Wednesday, December 13, 2006

Status Orlando Real Estate

  • 25,371 homes and condos have sold in metro Orlando this year, which is the second best year on record after 2005 totaled 31,230.
  • Resales for the month of November has slipped 34% in Orlando core area compared to Novemeber 2005, while condo sales have slipped 44%
  • Median price of home still hovering around $250K
  • Novembers inventory of homes at historical high sit 21,122 for November representing 13 months of inventory. A local realtor indicates 6 months is ideal.
  • Average number of days a home sits on the market is 74 and slowly increasing
  • Demand is still strong due to interest rates are still historical low and Orlando job market is strong and could be strong if property taxes and insurance rates did rise so sharply.
  • In November Seminole county market has held the best with 3.6% decline compared to Orange county 8.7%, Osceola couty 12.7%, and Lake county 21.4%
  • A local realtor indicates that market correction is coming to an end and price reductions will be slowing down.
  • Orlando is doing better than other metro Florida cities.

Courtesy of Orlando Sentinel 12/13/06.