.6%)
Condo sales 116 116 0 0%
Duplex, town homes and villa sales 98 64 34 53%

Homes of all types spent an average of 113 days on the market before being sold with the average home selling for 94% of the listing price, an increase over the previous month’s 93%. In September 2007, those numbers were 111% and 93%, respectively.

Again, positive signs of industry recovery. Homes sales continue to increase however the median home price has fallen over the year.

There are 24,690 homes listed in multi-listing services compared to 26,310 homes in September 2007 which is a decrease of 6.16%. Also, 144 more homes left the market than entered the market in September compared to the previous month.

Source: BizJournal