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

The Orlando area has experienced a 13.6% jump in month-over-month homes sales which are baby steps towards a balanced real estate market.

• 1,080 existing home sales was 13.5% more than 951 which sold in the previous month but 39.3% less than the 1,779 sold in March 2007.
• Median sales price fell to $220,000 which was an 1.35% drop from $223,000 reported for February 2008 and 8.3% less than March 2007 when the median price was $240,000.
• Condominium sales was 84 which was a 26.3% decrease from the previous month which posted 114 sales. However, compared to March 2007 sales were down 65.6% from the 244 units sold.
• Duplex, townhomes and villa sales was 100 which was an increase from the previous month when sales achieved 79 units, an increase of 26.6%%. March 2007 sales were 147 which was nearly 32% greater than the current month.
• Cumulative existing home sales within Lake, Orange, Osceola and Seminole counties totaled 1,319. A drop of 831 sales compared to March 2007 resulting in a drop of 38.7% from this time the previous year.
• As at the end of March 2008, there was 25,472 homes listed through MLS (Multi-listing service) which reflects over 23 months of inventory if the sales continue to proceed at the current place. Inventory levels are 8.18% higher than recorded in March 2007.
• Pending sales contracts within MLS at the end of March was 2,398; an increase of 223 contracts compared to the previous month.

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 130 days on the market and sell for approx. 93.53% of it’s listing price.

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