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Orlando Real Estate -

Orlando Housing Figures July/August 2008

September 2nd, 2008 7:53 PM by Karyn Smith

Here are the Orlando property market figures for the month of July 2008 as reported by the Orlando Regional Realtor® Association:

  • 1,436 homes were sold during the month of July.
  • 8,387 homes have been sold so far in 2008.
  • The number of homes currently under contract is 3,258.
  • The median sales price of a home in the Orlando area is $207,500.
  • Homes of all types spent an average of 117 days on the market.
  • The average home sold for 93.50 percent of its listing price.
  • There are currently 24,742 homes available for purchase through the MLS.

And comparisons with July 2007:

  • The number of homes sold is 5.77 percent below the total of 1,524 homes sold in July 2007.
  • Year to date sales are down by 24.52 percent against last year’s number of 11,112.
  • The number of homes currently under contract (3,258) is 26.72 percent greater than the number of homes that were under contract in July 2007 (2,571).
  • The median sales price for July 2008 is 17.00 percent below the July 2007 median of $250,000.
  • Homes of all types spent an average of 117 days on the market before being sold in July 2008, and the average home sold for 93.50 % of its listing price compared with 96.00 and 94.66 %, respectively.
  • Compared to last year, the July 2008 inventory level (24,742) is 4.90 percent lower than it was in July 2007 (26,018).

On the face of it, not much to cheer about of you’re a homeowner, particularly if you are trying to sell your home now. The only slight glimmer of hope is to be found in the decrease in inventory levels and increase in the number of homes under contract.

On the other hand, if you’re a buyer, especially a first-time buyer or an investor, then this could be the right time to buy. It all depends upon your assessment of whether the market has bottomed out or not.

Posted in:General
Posted by Karyn Smith on September 2nd, 2008 7:53 PM

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