Orlando real estate - May update

The 1,741 completed Orlando closings in April are a 41.43 percent increase compared to April 2008 (1,231) and a 0.74 percent decrease compared to last month (1,754). Year to date, there have been 42.58 percent more sales than by this time last year (5,867 to 4,115).

The median price of all Orlando homes sold in April ($132,900) decreased by 37.01 percent compared to April 2008 while the area’s average interest rate increased to 4.86 percent, up from last month’s record low of 4.67 percent.

The area’s affordability index continues to nudge the 200 percent mark. (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 $52,307 can qualify to purchase one of 11,233 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $257,840 or less.

The first-time homebuyer affordability in Orlando is currently 137.96 percent. First-time buyers who earn the reported median income of $35,569 can qualify to purchase one of 7,027 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $155,850 or less.

Homes of all types spent an average of 104 days on the market before being sold in April 2009, and the average home sold for 93.14 percent of its listing. In April 2008 those numbers were 120 and 93.18 percent, respectively.

The majority of single-family homes (153) that changed hands in April 2009 were sold in the $200,000 - $250,000 price range. Eight hundred eighty-seven homes sold for less than $200,000 in April, and 159 sold for more than $300,000. On the far ends of the scale, 12 homes were sold for $1 million or more while 102 homes sold for less than $50,000.

There are currently 20,194 homes available for purchase through the MLS. Inventory decreased by 1,254 homes from March 2009, which means that 1,254 more homes left the market than entered the market. Compared to last year, the April 2009 inventory level is 20.60 percent lower than it was in April 2008 (25,436).

The inventory level reflects an 11.60-month supply at the current pace of sales, which is down from the 12.23-month supply recorded in March 2009 and equal to the pace during the last quarter of 2006. Altogether, inventory months-of-supply has declined 5.15 percent since January 2009.

There are 14,472 single-family homes currently listed in the MLS, a number that is 4,579 (24.04 percent) less than this time last year. As usual, most (1,755) are listed in the $200,000 - $250,000 price range. Condos currently make up 3,928 offerings in the MLS, while duplexes/town homes/villas make up the remaining 1,794. Most condos (622) are priced below $50,000; the majority of duplexes/town homes/villas (273) are listed in the $120,000 - $140,000 price category.

Source: Orlando Regional Realtor Association (ORRA).

For more info on the Orlando real estate market - and to search for homes see our Orlando Real Estate Pros site.

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