Central Florida Real Estate Market Update – May’09
The Central Florida real estate market continues to be on the right track to a more balanced housing market. The Orlando Regional Realtor Association’s (ORRA) latest monthly statistics indicates that, yet again, the number of homes that sold in April 2009 outpaced the number of homes sold in April 2008 by 41.43%. April 2008 sold 1,231 homes and April 2009 sold 1,741 homes. Our areas median price dropped again to $132,900, which is 37.01% below April 2008 median price, but it is showing signs of flattening out.
With our median price becoming more affordable and interest rates still below 5%, along with the incentive of the $8,000 tax credit for first time home buyers, we should continue to gain even more sales in the coming months. Spread the word: “It’s a great time to buy!”
Our ‘Pending’ sales increased again in April 2009 and are still going very strong with 5,818 homes under contract. We are still experiencing over double the number of homes under contract than we did a year ago. April 2008 had only 2,853 homes under contract. This is more evidence of greater sales occurring in the coming months.
For a consecutive 4 months running, the number of homes for sale have now decreased by another 1,254 homes on the market compared to the previous month of March 2009 numbers. We are now over 5,000 less homes on the market from this time last year. We are currently at 20,194 homes for sale in April 2009 compared to 25,436 homes for sale in April 2008. Single family homes make up 14,472 of the 20,194 homes on the market, 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. Your business and referrals are the lifeblood of my business. Please do not hesitate to contact me if you or someone you know is interested in buying or selling real estate in the Central Florida area.
