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Home sales declined slightly during July after the traditional summer peak in the previous month and are still down compared to July 2007.

  • 1,436 existing home sales was 3.6% less than 1,436 which sold in June and 5.8% less than the 1,524 sold in July 2007.
  • Median sales price fell to $207,500 which was 3.94% less than $216,000 reported for June 2008 and 17% less than July 2007 when the median price was $250,000
  • Condominium sales was 130 which was a slight decrease from the previous month which posted 136 sales. However, compared to July 2007 sales were down 24% from the 171 units sold. Year to date condo sales are down by 45.3% from the 1502 units sold during the same period in 2007 to 821 during 2008.
  • Duplex, townhomes and villa sales was 117 which was a slight decrease from the previous month when sales achieved 126 units. July 2007 sales were 115 which is 1.7% less than the current month.
  • Cumulative existing home sales within Lake, Orange, Osceola and Seminole counties totaled 1,725; a drop of 81 sales compared to July 2007 resulting in a drop of 4.5% from this time the previous year. Year to date, sales are down by 24% with 10,088 homes being sold during the first 7 months compared to 13,291 sales during the first 7 months of 2007.
  • As at the end of July 2008, there was 24,742 homes listed through MLS (Multi-listing service) which reflects over 17.23 months of inventory if the sales continue to proceed at the current pace. The slight increase of 167 more listings during July has altered the 4 month stretch of decling inventory during the previous months.
Home Type Sales Activity 7/2008 Sales Activity 7/2007 Unit Incr / Decr in Activity Percentage Incr. / Decr.
Existing home sales 1,436 1,524 (88) (5.8%)
Median sales price $207,500 $250,000 ($42,500) (17%)
Condo sales 130 171 (41) (24%)
Duplex, town homes and villa sales 117 115 2 1.7%

All home types spend on average 117 days on the market and sell for approx. 93.5% of it’s listing price. Data sheet for information only: Broken not responsible for accuracy and/or error or omission.

Source: BizJournal