Orlando Florida Real Estate Blog

(November 9, 2007 – Orlando, FL) The median sales price of a single-family home in the Orlando area held steady at $235,000 for the second month in a row, reports the Orlando Regional Realtor® Association. The median price for October 2007 is 7.4 percent below that of October 2006 ($253,745), and the year-to-date median home sales price ($246,150) is a mere 0.75 percent below 2006 ($248,000).

The number of sales in the Orlando area declined by 45.5 percent 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 percent over the same period in 2006 (23,774).

The area’s average interest rate was 6.21 percent in October 2007 — which held steady from September and represents a decline from the August average rate of 6.60 percent.

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 percent over the last few months. (An affordability index of 92.5 percent means that buyers earning the state-reported median income are 7.5 percent 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 homebuyer 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 percent of its original asking price. In September, those numbers were 111 and 93.41 percent, 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.

Inventory

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 percent higher than in October 2006.

The inventory level reflects a 25.46-month supply at the current pace of sales.

(October 10, 2007 – Orlando, FL) A drop in the median home price to $235,000 for the month of September means that the area’s affordability index has improved by more than seven percentage points to 92.40 percent, according to the monthly housing report released by the Orlando Regional Realtor® Association. (An affordability index of 92.40 percent means that buyers earning the state-reported median income are 7.60 percent short of the income necessary to purchase a median-priced home.) Buyers who earn the median income of $51,104 can qualify to purchase one of 6,163 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $217,140 or less.

The first time homebuyer affordability index rested in September at 65.70, also an improvement over August’s 60.70 percent.

The current $235,000 median price is 3.69 percent below the August 2007 median of $244,000, and 6.00 percent below the September 2006 median price of $250,000. The 2007 year-to-date median price of $248,000 remains 0.40 percent above the 2006 year-to-date median of $247,000.

The number of sales in the Orlando area declined by 55.01 percent in September 2007 compared to September of last year (924 to 2,054). The number of sales that took place in September 2007 also declined over the number of sales that occurred in August 2007 (1,467). Year-to-date sales for 2007 (13,503 through September) are down by 38.28 percent over the same period in 2006 (21,878).

The area’s average interest rate was 6.21 percent in September 2007 — a decline from last month’s rate of 6.60 percent.

Homes of all types spent an average of 113 days on the market before being sold in September 2007; and the average home sold for 93.55 percent of its original asking price. In August, those numbers were 108 and 95.02 percent, respectively.

The majority of single-family homes (177) that changed hands in September 2007 were sold for between $200,000 and $250,000, while another 135 homes were sold for between $250,000 and $300,000. Two-hundred nine homes sold for less than $200,000 in September, and 275 sold for more than $300,000. On the far ends of the scale, 16 homes were sold for $1 million or more while only 2 homes sold for less than $50,000.

Inventory

There are currently 26,310 homes available for purchase through the MLS. Inventory decreased by three homes in September 2007, which means that a nearly equal number of homes entered the market as left the market. August 2007 saw an increase of 295 homes and July 2007 saw an increase of 95. Compared to last year, the September 2007 inventory level is 29.48 percent higher than in September 2006. The current inventory level reflects a 28.47-month supply at the current pace of sales.

There are 19,638 single-family homes currently listed in the MLS. Most (7,372) are listed in the $200,000 - $300,000 price range, while another 2,027 are listed in the $300,000 - $350,000 range. Condos currently make up 4,388 offerings in the MLS, while duplexes/town homes/villas make up the remaining 2,284. Most condos (743) are priced at $200,000 to $250,000; most duplexes/town homes/villas (605) also fall into the $200,000 - $250,000 range.