Orlando housing market experiences uptick in sales activity, spurred by decreases in median price and interest rates
(March 10, 2009 – Orlando, FL) Orlando area home sales have again experienced an increase in activity, with members of the Orlando Regional REALTOR® Association involved in the sale of 28.18 percent more homes in February of this year than February of last year: 1,219 to 951.
In addition, Orlando REALTORS® filed 58.36 percent more contracts in the month of February (2,434) than in February 2008 (1,537). Overall, pending sales — considered by housing economists to be a reliable indicator of future sales — continued its upward trend in February to 4,348. There are twice as many more homes under contract in February 2009 than compared to February 2008 (2,175).
“Conditions are aligning very favorably in Orlando for buyers,” says ORRA President Les Simmonds, L.G. Simmonds Real Estate Corp. “Local first-time buyers are particularly well positioned as a result of the new $8,000 first-time homebuyer tax credit, record low interest rate, and decreasing median price.”
The median price of Orlando homes sold in February ($145,500) decreased by 34.75 percent compared to February 2008 while the area’s average interest rate dropped yet again to 5.25 percent, its lowest point since May of 2005.
The decrease in median price drove the area’s affordability index to yet another record high of 169.17 percent. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $52,193 can qualify to purchase one of 11,976 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $246,140 or less.
The first-time homebuyer affordability has increased to 120.30 percent.
Homes of all types spent an average of 102 days on the market before being sold in February 2009, and the average home sold for 93.03 percent of its listing price (an increase from January 2009’s 92.63 percent). In February 2008 those numbers were 123 and 92.94 percent, respectively.
The majority of single-family homes (154) that changed hands in February 2009 were sold in the $200,000 - $250,000 price range; 97 homes sold in the $140,000 - $160,000 category and 81 homes sold in the $160,000 - $180,000 category. Five hundred seventy-nine homes sold for less than $200,000 in November, and 114 sold for more than $300,000. On the far ends of the scale, 10 homes were sold for $1 million or more while 64 homes sold for less than $50,000.
Local new-home builders reported 122 new-home sales for the month of February, with a median price of $234,950.
Inventory There are currently 22,168 homes available for purchase through the MLS. Inventory decreased by 445 homes from January 2009, which means that 455 more homes left the market than entered the market. Compared to last year, the February 2009 inventory level is 14.68 percent lower than it was in February 2008 (25,984).
The inventory level reflects an 18.19-month supply at the current pace of sales, which is down from the 21.54-month supply recorded in January 2009 and down from the 27.32-month supply recorded in February 2008.
There are 16,057 single-family homes currently listed in the MLS, a number that is 3,474 (17.79 percent) less than this time last year. As usual, most (2,203) are listed in the $200,000 - $250,000 price range. Condos currently make up 4,127 offerings in the MLS, while duplexes/town homes/villas make up the remaining 1,984. Most condos (499) are priced below $50,000; the majority of duplexes/town homes/villas (317) are listed in the $120,000 - $140,000 price category.
Condos and Town Homes/Duplexes/Villas
The sales of condos in the Orlando area have increased by 71.05 percent. A total of 195 condos changed hands in February of this year compared to 114 in February 2008. The most (93) condos in a single price category that changed hands were in the $1 - $50,000 price range, nearly four times the number (24) that were sold in the next most populated category ($60,000 - $70,000). Two condos sold for more than $1 million in February; none sold for that amount in January.
Orlando homebuyers purchased 102 duplexes, town homes, and villas in February 2009, which is a 29.11 percent increase from February 2008 when 79 of these alternative housing types were purchased and a 10.87 increase from January 2009. The majority (22) of duplexes, town homes, and villas sold in January 2009 fell into the $120,000 - $140,000 price category.
MSA Numbers
Sales of existing homes within the Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in February were up by 29.17 percent when compared to February of last year. Throughout the entire MSA, 1,519 homes were sold in February 2009 compared with 1,176 in February 2008.
Each county’s year-to-date sales comparisons are as follows:
Lake: 15.02 percent above 2008 (467 homes sold to date in 2009 compared to 406 in 2008);
Orange: 47.92 percent above 2008 (1,494 homes sold to date in 2009 compared to 1,010 in 2008);
Osceola: 99.64 percent above 2008 (557 homes sold to date in 2009 compared to 279 in 2008); and
Seminole: 3.86 percent below 2008 (399 sold to date in 2009 compared to 415 in 2008).
For detailed statistical reports, please visit www.orlrealtor.com and click on Housing Statistics on the top menu bar. This representation is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association or its Multiple Listing Service (MLS). Neither the Association nor its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market. Due to late closings, an adjustment is necessary to record those closings posted after our reporting date.
ORRA Realtor® sales, referred to as the core market, represent all sales by members of the Orlando Regional REALTOR® Association, not necessarily those sales strictly in Orange and Seminole counties. Note that statistics released each month may be revised in the future as new data is received.
Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties by members of any REALTOR® association, not just members of ORRA.
Statistics on the sales of area homes that are sold without the assistance of a REALTOR® are available in the Real Estate Index, a report produced jointly by ORRA and the Real Estate Attorney’s Fund.
Key features: New Construction
- Three Bedrooms
- Four Bedrooms Available
- Builder liquidation of last units
- Community Pool
- Club house with tons of activities
- Tennis Courts
- Basketball Courts
- BEING SOLD WAY UNDER MARKET VALUE
- Only 5 units remain
- 4 miles to Disney
Full description: These Units Sold in The $200's last year
An enchanting residence unlike any other. A property that is both affordable in price and rich in style. It's the latest in industry setting design and unparalleled customer service, offered exclusively at The Villas at Seven Dwarfs Lane. Imagine: owning your own private vacation townhome condominium in one of the largest resort areas in the world. The alluring charm and old-world character of Europe has found its way to The Villas at Seven Dwarfs Lane in beautiful, sunny Florida. Minutes away from world-class attractions, fantastic shopping, and the epicurean delights of Orlando, The Villas at Seven Dwarfs Lane is in an ideal location. Quiet enough for relaxing evening sunsets, yet close enough to lively, big city entertainment, The Villas at Seven Dwarfs Lane is the best of both worlds.
The unique design of the property is what gives it its irresistible character. All town-homes are dispersed into a small old-world village. Walking paths, white picket fences, and intimate gardens frame the elegant exterior of the entire gated community.
The Villas at Seven Dwarfs Lane offers you the opportunity to earn income and equity on a new vacation home. As a proud owner, you and your family can enjoy as much time using it as you like. And when you�re away, you can rent out your home to other vacationers visiting the Central Florida area! Very well structured programs will allow you to own a very low care rental property in a premium location. Use it as your residence, or as a vacation home and an investment property or both. The Villas at Seven Dwarfs Lane offers you the opportunity to earn income and equity on a new vacation home.
:Resort Amenities:
* Heated Swimming Pool, Spa & Sundecks
(Open from 8:00 am to 11:00 pm)
* Basketball Court
* Tennis Court
* Sand Volleyball Court
* Children's Playground
* Fishing Deck
* Family Picnic - BBQ Area
* 24hrs Gated & Guarded Entry
* Beautiful Gardens
* Spacious Club House
(Open from 8:00 am to 11:00 pm)
* Gameroom
* Business Center with High Speed Internet,
Fax, Copies & Print Services
* Fitness Center / Gym
(Personal Trainer Available)
* Massage Therapy - Services offered by
NO KNEAD FOR KNOTS
* Conference Room / Reading Room
* Shuttle to the Parks Available
* Dry-Cleaning Service
* Disney Tickets
* Kids Movie Showing
(Every Saturday from 1:00 pm to 3:00 pm)
Living Room 12 x 11
Kitchen 10 x 08
Dining Room 10 x 12
Master BR 18 x 12
BR #2 13 x 10
Br #3 12 x 10
Taxes: $2613 per year
Home owners association: $286 per month
For more information please contact Cheryl Ahmed of The Global Real Estate Team. Looking forward to serving you.
407-353-6400
Century 21 Elite Properties
Foreclosure
• 12,100 sq. ft., 10 bath, 6 bdrm 2 story - $5,199,000 USD - Windermere Chain of Lakes
Chaine Du Lac, Windermere -
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Property information