Friday, July 10, 2009

Latest Activity Orlando Real Estate

  • The market is nearly balanced between buyers and sellers, with an 8.37-month of inventory supply. Housing economists consider a six-month supply to be indicative of a balanced market.
  • The inventory level’s 8.37-month supply is a 61.14 percent decline since January 2009 and is the lowest since July 2006.
  • Inventory decreased by 1,292 homes from May 2009, and is 27.44 percent lower than it was in June 2008 (24,575).
  • Sales are up 43.12 percent over June 2008.
  • Bank-owned and distressed sales accounted for 45.99 percent of home sales in June.
    The median price for all homes is up by 0.92 percent compared to last month, but down 39.26 compared to June of last year.
  • The overall median price is skewed down by the large number of discounted distressed and bank-owned sales. The median price of “normal” sales is $172,500, up 4.55 percent from last month’s $165,000.
  • A record 3,686 homes came under contract in June. There are 7,230 homes currently awaiting closing, more than double the number awaiting closing in June 2008 (3,329).
    Affordability is down for the month (due to increase in the average interest rate and an increase in the median price), but at 183.66 is still very high. There are 9,318 homes in Orange and Seminole counties listed in the mls for $238,757 or less.
  • Homes of all types spent an average of 104 days on the market before being sold in June 2009. In June 2008 the days on market tally was 121.
  • The sales of condos in the Orlando area increased by 189.71 percent in June when compared to June of last year, and increased by 4.23 percent when compared to last month.
This information is published by Orlando Regional Realtor Association