Home Sales Statistics

The median price of Orlando homes sold in January ($148,274) decreased by 33.06 percent compared to January 2008.

Home sales are up! Osceola County recorded the greatest increase of sales activity amongst the four counties in the Orlando. Lake and Orange counties posted sales increases as well (25.63 percent and 42.83 percent, respectively); Seminole County sales declined 16.24 percent.

The number of pending sales, considered by housing economists to be a reliable predicator of future sales activity, continued its upward trend to 3,830. There are 121.25 percent more homes under contract in January 2009 than compared to January 2008 (1,713).

The decrease in median price drove the area´s affordability index to another record high of 165.27 percent. Buyers who earn the reported median income of $52,136 can qualify to purchase one of 12,122 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $245,046 or less.

The first-time homebuyer affordability has increased to 117.52 percent.

The area´s average interest rate was 5.28 percent in January 2009, the lowest level since May 2005.

Homes of all types spent an average of 104 days on the market before being sold in January 2009, and the average home sold for 92.63 percent of its listing price (a decrease from December 2008´s 92.83 percent). In January 2008 those numbers were 117 and 94.16 percent, respectively.

The majority of single-family homes (111) that changed hands in January 2009 were sold in the $200,000 - $250,000 price range; 75 homes sold in the $140,000 - $160,000 category and 71 homes sold in the $160,000 - $180,000 category. Four hundred seventy-four homes sold for less than $200,000 in November, and 198 sold for more than $300,000. On the far ends of the scale, 13 homes were sold for $1 million or more while 52 homes sold for less than $50,000.

Inventory

There are currently 22,613 homes available for purchase through the MLS. Inventory increased by 89 homes from December 2008, which means that 89 more homes came onto the market than left the market.

Compared to last year, the January 2009 inventory level is 12.09 percent lower than it was in January 2008 (25,724).

The inventory level reflects a 23.63-month supply at the current pace of sales, which is up from the 15.59-month supply recorded in December 2008 and down from the 31.64-month supply recorded in January 2008.

There are 16,403 single-family homes currently listed in the MLS, a number that is 2,951 (15.25 percent) less than this time last year. As usual, most (2,305) are listed in the $200,000 - $250,000 price range. Condos currently make up 4,191 offerings in the MLS, while duplexes/town homes/villas make up the remaining 2,019. Most condos (410) are priced below $50,000, with another 393 priced between $100,000 and $120,000. The majority of duplexes/town homes/villas (322) are listed in the $120,000 - $140,000 price category.

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Article Submitted By, Jessica Samuels, GRI. Source: ORRA