Orlando Real Estate - CENTURY 21 Solutions Realty

Orlando real estate – CENTURY 21 Solutions Realty

Home sales statistics for 2-25-2009 for Orange, Lake, Seminole and Osceola counties.

Total Active Listings    29584

Total Listings with pending contracts    5420

Sold Listings YTD     2407

Foreclosures

Active Listings    2650

YTD Sold    1127

Pending Contracts  1667

Data is collected from the mid Florida Regional MLS and does not include homes sold by owner or builder sales.

Orlando Real Estate – CENTURY 21 Solutions Realty

Florida’s existing home sales rose in January, making it the fifth month in a row that sales activity showed increases in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). Existing home sales rose 24 percent last month with a total of 8,450 homes sold statewide compared to 6,810 homes sold in January 2008, according to FAR.

Florida Realtors also reported a 13 percent gain in statewide sales of existing condominiums in January, making it the fourth recent month (following September, October and December) that statewide existing home and existing condo sales were higher compared to year-ago levels. Thirteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in January while 11 MSAs also showed gains in condo sales; it marks the seventh consecutive month that a number of markets have reported increased sales.

Florida’s median sales price for existing homes last month was $139,500; a year ago, it was $206,900 for a 33 percent decrease. According to industry analysts with the National Association of Realtors® (NAR), there remains a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures. The median is the midpoint; half the homes sold for more, half for less. The national median sales price for existing single-family homes in December 2008 was $174,700, down 14.8 percent from a year earlier, according to NAR. In California, the statewide median resales price was $281,100 in December; in Massachusetts, it was $275,000; in Maryland, it was $267,925; and in New York, it was $220,000.

NAR’s latest housing outlook shows that home prices continue to fall, but also notes a trend of increasing sales activity in the Florida, California, Arizona and Nevada markets. “It appears some buyers are taking advantage of much lower home prices,” said NAR Chief Economist Lawrence Yun. “The higher monthly sales gain and falling inventory are steps in the right direction, but buyers will continue to have an edge over sellers for the foreseeable future.”

In Florida’s year-to-year comparison for condos, 2,556 units sold statewide compared to 2,266 sold in January 2008 for a 13 percent increase. The statewide existing condo median sales price last month was $113,400; in January 2008 it was $190,200 for a 40 percent decrease. In the latest data available at press time, NAR reported the national median existing condo price was $181,400 in December 2008. Interest rates for a 30-year fixed-rate mortgage averaged 5.05 percent last month, down from the average rate of 5.76 percent in January 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s large to medium-size markets, the Daytona Beach MSA reported a total of 419 homes sold in January compared to 321 homes a year ago for a 31 percent increase. The existing home median sales price was $131,800; a year ago, it was $179,100 for a 26 percent decrease. In the year-to-year comparison for the existing condo market, a total of 77 units sold in the MSA last month, up 43 percent compared to 54 condos sold the previous January. The market’s existing condo median price was $167,800; a year ago, it was $230,000 for a 27 percent decrease.

© 2009 FLORIDA ASSOCIATION OF REALTORS®

The median price of Orlando homes sold in January ($148,274) decreased by 33.06 percent compared to January 2008 while the area’s average interest rate dropped to its lowest point since May of 2005, creating market conditions that further tilt in favor of buyers.

Home sales are up, with members of the Orlando Regional Realtor® Association involved in the sale of 17.71 percent more homes in January of this year than January of last year: 957 to 813. Geographically, Osceola County recorded the greatest increase of sales activity amongst the four counties in the Orlando MSA: 120.51 percent. Lake and Orange counties posted sales increases as well (25.63 percent and 42.83 percent, respectively); Seminole County sales declined 16.24 percent.

“Buyers are responding to lower prices and mortgage rates,” says ORRA President Les Simmonds, L.G. Simmonds Real Estate Corp., “but uncertainty about the economy is creating hesitancy and pent-up demand. Additional actions, such as the proposed homebuyer tax credit and an increased availability of mortgages, are needed to stimulate the sales that will decrease inventory and stabilize prices.”

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. (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 $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.

Condos and Town Homes/Duplexes/Villas

The sales of condos in the Orlando area has increased by 44.57 percent. A total of 133 condos changed hands in January of this year compared to 92 in January 2008. The most (50) condos in a single price category that changed hands were in the $1 – $50,000 price range, more than double the number (22) that were sold in the next most populated category ($60,000 – $70,000). No condos whatsoever sold for more than $250,000 in January.

Orlando homebuyers purchased 84 duplexes, town homes, and villas in January 2009, which is a 55.56 percent increase from January 2008 when 54 of these alternative housing types were purchased. The majority (17) of duplexes, town homes, and villas sold in January 2009 fell into the $140,000 – $160,000 price category.

MSA Numbers

Sales of existing homes within the Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in January were up by 37.15 percent when compared to January of last year. Throughout the entire MSA, 1,281 homes were sold in January 2009 compared with 934 in January 2008.

Each county’s January 2009 to January 2009 sales comparisons are as follows:

Lake: 25.63 percent above 2008 (201 homes sold to date in 2009 compared to 160 in 2008);
Orange: 42.83 percent above 2008 (657 homes sold to date in 2009 compared to 460 in 2008);
Osceola: 120.51 percent above 2008 (258 homes sold to date in 2009 compared to 117 in 2008); and
Seminole: 16.24 percent below 2008 (165 sold to date in 2009 compared to 197 in 2008).

This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association or its Multiple Listing Service (MLS). Neither the Association, CENTURY 21 Solutions Realty nor its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.

ORRA Realtor® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.

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.

Statistics on the sales of area homes that are sold without the assistance of a REALTOR® are available in the Real Estate Index, a report produced jointly by ORRA and the Real Estate Attorney’s Fund.

Home sales statistics for January 2008 for Orange, Lake, Seminole and Osceola counties.

Total Sales 1339

Orange – 691

Lake – 207

Seminole – 172

Osceola – 269

Data is collected from the mid Florida Regional MLS and does not include homes sold by owner or builder sales.