Orlando Real Estate Update

The median price of a home purchased through a Realtor in the Orlando area in July decreased to $250,000, a 1.92 percent drop from July 2006's median price of $254,900, the Orlando Regional Realtor Association reported this morning.

The trade association also said the record-high inventory continued to grow, but the pace slowed, from 460 newly added homes in June 2007 to 95 in July 2007.

But once again the number of homes and condos sold in the Orlando area fell sharply year-over year, down 42.65 percent in July 2007 compared to July of last year.

That was 1,354 vs. 2,361 a year ago when the market was still fairly strong.Year-to-date sales for 2007 -- 10,942 through July -- are down by 37.74 percent from the same period in 2006, when 17,575 were sold.

Homes of all types spent an average of 100 days on the market in the Orlando area before being sold. The area targeted by local Realtors is mainly Orange and Seminole counties but also Lake, Osceola and portions of nearby counties such as Polk.

The inventory level -- 26,018 homes, townhomes and condos available for purchase through the local multiple listing service -- reflects a 19.22-month supply at the current pace of sales. The number does not include thousands of new homes for sale by builders in the Orlando market, sitting empty.

Condos continued to be the worst selling category for existing home sales in the Orlando area, down 64 percent in July from a year ago. Courtesy Orlando Sentinel 8/13/07.

It is a great time to buy in this buyers market.