Orlando Real Estate Market Update
The current statistics are compiled for the Orlando, Florida Market. The median price of a home in the Orlando area purchased in July of this year decreased to $250,000, a 1.92 percent drop over July 2006’s median price of $254,900.
Average Days on the Market
Homes of all types spent an average of 100 days on the market before being sold. The average home sold for 94.63 % of its original asking price.
The number of sales in the Orlando area declined by 42.65 percent in July 2007 compared to July 2006 (1,354 to 2,361). Central Florida inventory growth slowed from 460 newly added available homes in June 2007 to just 95 in July 2007.
The majority of single-family homes (258) sold for between $200,000 and $250,000, while another 207 homes were sold for between $250,000 and $300,000. Two-hundred and seven homes sold for less than $200,000 in July, and 440 sold for more than $300,000. On the luxury home market, 24 homes were sold for $1 million or more.
Orlando’s Average Interest Rate
The area’s average interest rate of 6.50 percent (a tick above last month’s rate of 6.40 percent) yet a tiny bit lower than the July 2006 average interest rate of 6.53 percent.
Orlando Real Estate InventoryThere are currently 26,018 homes (includes single family homes, condos, town homes, duplexes) available for purchase through the local multiple listing service (MLS). The current inventory level reflects a 19.22-month supply at the current pace of sales.
MSA Numbers: for Orange, Seminole, Osceola, and Lake counties
Sales of existing homes within the Orlando MSA (Orange, Seminole, Osceola, and Lake counties) in July were down by 43.5 percent when compared to July of last year.
Each county’s year-to-date sales percentages are currently as follows:
Orange: 39.3 percent below 2006 (6,585 homes sold in 2007 compared to 10,841 in 2006). Seminole: 34.5 percent below 2006 (2,786 homes sold in 2007 compared to 4,256 in 2006).
Osceola: 47.2 percent below 2006 (1,760 homes sold in 2007 compared to 3,335 in 2006).
Lake: 34.8 percent below 2006 (1,959 homes sold in 2007 compared to 3,003 in 2006).
(August 13, 2007 – Orlando, FL)
RealtyCafeOnline.com.