Central Florida Real Estate Market Update – Feb’09
The Central Florida real estate market continues to get more affordable according to the Orlando Regional Realtor Association’s (ORRA) latest monthly statistics. We continue to experience historically low interest rates hovering around 5% and our affordable index rose even higher in the month of January 2009 due to our median home price dropping yet again to $148,274. ORRA stats show that January 2009 median price is now 33.06% below January 2008 median price. However, homes sales were up in January 2009 compared to January 2008 by 17.71%. 957 homes sold in Jan’09 compared to 813 homes selling in Jan’08. Our ‘Pending’ sales increased again in January 2009 and are still going very strong with 3,830 homes under contract which represents over double the number of homes under contract in January 2009 than in January 2008.
We increased slightly with the number of homes on the market by 89 homes in January 2009 than in December 2008 for a month to month comparison. However we are still roughly 3,000 less homes on the market in January 2009 than in January 2008. We are currently at 22,613 homes for sale in January 2009 compared to 25,724 homes for sale in January 2008. Single family homes make up 16,403 of the 22,613 while the remaining numbers are comprised of condos, duplexes, town homes and villas. Click Here to visit ORRA’s web site for even more stats.
