Central Florida Real Estate Market Update – Nov’08
The Central Florida real estate market continues to stabilize. When it will bottom out is still the million dollar question, but all signs are showing promising results with median home prices dropping and sales increasing. According to the Orlando Regional Realtor Association (ORRA), sales last month posted a 10% increase over October 2007 sales. October 2008 recorded 1,199 sales compared to 1,090 sales for October 2007. Not only were sales up, but we also saw an increase in the number of listings that are now ‘Pending’ which represent over 72% more homes under contract in October 2008 than in October 2007. This basically means we are continuing to close the gap on 2008 year-to-date sales compared to 2007 year-to-date sales. We also showed another small drop in the number of homes on the market in October 2008 than in September 2008. We are currently at 24,657 homes for sale in October 2008 compared to 24,690 homes for sale in September 2008. Single family homes make up 18,127 of the 24, 657 while the remaining numbers are comprised of condos, duplexes, town homes and villas.
Interest rates are still historically low and we dropped another 2% in our median home price from $182,000 in September 2008 to $178,000 in October 2008. This is much better than the median price drop of 9% between August 2008 and September 2008 which means were are showing stability. Overall, we’ve dropped a little more than 24% from last October 2007 in median home prices. Click Here to visit ORRA’s web site for more stats.
