Central Florida Real Estate Market Update – Jan’09
“It’s a great time to buy” has been an on going theme for the Central Florida real estate market. Those in the real estate industry have been able to make this statement for a while and this month and start of the year for 2009 is no different. We are experiencing historically low interest rates hovering around 5% and our affordable index is still low with our areas median home price at $169,900. Accoring to the Orlando Regional Realtor Association (ORRA), December 2008 was the first month in a long while that showed an increase in our areas median home price by increasing 2.35% over November 2008, but still 24.49% below December 2007 numbers. December 2008 sales posted about 229 more sales than December 2007. Our ‘Pending’ sales are still going very strong holding over 3,000 homes under contract which represents over double the number of homes under contract in December 2008 than in December 2007.
Another positive sign for market stability is that we’ve showed another monthly drop in the number of homes on the market by our biggest drop in a long while. We dropped almost 2,000 homes off the market between December 2008 and November 2008. We are currently at 22,524 homes for sale in December 2008 compared to 24,408 homes for sale in November 2008. Single family homes make up 16,420 of the 22,524 while the remaining numbers are comprised of condos, duplexes, town homes and villas.
