The latest figures published by The Orlando Regional Realtors Association (ORRA) show that its members sold 1,276 properties during the month of May 2008 an increase of 3.66% when compared to the previous month April, however Year on Year Sales are down 26.88%. Overall Year on Year ORRA members reported they had sold 2,673 fewer houses, about a third down on the same period a year ago.
The good news however is the for the third month in a row, the Orlando property market has recorded a month-on-month increase in the number of residential sales, an increase in the number of sales contracts pending, and a decrease in the amount of unsold stock on the market.
ORRA are reporting that in May, the average sale price of a home in the Orlando area rose to $214,000, a 1.42% increase over the April 2008 average of $211,000, but, again down 14.4% year on year. Also they report that there are currently 3,225 homes in the ORRA Multi Listing System (MLS) with pending sales contracts (an indicator of increasing sales activity), up from 2,853 in April and 2,398 in March, however the number of homes that came newly under contract in May decreased slightly to 2,010 from 2,012 in April, but are up significantly on March’s figures (1,679).
The main activity in the market is around the sale of single-family homes, where 243 changed hands in May 2008 in the $200,000 - $250,000 price range. Another 137 homes sold for between $250,000 and $300,000, 375 homes sold for less than $200,000 and 284 sold at over $300,000. On the top end of the scale, 25 homes were sold for $1 million or more, while just 11 homes sold for less than $50,000.
Properties of all types spent an average of 121 days on the market before being sold in May 2008 with the average home selling for 93.79% of its listing price.
There are currently 25,015 homes available for purchase through the ORRA MLS. Inventory decreased by 421 homes in May 2008, with 421 more properties leaving the market than entering. Compared to last year, the May 2008 inventory level (25,015) - 1.76% lower year on year (25,463).
