Orlando Regional Realtor Association reports slight increase in home sales for April 2008

Yet another baby step to a recovering market.

• 1,147 existing home sales was 2.41% more than 1,120 which sold in March but 25% less than the 1,530 sold in April 2007.
• Median sales price fell to $211,000 which was approx. 4.1% drop from $220,000 reported for March 2008 and 12.8% less than April 2007 when the median price was $242,100
• Condominium sales was 101 which was a 12.2% increase from the previous month which posted 90 sales. However, compared to April 2007 sales were down 48% from the 194 units sold.
• Duplex, town homes and villa sales was 104 which was a slight decrease from the previous month when sales achieved 110 units, a drop of 5.5%. April 2007 sales were 124 which was 16.1% greater than the current month.
• Cumulative existing home sales within Lake, Orange, Osceola and Seminole counties totaled 1,375. A drop of 457 sales compared to April 2007 resulting in a drop of 24.9% from this time the previous year.
• As at the end of April 2008, there was 25,436 homes listed through MLS (Multi-listing service) which reflects over 22 months of inventory if the sales continue to proceed at the current place. Inventory levels are 4.1% higher than recorded in April 2007.
• Pending sales contracts within MLS at the end of April was 2,853; an increase of 455 contracts compared to the previous month.
• Average interest rate has dropped to 5.77% compared to 5.94% in March and 5.87% in February 2008.

On a positive note, homes sales have been increasing over the past few months which indicates a gradually recovery in the local market.

All home types spend on average 121 days on the market and sell for approx. 93% of it’s listing price.

DATA SHEET FOR INFORMATION ONLY: BROKER NOT RESPONSIBLE FOR ACCURACY AND/OR ERROR OR OMISSION