Orlando's median home price drops 2.0 percent to $245,000
Orlando Regional Realtors Assoc Article - September 10th 2007
"(September 10th 2007 - Orlando Fl) The median price of a home purchased in the Orlando area in August of this year decreased to $245,000, a 2.0 percent drop over August 2006's median price of $250,000. March and April of this year posted lower median prices: $240,000 and $242,100, respectively.
In addition, the latest data released from the Orlando Regional Realtor® Association reveals that inventory growth is continuing its slowing trend. The number of new homes added to the market in August 2007 was 295, above the year's record low of 95 in July but far below the record high of 1,729.
The number of sales in the Orlando area declined by 40.3 percent in August 2007 compared to August of last year (1,343 to 2,249). The number of sales that took place in August 2007 also declined over the number of sales that occurred in July 2007 (1,524). Year-to-date sales for 2007 (12,455 through August) are down by 37.2 percent over the same period in 2006 (19,824).
The month-to-month Orlando Housing Affordability Index and the First-time Homebuyers Affordability Index both improved in August: the prior increased from 84.0 percent to 85.0 percent while the latter changed from 59.8 percent to 60.4 percent in. (An affordability index of 85.0 percent means that buyers earning the state-reported median income are 15 percent short of the income necessary to purchase a median-priced home.)
The area's average interest rate was 6.60 percent in August — a tick above last month's rate of 6.50 percent.
Homes of all types spent an average of 108 days on the market before being sold; and the average home sold for 95.1 percent of its original asking price.
The majority of single-family homes (237) that changed hands in August 2007 were sold for between $200,000 and $250,000, while another 164 homes were sold for between $250,000 and $300,000. Two-hundred and forty-five homes sold for less than $200,000 in August, and 436 sold for more than $300,000. On the far ends of the scale, 38 homes were sold for $1 million or more while only four homes sold for less than $50,000.
Inventory
There are currently 26,313 homes available for purchase through the local multiple listing service (MLS). Inventory increased by just 295 homes in August 2007; July 2007 saw an increase of 95 homes; and June 2007 saw an increase of 460. Compared to last year, the August 2007 inventory level is 24.8 percent higher than August 2006.
The current inventory level reflects a 19.59-month supply at the current pace of sales.
There are 19,708 single-family homes currently listed in the MLS. Most (7,454) are listed in the $200,000 - $300,000 price range, while another 2,128 are listed in the $300,000 - $350,000 range. Condos currently make up 4,337 offerings in the MLS, while duplexes/town homes/villas make up the remaining 2,268. Most condos (1,081) are priced at $140,000 to $180,000; most duplexes/town homes/villas (600) are $200,000 - $250,000.
Condos and Town homes/Duplexes/Villas
The sales of condos in the Orlando area declined by 60 percent in August: A total of 143 condos changed hands in August 2007 compared to 360 in August 2006. In a month-to-month comparison, August 2007 condo sales decreased from July 2007 (143 to 171). Most condos (24) that changed hands in August 2007 were sold for between $200,000 and $250,000; followed by 22 condos that were sold for between $100,000 and $120,000. Year-to-date condo sales are down by 55 percent (1,645 condos have been sold so far in 2007 compared to 3,663 by this time last year).
Orlando homebuyers purchased 119 duplexes, town homes, and villas in August 2007, which is a 33 percent decline over August 2006 when 178 of these alternative housing types were purchased. Duplex, town home, and villa sales in August 2007 were nearly equal compared to the number of sales that took place in July 2007 (115). The majority (30) of duplexes, town homes, and villas sold in August 2007 cost between $200,000 and $250,000.
MSA Numbers
Sales of existing homes within the Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in August were down by 39.7 percent when compared to August of last year. Throughout the entire MSA, 1,607 homes were sold in August 2007 compared with 2,664 in August 2006. To date, 14,898 homes have been sold this year while 24,099 homes had been sold as of this time last year (a 38.2 percent decline).
Seminole County's August 2007 sales dropped 31.2 percent below that of August 2006 (373 to 542), while Orange County fell 41.4 percent (795 to 1,356). Lake County saw a 29.9 percent decline in the number of sales in August 2007 compared to August 2006 (256 to 365), and Osceola County experienced a 54.4 percent drop (183 to 401).
Each county's year-to-date sales percentages are currently as follows:
Lake: 32.8 percent below 2006 (2,263 homes sold in 2007 compared to 3,368 in 2006); Orange: 38.8 percent below 2006 (7,467 homes sold in 2007 compared to 12,197 in 2006); Osceola: 47.1 percent below 2006 (1,976 homes sold in 2007 compared to 3,736 in 2006); and Seminole: 33.5 percent below 2006 (3,192 homes sold in 2007 compared to 4,798 in 2006).
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." |