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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.
Home Type Sales – March ’08 Sales – March ’07 Unit Up / Down in Activity Percentage Up / Down
Existing home sales 1,080 1,779 (699) (39.3%)
Median sales price $220,000 $240,000 ($20,000) (8.3%)
Condo sales 84 244 (160) (65.6%)
Duplex, town homes and villa sales 100 147 (47) (32%)
MLX active home listings 25,472 23,547 1925 8.18%

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.


Source: BizJournal