Orlando Home Sales Up 38 % as Available Home Listings Fall Below 20,000.
Orlando housing inventory of homes for sale dropped below 20,000 listings for the first time since December 2006, when there were 19,537 listings, and down from the all time of 26,330 listings in October 2007. Out of the 1,854 closings in May, 51 percent of the homes were either bank-owned or distressed, and 49 percent were normal sales. Bank-owned and distressed home sales are playing a big role in establishing Orlando’s median home price. The median home price for all Orlando homes sold in May is $130,000. This represents a 38.51 percent decrease compared to last May, but the median price for “normal” home sales is $165,000. The median home price for bank-owned home sales is $82,000 and the median home price for distressed home sales is $140,000.
Orlando Housing Inventory
There are currently 19,123 homes listings available for purchase through the Orlando MLS. The home inventory decreased by 1,071 homes from April 2009, which means that 1,071 more homes left the market than entered the market. Compared to last year, the May 2009 home inventory level is 23.55 percent lower than it was in May 2008’s 25,015 homes.
Orlando Condos and Town Homes
The condo sales in the Orlando real estate market increased by 159 percent in May, compared to May 2008.
Orlando Housing Statistics
Sales of existing homes within the Orlando area (Lake, Orange, Osceola, and Seminole counties) in May were up by 44.40 percent when compared to May 2008. Throughout the entire Orlando area 2,400 homes were sold in May 2009 compared to 1,662 in May 2008. To date, Orlando’s sales are up by 52 percent over this time last year.
County comparisons are as follows:
Lake: 20.25 percent above 2008 (1,443 homes sold to date in 2009 compared to 1,200 in 2008);
Orange: 66.38 percent above 2008 (5,281 homes sold to date in 2009 compared to 3,174 in 2008);
Osceola: 108.98 percent above 2008 (1,908 homes sold to date in 2009 compared to 913 in 2008); and
Seminole: 4.97 percent above 2008 (1,373 sold to date in 2009 compared to 1,308 in 2008).
