Orlando Real Estate News

Orlando Florida home sales are up as prices are down - Osceola County for the second month leads the Orlando area in increased sales activity. Sales in that county jumped an impressive 47.26 percent in October 2008 compared to October 2007; last month, the comparison increase was an astonishing 77.38 percent.

Throughout the entire area, members of the Orlando Regional Realtor® Association were involved in the sale of 10.00 percent more homes in October of this year than last: 1,199 to 1,090. The median sales price of those homes sold in October declined by 24.26 percent to $178,000 when compared October 2007’s median price of $235,000.

The number of pending sales, considered by housing economists to be a reliable predicator of future sales activity, continued its upward trend to 3,316. There are 72.43 percent more homes under contract (3,316) this month than compared to October 2007 (1,923), and those anticipated closings are expected to continue shortening the current year-to-date sales gap of -16.01 percent by year end.

While there was a decrease in the median price in October, which typically results in an increased affordability index, this month’s increase in the interest rate actually drove the Orlando affordability index down slightly to 122.68 percent. (The area’s affordability index is nevertheless excellent: An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $51,905 can qualify to purchase one of 13,166 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $218,377 or less.

The first time homebuyer affordability index decreased slightly to 87.24 percent from September’s 87.99 percent. The area’s average interest rate was 6.30 percent in October 2008, up from 6.00 in September yet down from 6.39 percent in August.

Homes of all types spent an average of 111 days on the market before being sold in October 2008, and the average home sold for 93.08 percent of its listing price (a decrease from September 2008’s 94.38 percent). In October 2007 those numbers were 111 and 93.97 percent, respectively.

The majority of single-family homes (173) that changed hands in October 2008 were sold in the $200,000 - $250,000 price range; another 115 homes sold in October in both the $140,000 - $160,000 category and the $160,000 - $180,000 category. Five hundred forty homes sold for less than $200,000 in October, and 177 sold for more than $300,000. On the far ends of the scale, eight homes were sold for $1 million or more (yet again the least this year) while 28 homes sold for less than $50,000 (yet again the most this year).

Orlando Housing Inventory

There are currently 24,657 homes available for purchase through the MLS. Inventory decreased by 33 homes from October, which means that 33 more homes left the market than entered the market. Compared to last year, the October 2008 inventory level is 6.35 percent lower than it was in October 2007 (26,330).

The inventory level reflects a 20.56-month supply at the current pace of sales, which is up from the 17.71-month supply recorded in September. Altogether, inventory months-of-supply has declined 64.98 percent since January 2008.

There are 18,127 single-family homes currently listed in the MLS, a number that is 1,544 (7.85 percent) less than this time last year. As usual most (2,875) are listed in the $200,000 - $250,000 price range. Condos currently make up 4,365 offerings in the MLS, while duplexes/town homes/villas make up the remaining 2,165. Most condos (542) are priced at $100,000 - $120,000. The majority of duplexes/town homes/villas (347) are listed in the $200,000 - $250,000 price category.

Orlando Condos and Town Homes, Duplexes & Villas

The sales of condos in the Orlando area for the second month saw a slight month-over-month increase: A total of 120 condos changed hands in October of this year compared to 117 in October of last year for an improvement of 2.56 percent. Year to date, condo sales are down 37.77 percent, with 1,183 condos sold so far in 2008 compared to 1,901 sold through the same time in 2007.

In October, the most (17) condos that changed hands were in the $100,000 - $120,000 price category. Fourteen condos sold for less than $50,000 in October, the most in a single month this year.

Orlando homebuyers purchased 95 duplexes, town homes, and villas in October 2008, which is a 1.06 percent increase from October 2007 when 94 of these alternative housing types were purchased (in September, the month-over-month increase was a whopping 70.31 percent). Year-to-date, duplex, town home, and villa sales are down 12.31 percent. The majority (17) of duplexes, town homes, and villas sold in October 2008 fell into the $120,000 - $140,000 price category, while another 16 sold in the $200,000 - $250,000 range.

Orlando Area Housing Numbers

Sales of existing homes within the Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in October were up by 15.04 percent when compared to October of last year. Throughout the entire MSA, 1,545 homes were sold in October 2008 compared with 1,343 in October 2007. Year to date, sales in the MSA are down by 14.79 percent, with 14,949 homes sold far in 2008 compared to 17,544 sold through October 2007.

Seminole County’s October 2008 sales decreased 0.78 percent over that of October 2007 (256 to 258), while Orange County increased 12.63 percent (731 to 649). Lake County saw an 11.49 percent improvement in the number of sales in October 2008 compared to October 2007 (262 to 235), and Osceola County again experienced an impressive monthly increase: 47.26 percent increase (296 to 201).

Each county’s year-to-date sales comparisons are as follows:

Lake: 8.00 percent below 2007 (2,507 homes sold to date in 2008 compared to 2,725 in 2007);
Orange: 16.01 percent below 2007 (7,313 homes sold to date in 2008 compared to 8,707 in 2007);
Osceola: 3.97 percent below 2007 (2,271 homes sold to date in 2008 compared to 2,365 in 2007); and
Seminole: 23.73 percent below 2007 (2,858 sold to date in 2008 compared to 3,747 in 2007).

Orlando Homes Sales Increase in September - Members of the Orlando Regional Realtor® Association were involved in the sale of 37.63 percent more homes in September than during the same month last year: 1,335 compared to 970. Geographically, home sales in Osceola County jumped a whopping 72.02 percent and Orange County sales increased 54.05 percent.
Each of the four counties in the Orlando MSA area increased their sales numbers in comparison to September 2007 tallies. All except Lake County increased sales in comparison to the previous month (August 2008). Also turning in a big increase this month were sales of duplexes, town homes, and villas, with 53.13 percent more sales of these home types taking place in September 2008 compared to September 2007.
The median sales price of the homes sold in September rose by 5.00 percent to $210,000 from August’s $200,000. However, the median sales price is still 10.64 percent below what it was this time last year ($235,000).
Other market positives include month-over-month increases in the number of new contracts and in the number of pending sales. Those pending sales, considered by housing economists to be a reliable predictor of future sales activity, are expected to continue closing the current year-to-date sales deficit of 18.53 percent by year end as there are 61.82 percent more homes under contract this month (3,256) than in September of 2007 (2,012).
The increase in the median home price to $210,000 means that the area’s affordability index decreased slightly in September to 107.24 percent. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $51,848 can qualify to purchase one of 13,386 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $225,204 or less.
The first time homebuyer affordability index decreased to 76.26 percent from August’s 76.75 percent. The area’s average interest rate was 6.00 percent in September 2008, down from 6.39 percent in August. Homes of all types spent an average of 113 days on the market before being sold in September 2008, and the average home sold for 94.33 percent of its listing price (an increase over August 2008’s 92.81 percent). In September 2007 those numbers were 111 and 93.41 percent, respectively. The majority of single-family homes (188) that changed hands in September 2008 were sold in the $200,000 - $250,000 price range; another 128 homes sold in September for between $140,000 and $160,000. Five hundred eighty-six homes sold for less than $200,000 in September, and 229 sold for more than $300,000. On the far ends of the scale, 13 homes were sold for $1 million or more (again the least this year) while 26 homes sold for less than $50,000 (again the most this year). 

Orlando Housing Inventory

There are currently 24,690 homes available for purchase through the MLS. Inventory decreased by 144 homes from August to September, which means that 144 more homes left the market than entered the market. Compared to last year, the September 2008 inventory level is 6.16 percent lower than it was in September 2007 (26,310).
The current inventory level reflects an 18.49-month supply at the current pace of sales, which is down from the 19.40-month supply recorded in August. Altogether, inventory months-of-supply has declined 58.44 percent since January 2008.
There are 18,169 single-family homes currently listed in the MLS, a number that is more than 1,500 less than this time last year. As usual most (2,961) are listed in the $200,000 - $250,000 price range. Condos currently make up 4,393 offerings in the MLS, while duplexes/town homes/villas make up the remaining 2,128. Most condos (572) are priced at $100,000 - $120,000. The majority of duplexes/town homes/villas (378) are listed in the $200,000 - $250,000 price category.

Orlando Condos and Town Homes/Duplexes/Villas

 The sales of condos in the Orlando area held perfectly steady in September: A total of 116 condos changed hands in both September of this year and September of last year. Year to date, condo sales are down 40.75 percent, with 1,057 condos sold so far in 2008 compared to 1,784 sold through the same time in 2007.
In September, the most (20) condos that changed hands were in the $100,000 - $120,000 price category, while an additional 11 sold condos fell in both the $80,000 - $90,000 range and the $140,000 - $160,000 range.
Orlando homebuyers purchased 98 duplexes, town homes, and villas in September 2008, which is a 53.13 percent increase from September 2007 when 64 of these alternative housing types were purchased. Year-to-date, duplex, town home, and villa sales are down 14.47 percent. The majority (17) of duplexes, town homes, and villas sold in September 2008 fell into the $140,000 - $160,000 price category, while another 13 sold in both the $120,000 - $140,000 range and the $160,000 - $180,000 range.
 

Orlando Housing (MSA) Numbers

Sales of existing homes within the Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in September were also up by (coincidentally) 37.63 percent when compared to September of last year. Throughout the entire MSA, 1,624 homes were sold in September 2008 compared with 1,180 in September 2007. Year to date, sales in the MSA are down by 17.63 percent, with 13,344 homes sold far in 2008 compared to 16,201 sold through September 2007.
Seminole County’s September 2008 sales increased 7.35 percent over that of September 2007 (292 to 272), while Orange County jumped 54.05 percent (818 to 513). Lake County saw a 7.66 percent improvement in the number of sales in September 2008 compared to September 2007 (225 to 209), and Osceola County experienced a massive 72.02 percent increase (289 to 168).
Each county’s year-to-date sales comparisons are as follows:

Lake: 10.28 percent below 2007 (2,234 homes sold to date in 2008 compared to 2,490 in 2007);
Orange: 18.65 percent below 2007 (6,555 homes sold to date in 2008 compared to 8,058 in 2007);
Osceola: 9.15 percent below 2007 (1,966 homes sold to date in 2008 compared to 1,164 in 2007); and
Seminole: 25.80 percent below 2007 (2,589 sold to date in 2008 compared to 3,489 in 2007).

Metro Orlando home prices and sales fell in August, but Osceola County is the bright spot in this month’s housing statistics for the Orlando area: Nearly 9 percent more home sales took place in that county during August 2008 than during August 2007. Other market positives this month include the lowest days-on-market tally (113) so far this year and a fifth consecutive month with more pending sales than in 2007.

Those pending sales, considered by housing economists to be a reliable predictor of future sales activity, are expected to close the current year-to-date sales deficit of 23.30 percent by year end as there are 46.76 percent more homes under contract this month (3,220) than in August of 2007 (2,194).

Members of the Orlando Regional Realtor® Association sold 1,225 homes during the month of August, 16.78 percent below the (1,472) sold in July. That number is 16.50 percent below the total of 1,467 homes sold in August 2007.

The median sales price of a home in the Orlando area in August declined to $200,000, a 3.85 percent decrease compared to the July 2008 median of $208,000. (The median sales price for August 2008 is 18.03 percent below the August 2007 median of $244,000).

The decrease in the median home price to $200,000 means that the area’s affordability index jumped in August to 107.92 percent. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $51,791 can qualify to purchase one of 9,765 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $215,840 or less.

The first time homebuyer affordability index increased to 76.75 percent from July’s 73.64 percent.

The area’s average interest rate was 6.39 percent in August 2008, down from 6.40 percent in July, but still the second-highest percentage for the last 12 months.

Homes of all types spent an average of 113 days on the market before being sold in August 2008, and the average home sold for 92.77 percent of its listing price. In August 2007 those numbers were 108 and 95.02 percent, respectively.

The majority of single-family homes (197) that changed hands in August 2008 were sold in the $200,000 - $250,000 price range; another 113 homes sold in August for between $250,000 and $300,000. Four hundred thirty-five homes sold for less than $200,000 in August, and 271 sold for more than $300,000. On the far ends of the scale, 16 homes were sold for $1 million or more (the least this year) while 14 homes sold for less than $50,000 (the most this year).

Orlando Housing Inventory

There are currently 24,834 homes available for purchase through the MLS. Inventory increased by 92 homes in August 2008, which means that 92 more homes entered the market than left the market. Compared to last year, the August 2008 inventory level (24,834) is 5.62 percent lower than it was in August 2007 (26,313).

The current inventory level reflects a 20.27-month supply at the current pace of sales, which is up from the 16.81-month supply recorded July. Altogether, inventory months-of-supply has declined 35.92 percent since January 2008.

There are 18,363 single-family homes currently listed in the MLS, a number that is more than 1,000 less than this time last year. Most (3,047) are listed in the $200,000 - $250,000 price range. Condos currently make up 4,377 offerings in the MLS, while duplexes/town homes/villas make up the remaining 2,094. Most condos (607) are priced at $120,000 - $140,000. The majority of duplexes/town homes/villas (383) are listed in the $200,000 - $250,000 price category.

Orlando Condos and Townhomes/Duplexes/Villas

The sales of condos in the Orlando area decreased by 31.33 percent in August: A total of 114 condos changed hands in August 2008 compared to 166 in August 2007. In a month-to-month comparison, August 2008 condo sales (114) decreased by 14.93 percent from July 2008 (134). Year to date, condo sales are down 43.71 percent, with 939 condos sold so far in 2008 compared to 1,668 sold through the same time in 2007.

In August, the most (20) condos that changed hands were in the $100,000 - $120,000 price category, while an additional 14 sold condos fell in the $140,000 – $160,000 range. The former price category has seen the most condo-sales activity for the last five months.

Orlando homebuyers purchased 95 duplexes, town homes, and villas in August 2008, which is a 29.10 percent decrease from August 2007 when 134 of these alternative housing types were purchased. Year-to-date, duplex, town home, and villa sales are down 19.36 percent. The majority (23) of duplexes, town homes, and villas sold in August 2008 fell into the $160,000 - $180,000 price category, while another 15 sold for between $200,000 and $250,000.

Orlando Housing (MSA) Numbers

Sales of existing homes within the Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in August were down by 12.25 percent when compared to August of last year. Throughout the entire MSA, 1,518 homes were sold in August 2008 compared with 1,730 in August 2007. Year-to-date, the MSA is down by 22.45 percent, with 11,649 homes sold far in 2008 compared to 15,021 sold through August 2007.

Seminole County’s August 2008 sales dropped 30.90 percent below that of August 2007 (275 to 398), while Orange County fell 10.64 percent (764 to 855). Lake County saw a 5.84 percent decline in the number of sales in August 2008 compared to August 2007 (258 to 274), and Osceola County experienced an 8.87 percent increase (221 to 203).

Each county’s year-to-date sales comparisons are as follows:
Lake: 12.48 percent below 2007 (1,996 homes sold to date in 2008 compared to 2,281 in 2007);
Orange: 24.27 percent below 2007 (5,700 homes sold to date in 2008 compared to 7,527 in 2007);
Osceola: 16.63 percent below 2007 (1,664 homes sold to date in 2008 compared to 1,996 in 2007); and
Seminole: 28.85 percent below 2007 (2,289 sold to date in 2008 compared to 3,217 in 2007).

Orlando area home sales, as for the past five years, declined a fraction in July following a traditional summer peak in June. Members of the Orlando Regional Realtor® Association sold 1,436 homes during the month of July, 3.56 percent below the (1,489) sold in June. That tally is 5.77 percent below the total of 1,524 homes sold in July 2007.
Year to date, sales are down by 24.52 percent (8,387 through July 2008 compared to 11,112 through July 2007). However that gap is expected to close by year-end as the number of homes currently under contract (3,258) is 26.72 percent greater than the number of homes that were under contract in July 2007 (2,571). Pending sales for the past three months have been greater than their 2007 counterparts.

The median sales price of a home in the Orlando area in July declined to $207,500, a 3.94 percent decrease compared to the June 2008 median of $216,000. (The median sales price for July 2008 is 17.00 percent below the July 2007 median of $250,000).

The decrease in the median home price to $207,500 means that the area’s affordability index jumped in July to 103.80 percent. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $51,734 can qualify to purchase one of 11,620 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $215,305 or less.

The first time homebuyer affordability index increased to 73.81 percent from June’s 71.20 percent.

The area’s average interest rate was 6.40 percent in July 2008, up from 6.35 percent in June, 5.94 percent in May, and 5.77 percent in April.

Homes of all types spent an average of 117 days on the market before being sold in July 2008, and the average home sold for 93.50 percent of its listing price. In July 2007 those numbers were 96.00 and 94.66 percent, respectively. The majority of single-family homes (257) that changed hands in June 2008 were sold in the $200,000 - $250,000 price range. Another 170 homes sold in June for between $250,000 and $300,000. Four hundred seventy-seven homes sold for less than $200,000 in June, and 285 sold for more than $300,000. On the far ends of the scale, 25 homes were sold for $1 million or more while 9 homes sold for less than $50,000.

Orlando Housing Inventory

There are currently 24,742 homes available for purchase through the MLS. Inventory increased by 167 homes in July 2008, which means that 167 more homes entered the market than left the market. Compared to last year, the July 2008 inventory level (24,742) is 4.90 percent lower than it was in July 2007 (26,018).

The current inventory level reflects a 17.23-month supply at the current pace of sales, which is up from the 16.50-month supply recorded June. Altogether, inventory months-of-supply has declined 45.54 percent since January 2008.

There are 18,363 single-family homes currently listed in the MLS, a number that is nearly 1,000 less than this time last year. Most (3,132) are listed in the $200,000 - $250,000 price range. Condos currently make up 4,314 offerings in the MLS, while duplexes/town homes/villas make up the remaining 2,065. Most condos (605) are priced at $120,000 - $140,000. The majority of duplexes/town homes/villas (361) are listed in the $200,000 - $250,000 price category.

Orlando Condos and Town homes/Duplexes/Villas

The sales of condos in the Orlando area decreased by 23.98 percent in July: A total of 130 condos changed hands in July 2008 compared to 171 in July 2007. In a month-to-month comparison, July 2008 condo sales (130) decreased by 4.41 percent from June 2008 (136). Year to date, condo sales are down 45.34 percent, with 821 condos sold so far in 2008 compared to 1,502 sold through the same time in 2007.

In July, the most (22) condos that changed hands were in the $100,000 - $120,000 price category, while an additional 21 sold condos fell in the $120,000 – $140,000 range. These two price categories have seen the most condo-sales activity for the last five months.

Orlando homebuyers purchased 117 duplexes, town homes, and villas in July 2008, which is a 1.74 percent increase from July 2007 when 115 of these alternative housing types were purchased. Year-to-date, duplex, town home, and villa sales are down 18.79 percent. The majority (28) of duplexes, town homes, and villas sold in July 2008 fell into the $200,000 - $250,000 price category, while another 21 sold for between $160,000 and $180,000.

Orlando Area Housing (MSA) Numbers

Sales of existing homes within the Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in July were down by 4.49 percent when compared to July of last year. Throughout the entire MSA, 1,725 homes were sold in July 2008 compared with 1,806 in July 2007. Year-to-date, the MSA is down by 24.10 percent, with 10,088 homes sold far in 2008 compared to 13,291 sold through July 2007.

Seminole County’s July 2008 sales dropped 8.55 percent below that of July 2007 (353 to 386), while Orange County fell 9.57 percent (832 to 920). Lake County saw a 2.55 percent decline in the number of sales in July 2008 compared to July 2007 (268 to 275), and Osceola County experienced a 20.89 percent increase (272 to 225).

Each county’s year-to-date sales comparisons are as follows:

Lake: 13.70 percent below 2007 (1,732 homes sold to date in 2008 compared to 2,007 in 2007);
Orange: 26.32 percent below 2007 (4,916 homes sold to date in 2008 compared to 6,672 in 2007);
Osceola: 19.97 percent below 2007 (1,435 homes sold to date in 2008 compared to 1,793 in 2007); and
Seminole: 28.88 percent below 2007 (2,005 sold to date in 2008 compared to 2,819 in 2007).

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any Realtor® association, not just members of ORRA.

 With a little more than two weeks left before Congress leaves for the August recess, NAR is working hard to get a Housing Stimulus bill on the President’s desk.

         In the latest edition of the NAR’s President’s Podcast, NAR’s Chief Lobbyist Jerry Giovaniello explains what is included in this complicated legislation and why it is so important to REALTORS® and the housing market.

June home sales closed higher for a 5th straight month –  Indicators that Orlando’s housing market is marching toward a balance continued their onward progression in June, led by a four-month decline in inventory that has resulted in a 46.18 percent decrease in the months-of-supply since January. Other positive signs include an increase in the median home price and an ongoing increase in the monthly number of pending sales.

Members of ORRA sold 1,443 homes during the month of June 2008, which is 7.13 percent above the May 2008 tally of 1,347 home sales but 5.31 percent below the 1,524 homes sold in June 2007. To date, 6,905 homes have been sold by ORRA members during 2008; at this time last year that number was 9,588 (a 27.98 percent decrease).

The median sales price of a home in the Orlando area in June rose to $217,500, a 2.89 percent increase over the May 2008 median of $211,400. (The median sales price for June 2008 is 13.86 percent below the June 2007 median of $252,500).

The increase in the median home price to $217,500 means that the area’s affordability index dropped in June to 99.44 percent. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $51,677 can qualify to purchase one of 8,824 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $216,282 or less.

The first time homebuyer affordability index decreased to 70.71 percent from May’s 75.91 percent.

There are currently 3,329 homes in the MLS with pending sales contracts (an indicator of future sales activity), up from 3,225 in May; 2,853 in April; and 2,398 in March. The number of homes that came newly under contract in June increased slightly to 2,031; there were 2,010 homes newly under contract May, 2,012 in April, and 1,679 in March.

The area’s average interest rate was 6.35 percent in June 2008, up from 5.94 in May and 5.77 percent in April.

Homes of all types spent an average of 123 days on the market before being sold in June 2008; the average home sold for 93.38 percent of its listing price. In June 2007 those numbers were 98 and 94.91 percent, respectively.

The majority of single-family homes (265) that changed hands in June 2008 were sold in the $200,000 - $250,000 price range. Another 171 homes sold in June for between $250,000 and $300,000. Four hundred twenty-six homes sold for less than $200,000 in June, and 326 sold for more than $300,000. On the far ends of the scale, 19 homes were sold for $1 million or more while 9 homes sold for less than $50,000.

Orlando Housing Inventory

There are currently 24,575 homes available for purchase through the MLS. Inventory decreased by 440 homes in June 2008, which means that 440 more homes left the market than entered the market. June marks the fourth month in a row in which inventory has declined.

Compared to last year, the May 2008 inventory level (24,575) is 5.20 percent lower than it was in June 2007 (25,923).

The current inventory level reflects a 17.03-month supply at the current pace of sales, which reflects a five-month pattern of month-to-month decline (May 2008: 18.57; April 2008: 20.66; March 22.74; February: 27.32; January 31.64). Altogether, inventory months-of-supply has declined 46.21 percent since January 2008

There are 18,298 single-family homes currently listed in the MLS. Most (3,161) are listed in the $200,000 - $250,000 price range. Condos currently make up 4,254 offerings in the MLS, while duplexes/town homes/villas make up the remaining 2,023. Most condos (610) are priced at $120,000 - $140,000. The majority of duplexes/town homes/villas (387) are listed in the $200,000 - $250,000 price category.

Condos and Town homes/Duplexes/Villas

The sales of condos in the Orlando area declined by 29.89 percent in June: A total of 129 condos changed hands in June 2008 compared to 184 in June 2007. In a month-to-month comparison, June 2008 condo sales (129) decreased by 9.15 percent from May 2008 (142). Year to date, condo sales are down 48.61 percent, with 684 condos sold so far in 2008 compared to 1,331 sold through the same time in 2007.

In June, the most (19) condos that changed hands were in the $120,000 - $140,000 price category, while an additional 18 sold condos fell in the $100,000 – $120,000 range. In May most sold condos (24) were in the $100,000 - $120,000 range, while in April there were 21 condos each in both the $100,000 - $120,000 and the $120,000 - $140,000 categories. Buyers are clearly favoring lower-priced condos: June saw the sale of 111 sold condos priced $250,000 or lower compared to 18 priced $250,000 or higher (most single family home sales historically cluster around $250,000).

Orlando homebuyers purchased 126 duplexes, town homes, and villas in June 2008, which is a 5.00 percent increase from June 2007 when 120 of these alternative housing types were purchased. Duplex, town home, and villa sales in June 2008 were up as well, by 9.57 percent, when compared to the number of sales that took place in May 2008 (115). Month-to-month increases in the sales of these housing types have been posted in February, March, and April (May sales were down by 4.17 percent).

The majority (23) of duplexes, town homes, and villas sold in June 2008 fell into the $140,000 - $160,000 price category, while another 22 sold from the $160,000 - $180,000.

Orlando MSA Numbers

Sales of existing homes within the Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in June were down by 7.56 percent when compared to June of last year. Throughout the entire MSA, 1,712 homes were sold in June 2008 compared with 1,852 in June 2007. Year-to-date, the MSA is down by 27.67 percent, with 8,307 homes sold far in 2008 compared to 11,485 sold through June 2007.

Seminole County’s June 2008 sales dropped 21.99 percent below that of June 2007 (337 to 432), while Orange County fell 1.02 percent (875 to 884). Lake County saw a 9.51 percent decline in the number of sales in June 2008 compared to June 2007 (257 to 284), and Osceola County experienced a 3.57 percent drop (243 to 252).

Each county’s year-to-date sales comparisons are as follows:

Lake: 15.88 percent below 2007 (1,457 homes sold to date in 2008 compared to 1,732 in 2007);
Orange: 29.61 percent below 2007 (4,049 homes sold to date in 2008 compared to 5,752 in 2007);
Osceola: 26.28 percent below 2007 (1,156 homes sold to date in 2008 compared to 1,568 in 2007); and
Seminole: 32.39 percent below 2007 (1,645 sold to date in 2008 compared to 2,433 in 2007).

May closed sales increase for the 4th straight month – Orlando Florida’s housing market appears to be stabilizing a bit, and moving towards a more balanced market between home buyers and sellers.

For the forth month in a row, the Orlando Regional Realtor Association reported a month over month increase in the number of closed home sales. Also, an increase in the number of contracts pending, and a decrease in the amount of inventory all point to some positive moves in the market.

The Orlando Regional Realtors Associations’ (ORRA) members sold 1,276 homes in May 2008, which is a 3.66 percent increase over the 1,231 sales in April 2008. The 1,276 home sales this May is still 26.88 percent below the 1,745 homes sold in May 2007.

There was a slight increase in Orlando home prices this May. May’s median price rose to $214,000, a 1.42 percent increase over the April 2008 median price of $211,000. The $214,000 median price this year is down from $250,000 or 14.40 percent from May 2007.

The increase in the median home price to $214,000 means that the area’s affordability index dropped a fraction in May to 105.45 percent. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Home buyers who earn the reported median income of $48,952 can qualify to purchase one of 9,294 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $225,663 or less.

The first time homebuyer affordability index decreased to 74.99 percent from April’s 77.38 percent.

There are currently 3,225 homes in the MLS with pending sales contracts (an indicator of increasing sales activity), up from 2,853 in April and 2,398 in March. The number of homes that came newly under contract in May decreased slightly to 2,010; there were 2,012 homes newly under contract in April and 1,679 in March.

The area’s average interest rate was 5.94 percent in May 2008, up from 5.77 percent in April.

Homes of all types spent an average of 121 days on the market before being sold in May 2008; the average home sold for 93.79 percent of its listing price. In May 2007 those numbers were 94 and 95.43 percent, respectively.

The majority of single-family homes (243) that changed hands in May 2008 were sold in the $200,000 - $250,000 price range. Another 137 homes sold in May for between $250,000 and $300,000. Three hundred seventy-five homes sold for less than $200,000 in May, and 284 sold for more than $300,000. On the far ends of the scale, 25 homes were sold for $1 million or more while 11 homes sold for less than $50,000.

Orlando Housing Inventory

There are currently 25,015 homes available for purchase through the MLS. Inventory decreased by 421 homes in May 2008, which means that 421 more homes left the market than entered the market. Compared to last year, the May 2008 inventory level (25,015) is 1.76 percent lower than it was in May 2007 (25,463).

The current inventory level reflects a 19.60-month supply at the current pace of sales, which is down from April 2008’s 20.66-month supply and March’s 22.74-month supply.

There are 18,665 single-family homes currently listed in the MLS. Most (3,310) are listed in the $200,000 - $250,000 price range. Condos currently make up 4,283 offerings in the MLS, while duplexes/town homes/villas make up the remaining 2,067. Most condos (591) are priced at $120,000 - $140,000, but nearly as many are posted in the $140,000 - $160,000 range (513). The majority of duplexes/town homes/villas (413) are listed in the $200,000 - $250,000 price category.

Condos and Town homes/Duplexes/Villas

The sales of condos in the Orlando area declined by 30.16 percent in May: A total of 132 condos changed hands in May 2008 compared to 189 in May 2007. In a month-to-month comparison, May 2008 condo sales (132) increased by 12.82 percent from April 2008 (117).

In May, the most (22) condos that changed hands were the $100,000 - $120,000 price category. In April there were 21 condos fell into both the $100,000 - $120,000 and the $120,000 - $140,000 categories, while in March most (20) fell in the $120,000 - $140,000 category.

Orlando homebuyers purchased 105 duplexes, town homes, and villas in May 2008, which is a 31.82 percent decline from May 2007 when 154 of these alternative housing types were purchased. Duplex, town home, and villa sales in May 2008 were down by 12.50 percent compared to the number of sales that took place in April 2008 (120), a month that saw a 9.09 percent increase over March. In addition, March sales increased by 39.24 percent over February.

The majority (21) of duplexes, town homes, and villas sold in May 2008 fell into the $140,000 - $160,000 price category.

Orlando MSA Numbers

Sales of existing homes within the Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in May were down by 20.77 percent when compared to May of last year.
Throughout the entire MSA, 1,583 homes were sold in May 2008 compared with 1,998 in May 2007. Year-to-date, the MSA is down by 32.36 percent, with 6,516 homes sold far in 2008 compared to 9,633 sold through May 2007.

Seminole County’s May 2008 sales dropped 29.16 percent below that of May 2007 (328 to 463), while Orange County fell 21.03 percent (766 to 970). Lake County saw a 12.82 percent decline in the number of sales in May 2008 compared to May 2007 (272 to 312), and Osceola County experienced a 14.23 percent drop (217 to 253).

Each county’s year-to-date sales comparisons are as follows:

Lake: 17.96 percent below 2007 (1,188 homes sold to date in 2008 compared to 1,448 in 2007);
Orange: 35.66 percent below 2007 (3,132 homes sold to date in 2008 compared to 4,868 in 2007);
Osceola: 31.38 percent below 2007 (903 homes sold to date in 2008 compared to 1,316 in 2007); and
Seminole: 35.38 percent below 2007 (1,293 sold to date in 2008 compared to 2,001 in 2007).

Orlando home sales increase again - Orlando’s housing market for the second month experienced a month-over-month increase in the number of home sales, an increase in the number of pending sales contracts, and a decrease in the amount of inventory – all indicators of a continued, although admittedly glacially paced, shift toward a market balanced between buyers and sellers.
The monthly statistical reports released by the Orlando Regional Realtor® Association also revealed an across-the-board, four-month trend indicating decreases in Orange and Seminole counties’ month-to-month sales comparison percentages. For example, Orange County sales were down by 28 percent when comparing April 2008 to April 2007; 40.16 for March; 44.28 percent for February; and 49.23 percent for January.
The median sales price of a home in the Orlando area decreased by 4.09 percent ($9,000) from $220,000 in March 2008 to $211,000 in April 2008. The median sales price for April 2008 is 12.85 percent ($31,100) below that of April 2007 ($242,100).
The decrease in the median home price to $211,000 means that the area’s affordability index increased in April to 108.81 percent. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $51,563 can qualify to purchase one of 9,104 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $229,589 or less.
The first time homebuyer affordability index increased to 77.38 percent from March’s 72.78 percent.
The number of sales in the Orlando area declined by 25.03 percent in April 2008 compared to April of last year (1,147 to 1,530), but the number of sales that took place in April 2008 did increase by 2.41 percent compared to the number of sales that occurred in March 2008 (1,120).
There are currently 2,853 homes in the MLS with pending sales contracts (an indicator of future sales activity), up from 2,398 in March and 2,175 in February. The number of homes that came newly under contract in April increased by 333 to 2,012; there were 1,679 homes newly under contract in March and 1,537 in February.
The area’s average interest rate was 5.77 percent in April 2008, down from 5.94 percent in March and 5.87 in February. Homes of all types spent an average of 121 days on the market before being sold in April 2008; the average home sold for 93.14 percent of its listing price. In April 2007 those numbers were 97 and 95.49 percent, respectively.
The majority of single-family homes (232) that changed hands in April 2008 were sold in the $200,000 - $250,000 price range. Another 112 homes sold in April for between $250,000 and $300,000. Three hundred thirty-nine homes sold for less than $200,000 in April, and 259 sold for more than $300,000. On the far ends of the scale, 21 homes were sold for $1 million or more while 11 homes sold for less than $50,000.

Orlando Housing Inventory

There are currently 25,436 homes available for purchase through the MLS. Inventory decreased by 36 homes in April 2008, which means that 36 more homes left the market than entered the market. Compared to last year, the April 2008 inventory level (25,436) is 4.10 percent higher than it was in April 2007 (24,435).
The current inventory level reflects a 22.18-month supply at the current pace of sales, which is down from March 2008’s 22.74-month supply and February’s 27.32-month supply
There are 19,051 single-family homes currently listed in the MLS. Most (3,423) are listed in the $200,000 - $250,000 price range. Condos currently make up 4,310 offerings in the MLS, while duplexes/town homes/villas make up the remaining 2,075. Most condos (580) are priced at $120,000 - $140,000, but nearly as many are posted in the $140,000 - $160,000 range (519) and the $200,000 - $250,000 (516) range. The majority of duplexes/town homes/villas (404) are listed in the $200,000 - $250,000 price category.

Orlando Condos and Town homes/Duplexes/Villas

The sales of condos in the Orlando area declined by 47.94 percent in April: A total of 101 condos changed hands in April 2008 compared to 194 in April 2007. In a month-to-month comparison, April 2008 condo sales (101) increased by 12.22 percent from March 2008 (90).
In April, exactly 20 condos changed hands in both the $100,000 - $120,000 and the $120,000 - $140,000 price categories. In March most (20) condos that sold fell into the $120,000 - $140,000 category, while in February most (16) fell in the $160,000 - $180,000 category.
Orlando homebuyers purchased 104 duplexes, town homes, and villas in April 2008, which is a 16.13 percent decline from April 2007 when 124 of these alternative housing types were purchased. Duplex, town home, and villa sales in April 2008 were down by 5.45 percent compared to the number of sales that took place in March 2008 (110), a month that saw a 39.24 percent increase over February. In addition, February sales increased by 46.30 percent over January.
The majority (24) of duplexes, town homes, and villas sold in April 2008 fell into the $180,000 - $200,000 price category.

Orlando MSA Numbers

Sales of existing homes within the Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in April were down by 24.95 percent when compared to April of last year. Throughout the entire MSA, 1,375 homes were sold in April 2008 compared with 1,832 in April 2007. Year-to-date, the MSA is down by 36.62 percent, with 4,839 homes sold far in 2008 compared to 7,635 sold through April 2007.
Seminole County’s April 2008 sales dropped 29.34 percent below that of April 2007 (277 to 392), while Orange County fell 28.00 percent (653 to 907). Lake County saw a 13.26 percent decline in the number of sales in April 2008 compared to April 2007 (242 to 279), and Osceola County experienced a 20.08 percent drop (203 to 254).
Each county’s year-to-date sales comparisons are as follows:
Lake: 20.86 percent below 2007 (899 homes sold to date in 2008 compared to 1,136 in 2007);
Orange: 40.48 percent below 2007 (2,320 homes sold to date in 2008 compared to 3,898 in 2007);
Osceola: 37.06 percent below 2007 (669 homes sold to date in 2008 compared to 1,063 in 2007); and
Seminole: 38.17 percent below 2007 (951 sold to date in 2008 compared to 1,538 in 2007).

March sales increase as prices decline – Orlando’s housing market experienced an increase in the number of home sales month over month, an increase in the number of pending sales contracts, and a decrease in the amount of inventory – all positive moves towards a more balanced market between buyers and sellers.

Orlando Regional Realtor® Association’s monthly statistical reports released revealed some additional interesting signs for the month of March:

the sales of homes costing upwards of $1 million more than doubled in March compared to last month;
the sales of duplexes, town homes, and villas have increased in each of the last three months; and
the majority of condos sold have fallen into lower and lower price categories for each of the last three months.
The median sales price of a single-family home in the Orlando area decreased by 1.35 percent ($3,000) from $223,000 in February 2008 to $220,000 in March 2008. The median sales price for March 2008 is 8.33 percent below that of March 2007 ($240,000).

The decrease in the median home price to $220,000 means that the area’s affordability index increased in March to 102.35 percent. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $51,506 can qualify to purchase one of 10,980 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $225,170 or less.

The first time homebuyer affordability index held steady in March, at 72.78.

The number of sales in the Orlando area declined by 39.29 percent in March 2008 compared to March of last year (1,080 to 1,779), but the number of sales that took place in March 2008 increased by 13.56 percent compared to the number of sales that occurred in February 2008 (951).

There are currently 2,398 homes in the MLS with pending sales contracts (an indicator of future sales activity), up from 1,731 in January and 2,175 in February. The number of homes newly under contract increased by 142 in March, and the increase from January to February was 298.

The area’s average interest rate was 5.94 percent in March 2008, up from 5.87 percent in February but down from 2007’s high of 6.60 percent in August.

Homes of all types spent an average of 130 days on the market before being sold in March 2008; the average home sold for 93.53 percent of its original asking price. In March 2007 those numbers were 90 and 95.87 percent, respectively.

The majority of single-family homes (223) that changed hands in March 2008 were sold for between $200,000 and $250,000. Another 129 homes sold in March for between $250,000 and $300,000. Two hundred eighty-four homes sold for less than $200,000 in March, and 260 sold for more than $300,000. On the far ends of the scale, 31 homes were sold for $1 million or more (double the number sold in February) while only 10 homes sold for less than $50,000.

Inventory

There are currently 25,472 homes available for purchase through the MLS. Inventory decreased by 512 homes in March 2008, which means that 512 more homes left the market than entered the market. Compared to last year, the March 2008 inventory level (25,472) is 8.18 percent higher than it was in March 2007 (23,547).

The current inventory level reflects a 23.59-month supply at the current pace of sales, which is down from February 2008’s 27.32-month supply

There are 19,197 single-family homes currently listed in the MLS. Most (6,489) are listed in the $200,000 to $300,000 price range. Condos currently make up 4,175 offerings in the MLS, while duplexes/town homes/villas make up the remaining 2,100. Most condos (552) are priced at $120,000 to $140,000, but nearly equal numbers are posted in both the $140,000 to $160,000 and the $200,000 to $250,000 ranges. The majority of duplexes/town homes/villas (447) are listed in the $200,000 to $250,000 range.

Condos and Town homes/Duplexes/Villas

The sales of condos in the Orlando area declined by 65.57 percent in March: A total of 84 condos changed hands in March 2008 compared to 244 in March 2007. In a month-to-month comparison, March 2008 condo sales (84) decreased by 26.32 percent from February 2008 (114).

The most (18) condos that changed hands in March 2008 fell into the $120,000 to $140,000 range; last month, most condos sold in the $160,000 to $180,000 range.

Orlando homebuyers purchased 100 duplexes, town homes, and villas in March 2008, which is a 31.97 percent decline from March 2007 when 147 of these alternative housing types were purchased. However, duplex, town home, and villa sales in March 2008 were up by 26.58 percent compared to the number of sales that took place in February 2008 (79), the second month-over-month increase already this year. The majority (20) of duplexes, town homes, and villas sold in March 2008 fell into the $140,000 to $160,000 category.

MSA Numbers

Sales of existing homes within the Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in March were down by 38.65 percent when compared to March of last year. Throughout the entire MSA, 1,319 homes were sold in March 2008 compared with 2,150 in March 2007. Year-to-date, the MSA is down by 40.91 percent, with 3,429 homes sold far in 2008 compared to 5,803 sold through March 2007.

Seminole County’s March 2008 sales dropped 41.26 percent below that of March 2007 (252 to 429), while Orange County fell 41.99 percent (637 to 1,098). Lake County saw a 24.09 percent decline in the number of sales in March 2008 compared to March 2007 (249 to 328), and Osceola County experienced a 38.64 percent drop (181 to 295).

Each county’s year-to-date sales comparisons are as follows:

Lake: 23.57 percent below 2007 (655 homes sold to date in 2008 compared to 857 in 2007);
Orange: 44.93 percent below 2007 (1,647 homes sold to date in 2008 compared to 2,991 in 2007);
Osceola: 43.14 percent below 2007 (460 homes sold to date in 2008 compared to 809 in 2007); and
Seminole: 41.80 percent below 2007 (667 sold to date in 2008 compared to 1,146 in 2007).