Regional Spotlight: Orlando Median Price Inventory Hold Steady
The number of sales in the Orlando area declined by 45.5% in October 2007 compared to October of last year (1,034 to 1,896). However, the number of sales that took place in October 2007 increased over the number of sales that occurred in September 2007 (970). Year-to-date sales for 2007 (14,583 through October) are down by 38.66% over the same period in 2006 (23,774).
The area’s average interest rate was 6.21% in October 2007 - which held steady from September and represents a decline from the August average rate of 6.60%.
The drop in the median home price to $235,000 that took place in September means that the area’s affordability index has improved by more than seven percentage points to 92.5% over the last few months. (An affordability index of 92.5% means that buyers earning the state-reported median income are 7.5% short of the income necessary to purchase a median-priced home.) Buyers who earn the median income of $51,161 can qualify to purchase one of 6,564 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $217,375 or less.
The first time home buyer affordability index again rested in October at 65.8. Homes of all types spent an average of 112 days on the market before being sold in October 2007; and the average home sold for 93.96% of its original asking price. In September, those numbers were 111 and 93.41%, respectively.
The majority of single-family homes (197) that changed hands in October 2007 were sold for between $200,000 and $250,000, while another 152 homes were sold for between $250,000 and $300,000. Two-hundred fifteen homes sold for less than $200,000 in October, and 279 sold for more than $300,000. On the far ends of the scale, 18 homes were sold for $1 million or more while only 3 homes sold for less than $50,000.
There are currently 26,330 homes available for purchase through the MLS. Inventory increased by 20 homes in October 2007, which means that 20 more homes entered the market than left the market. September 2007 saw a decrease of three homes and August 2007 saw an increase of 295. Compared to last year, the October 2007 inventory level is 23.5% higher than in October 2006.
The inventory level reflects a 25.46-month supply at the current pace of sales.
There are 19,671 single-family homes currently listed in the MLS. Most (7,309) are listed in the $200,000 - $300,000 price range, while another 1,938 are listed in the $300,000 - $350,000 range. Condos currently make up 4,365 offerings in the MLS, while duplexes/town homes/villas make up the remaining 2,294. Most condos (704) are priced at $200,000 to $250,000; most duplexes/town homes/villas (596) also fall into the $200,000 - $250,000 range.
Condos and Town homes/Duplexes/Villas
The sales of condos in the Orlando area declined by 63.0% in October: A total of 107 condos changed hands in October 2007 compared to 291 in October 2006. In a month-to-month comparison, October 2007 condo sales decreased by 7.7% from September 2007 (107 to 116). Most condos (20) that changed hands in October 2007 were sold for between $140,000 and $160,000; followed by 17 condos that were sold for between $100,000 and $120,000. Year-to-date condo sales are down by 56.0% (1,891 condos have been sold so far in 2007 compared to 4,319 by this time last year).
Orlando home buyers purchased 84 duplexes, town homes, and villas in October 2007, which is a 47.0% decline over October 2006 when 158 of these alternative housing types were purchased. Duplex, town home, and villa sales in October 2007 increased compared to the number of sales that took place in September 2007 (64). Overall, duplex, town home, and villa sales are down this year by 40.0%. The majority (30) of duplexes, town homes, and villas sold in October 2007 fell equally into two price categories: $160,000 to $180,000 and $200,000 to $250,000.
Sales of existing homes within the Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in October were down by 43.5% when compared to October of last year. Throughout the entire MSA, 1,281 homes were sold in October 2007 compared with 2,266 in October 2006. To date, 17,482 homes have been sold this year while 28,800 homes had been sold as of this time last year (a 39.3% decline).
Seminole County’s October 2007 sales dropped 50.3% below that of October 2006 (244 to 491), while Orange County fell 47.4% (615 to 1,170). Lake County saw a 14.9% decline in the number of sales in October 2007 compared to October 2006 (228 to 268), and Osceola County experienced a 42.4% drop (194 to 337).
Each county’s year-to-date sales percentages are currently as follows:
Lake: 31.2% below 2006 (2,718 homes sold in 2007 compared to 3,953
For detailed statistical reports, please visit www.orlRealtor.com and click on Housing Statistics on the top menu bar. 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 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.
For more information, visit www.orlRealtor.com/.
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