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Orlando Real Estate Market News.
ORLANDO, Fla., Aug. 21, 2009 – Florida’s existing home sales rose in July – the 11th month in a row that sales activity increased in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). Statewide existing home sales in July also rose over the previous month’s sales level.
Existing home sales rose 37 percent last month with a total of 15,882 homes sold statewide compared to 11,595 homes sold in July 2008, according to FAR. Statewide existing home sales in July increased 0.2 percent over June’s statewide activity. Florida Realtors also reported a 48 percent rise in statewide sales of existing condos in July.
Eighteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales in July; the same number of MSAs also showed gains in condo sales. A majority of the state’s MSAs have reported increased sales for more than a year (13 consecutive months).
To gain insight into current trends in Florida’s real estate industry, the University of Florida’s Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts. According to the recent second quarter 2009 survey, investor confidence in the outlook for business and availability of money are reasons for cautious optimism.
“I think we’re on the road to recovery and even though most markets report they’ve seen the bottom, it’s going to be a long climb,” said Timothy Becker, the center’s director. He noted that the investment outlook for single-family development increased to its highest level since the survey began, with more respondents than ever believing it is a good time to buy.
Florida’s median sales price for existing homes last month was $147,600; a year ago, it was $193,800 for a 24 percent decrease. According to housing industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. 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 June 2009 was $181,600, down 15 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $306,000 in June; in California, it was $274,740; in Maryland, it was $274,008; and in New York, it was $189,900.
Several positive market factors are influencing the housing sector, notes NAR’s latest industry outlook. “Historically low mortgage interest rates, affordable home prices and a large selection are encouraging buyers who’ve been on the sidelines,” said NAR Chief Economist Lawrence Yun. “Activity has been consistently much stronger for lower priced homes. We expect a gradual uptrend in sales to continue due to tax credit incentives and historically high affordability conditions.”
In Florida’s year-to-year comparison for condos, 5,035 units sold statewide compared to 3,396 units in July 2008 for a 48 percent increase. The statewide existing condo median sales price last month was $108,300; in July 2008 it was $168,700 for a 36 percent decrease. The national median existing condo price was $183,300 in June 2009, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 5.22 percent last month, down significantly from the average rate of 6.43 percent in July 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 smaller markets, the Pensacola MSA reported a total of 371 homes sold in July compared to 321 homes a year earlier for a 16 percent increase. The market’s existing home median sales price last month remained level compared to a year ago at $157,800. A total of 48 condos sold in the MSA in July, up 23 percent over the 39 units sold in July 2008. The existing condo median price in July was $250,000; a year earlier, it was $325,000 for a 23 percent decrease.
© 2009 FLORIDA ASSOCIATION OF REALTORS®
Orlando Real Estate News
Mortgage rates across the board fell this week, a welcoming sign to potential buyers and home owners looking to refinance.
The 30-year fixed-rate mortgage averaged 5.04 percent this week, a drop from last week’s 5.16 percent. Last year at this time, the 30-year rate averaged 6.04 percent, Freddie Mac reports.
Freddie Mac reported the following for other rates for the week:
- 15-year mortgage rates: averaged 4.68 percent, down from last week’s 4.81 percent. Last year at this time: 5.64 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 5.04 percent this week, a drop from last week’s 5.23 percent. Last year at this time: 5.37 percent
- 1-year ARMs: averaged 4.8 percent, down from last week’s 4.94 percent. Last year at this time: 4.98 percent
“Mortgage rates followed bond yields lower this week as recent economic reports suggest the economy is still slowing, which reduces the future threat of inflation,” says Frank Nothaft, Freddie Mac’s chief economist.
Source: Freddie Mac(02/19/09)
Mortgage Information
| Orlando real estate - The reforms enacted as part of the Housing and Economic Recovery Act of 2008 are less than a year old, but already their effects are being felt on the Orlando housing market. For example, changes made to the Federal Housing Administration mortgage program have contributed to a 425 percent increase in the number of local home sales financed by FHA loans between January 2008 and December 2008.The House and Economic Recovery Act of 2008 (HERA) made a number of significant changes to the FHA — and VA — mortgage program that makes it more usable for borrowers,” explains Les Simmonds, L.G. Simmons Real Estate Corp., president of the Orlando Regional REALTOR® Association. “In fact, as the agency aggressively markets it program and additional transactions are funneled through the closing pipeline, FHA loans are predicted to account for more than 30 percent of single-family home loans in 2009.”
The FHA program has a public purpose obligation to provide mortgage insurance to American families who choose FHA to meet their homeownership needs. But due to too-high loan limits, inflexible downpayment requirements, and an outdated fee structure the program has been suffering a dwindled marketshare. And, in recent years borrowers with less than perfect credit or those who needed a low downpayment instead turned to the risky non-traditional mortgages that are credited in part for the nation’s enormous foreclosure problem.
But now, the legislation has improved the FHA program by permanently increasing its loan limits to 115 percent of local area median home price. The new FHA floor is $271,050 and the ultimate cap in high-cost markets such as San Francisco is $625,500. In Orlando, where the median home price in December 2008 was $166,000, FHA offers loans up to $274,800 and requires a 3.5 percent downpayment. This loan limit is enough to purchase one of the more than 16,000 homes in Orange and Seminole counties currently listed at $274,800 or less.
The new law did increase the minimum cash investment for FHA loans to 3.5 percent from 3 percent. However, mortgage insurance premiums may now be financed into the transaction, and seller concessions of up to 6 percent are also permitted.
The legislation also makes it easier to purchase a condominium with an FHA loan. FHA has removed many of the burdensome requirements these loans have carried in the past, such as site reviews, and now allows FHA approved lenders to approve and process condo loans without further review.
In addition, the legislation increased the loan limit for FHA manufactured housing loans (for those homes built in a factory with a chassis) from $48,600 to $69,678. While this still sounds very low, keep in mind the national median price for a manufactured home in 2007 was $65,100. This is a home-only loan, as the land is often leased.
Finally, HERA increased the amount of money that can be included for improvements to FHA Energy Efficient Mortgages. These loans used to be limited to a total of $8,000 in energy efficient improvement, but now up to 5 percent the cost of the home will be permitted. |
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Copyright © 2009 Orlando Regional Realtor® Association.
All rights reserved. |
Mortgage rates dropped to their 11th straight weekly decline, reaching new record lows, according to Freddie Mac.
Interest rates on 30-year, fixed rate mortgages averaged 4.96 percent this week, down from a previous week’s 5.01 percent.
Homes sales rise as affordability improves
(January 12, 2009 – Orlando, FL) Orlando’s housing marketing for the fourth month experienced a month-over-month increase in the number of home sales as buyers responded to improved affordability, according to statistics released by the Orlando Regional Realtor® Association.
“Lower interest rates and more affordable prices are attracting buyers who have been sitting on the fence about the decision to buy,” said ORRA President Les Simmonds, broker of L.G. Simmonds Real Estate Corp.
Members of ORRA were involved in the sale of 21.28 percent more homes in December of this year than last: 1,305 to 1,076. The current number of pending sales (homes that are under contract to purchase but are awaiting completion of the transaction process) dropped slightly from last month, from 3,326 to 3,265. For the past nine months, the number of homes under contract has increased month-over-month, with 109.42 percent more homes under contract in December 2008 than compared to December 2007 (1,559).
December 2008’s median sales price of $169,900 is a 2.35 percent increase over November’s median sale price of $166,000; however it is 24.49 percent below the December 2007 median sales price of $225,000. “With approximately 40 percent of the transactions involving foreclosures or short sales, the median price is being pulled down by homes sold at discounted prices,” explained Simmonds.
First-time homebuyers still have the best conditions since March 2004 to purchase a home in the Orlando area, as the first-time homebuyers affordability index in December pushed up to 101.09 percent. In addition, inventory of houses on the market is stocked with more than 6,961 homes in the average first time buyer’s price range of $145,987 or less.
Even with the increase in median price, the area’s affordability index in December continued its upward march to a record 142.16 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 $51,962 can qualify to purchase one of 11,806 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $241,523 or less.
The area’s average interest rate was 5.40 percent in December 2008, down from 6.00 in November and the lowest for the entire year.
Homes of all types spent an average of 109 days on the market before being sold in December 2008, and the average home sold for 92.69 percent of its listing price (a decrease from November 2008’s 92.74 percent). In December 2007 those numbers were 113 and 92.75 percent, respectively.
The majority of single-family homes (182) that changed hands in December 2008 were sold in the $200,000 - $250,000 price range. On the far ends of the scale, 15 homes were sold for $1 million or more in December while 43 homes sold for less than $50,000 (a price category that saw an increased number of sales nearly every month in 2008).
Inventory
There are currently 22,524 homes available for purchase through the MLS. Inventory decreased by 1,884 homes from November, which means that 1,884 more homes left the market (either through sales or expired listings) than entered the market. Compared to last year, the December 2008 inventory level is 7.30 percent lower than it was in December 2007 (24,298).
The December 2008 inventory level reflects a 17.26-month supply at the current pace of sales, a nice drop from the 21.99-month supply recorded in November. By year’s end, inventory months-of-supply had declined 23.60 percent since December 2007.
There are 16,420 single-family homes currently listed in the MLS, a number that is 1,908 (10.41 percent) less than this time last year. As usual, most (2,445) are listed in the $200,000 - $250,000 price range. Condos currently make up 4,136 offerings in the MLS, while duplexes/town homes/villas make up the remaining 1,968. Most condos (413) are priced at $100,000 - $120,000. The majority of duplexes/town homes/villas (293) are listed in the $120,000 - $140,000 price category.
Condos and Town Homes/Duplexes/Villas
The sales of condos in the Orlando area increased by 42.71 percent: A total of 137 condos changed hands in December of 2008 compared to 96 in December 2007.
In December, the most (31) condos in a single price category that changed hands were in the $1 - $50,000 price category, yet again the greatest number of sales in the lowest price category for the year. Another 21 condos sold for $50,000 - $60,000; altogether, 93 of the 137 condos that sold in December did so for less than $100,000.
Orlando homebuyers purchased 117 duplexes, town homes, and villas in December 2008, which is a 6.40 percent decrease from December 2007 when 125 of these alternative housing types were purchased. The majority (26) of duplexes, town homes, and villas sold in December 2008 fell into the $160,000 - $180,000 price category.
MSA Numbers
Sales of existing homes within the Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in December were up by 27.56 percent when compared to December of last year. Throughout the entire MSA, 1,643 homes were sold in December 2008 compared with 1,288 in December 2007.
Seminole County’s December 2008 sales decreased 9.06 percent over that of December 2007 (271 to 298), while Orange County’s sales increased 42.34 percent (827 to 581). Lake County saw a 8.73 percent improvement in the number of sales in December 2008 compared to December 2007 (249 to 229), and Osceola County experienced its second-highest percentage increase of the year: 64.44 percent (296 to 180).
2008 Recap
Sales in 2008 were down by 11.97 percent over 2007. A total of 14,740 homes were sold in 2008 compared to 16,744 the previous year.
From a year-long perspective, the 2008 cumulative median price fell 18.27 percent to $200,000 over 2007’s $245,000. Throughout 2008, the majority of single-family homes that changed hands each month were sold in the $200,000 - $250,000 price range. In total, 20.79 percent (2,504) of all single-family home sales fell into that price range.
Condo sales fell 32.04 percent, with 1,436 condos sold in all of 2008 compared to 2,113 sold in all of 2007. The majority (200 or 13.93 percent) of sold condos fell into the $100,000 - $120,000 category. For the entire year, duplex, town home, and villa sales were down 10.00 percent.
By year’s end in 2008, 17,972 homes were sold in the Orlando MSA while 20,051 homes were sold by year’s end in 2007 (a 10.37 percent decline). For comparison, the MSA’s 2007 year-to-date sales were 39.7 percent below the 2006 year-to-date tally.
Each county’s year-end sales comparisons are as follows:
Lake: 5.43 percent below 2007 (2,976 homes sold to date in 2008 compared to 3,147 in 2007);
Orange: 10.60 percent below 2007 (8,839 homes sold to date in 2008 compared to 9,887 in 2007);
Osceola: 3.58 percent above 2007 (2,809 homes sold to date in 2008 compared to 2,712 in 2007); and
Seminole: 22.23 percent below 2007 (3,348 sold to date in 2008 compared to 4,305 in 2007).
ORLANDO Real Estate., Nov. 18, 2008 – Sales of existing single-family homes in Florida rose 5 percent in third quarter 2008 compared to the same period last year, according to the latest housing statistics from the Florida Association of Realtors® (FAR). A total of 33,203 existing homes sold statewide in 3Q 2008; during the same period last year, a total of 31,558 existing homes sold statewide.
“Coming on the heels of positive sales activity in September, Florida’s existing home sales are once again above year-ago levels in the third quarter,” says 2008 FAR President Chuck Bonfiglio. “Despite lending restrictions and the difficulties of finding affordable credit, we’re seeing buyers take advantage of homeownership opportunities in the current market – buyers who want to make a long-term investment in their future. And, more than ever, people are turning to Florida Realtors to find the professional expertise, knowledge and friendly guidance they need to make the complex process of buying or selling their home go more easily and smoothly.”
The statewide existing-home median sales price was $185,400 in the third quarter; a year ago, it was $233,200 for a decrease of 20 percent. In 2003, the third-quarter statewide median sales price was $163,700, which reflects an increase of about 13.3 percent over the five-year period. The median is a typical market price where half the homes sold for more, half for less.
Twelve of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in the third quarter compared to the same three-month-period a year ago, while seven MSAs also showed gains in condo sales. A number of local markets have reported increased sales activity over the past few months, according to FAR.
Florida Realtors continued to report positive signs for the state’s housing sector in the third quarter, including an increase in pending home sales (based on contracts signed but not closed) and a slower rate of expansion of inventory levels in some areas.
To gain insight into current trends in Florida’s real estate industry, the University of Florida’s Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts. According to the third quarter 2008 survey, the investment outlook for various types of properties remains steady. “People who have responded to our surveys have not lost their faith in Florida as a place to be and a place to invest,” said Dr. Wayne Archer, director of UF’s Bergstrom Center for Real Estate Studies. “We have 40 pages of comments from our respondents, and although the dominant theme is the disruption of financing, perhaps the second theme, as one person put it, is people being on the sidelines with full pads and helmets just waiting to jump back in.”
Over the long term, Florida stands to benefit from the migration of new residents, particularly as baby boomers age, Archer said, adding that the Sunshine State’s mild climate and outdoor amenities continue to make it an attractive retirement destination.
In the year-to-year quarterly comparison for condo sales, 9,472 units sold statewide for the quarter compared to 9,680 in 3Q 2007 for a 2 percent decrease. The statewide existing-condo median sales price was $160,000 for the three-month period; in 3Q 2007, it was $196,000 for an 18 percent decrease.
Continuing low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 6.32 percent in third quarter 2008; one year earlier, it averaged 6.55 percent.
The latest industry outlook from the National Association of Realtors® (NAR) cautions the housing sector likely faces disruptions from the still-stabilizing credit market. “Inventory remains high, and price declines are pressuring owners,” said NAR Chief Economist Lawrence Yun. “Additional housing stimulus would stabilize prices more quickly, which in turn would bring faster stability to Wall Street. Removing the repayment feature on the first-time buyer tax credit and permanently raising loan limits would bring more buyers into the market and further reduce inventory.”
© 2008 FLORIDA ASSOCIATION OF REALTORS
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).
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 dropped by 9.00 percent to $182,000 from August’s $200,000. The current median sales price is 22.55 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 decrease in the median home price to $182,000 means that the area’s affordability index leapt in September to 123.74 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 increased to 87.99 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).
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.
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.
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).
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