Central Florida Real Estate Market Update – Dec’08
The Central Florida real estate market drops again in median sales price which is making home ownership more affordable. According to the Orlando Regional Realtor Association (ORRA), November 2008 sales posted about 47 more sales than November 2007. We saw a fifth month in a row increase in the number of listings that are now ‘Pending’ which represents over 84% more homes under contract in November 2008 than in November 2007. We are continuing to close the gap on 2008 year-to-date sales compared to 2007 year-to-date sales.
This was three months in a row were we also showed another small drop in the number of homes on the market in November 2008 than in October 2008. We are currently at 24,408 homes for sale in November 2008 compared to 24,657 homes for sale in October 2008. Single family homes make up 17,859 of the 24, 408 while the remaining numbers are comprised of condos, duplexes, town homes and villas.
Interest rates dropped again and are still historically low. Within one month, we dropped nearly 5% in our median home price from $175,650 in October 2008 compared to $167,025 in November 2008. Overall, we’ve dropped almost 29% from last November 2007 in median home prices. Click Here to visit ORRA’s web site for more stats.
