Condos And Town Homes/Duplexes/Villas
According to an article in the September issue of the Orlando Realtor which is the official publication of the Orlando Regional Realtors Association (ORRA), the sales of condos in the Orlando area declined by 60 percent in August: A total of 143 condos changed hands in August 2007 compared to 360 in August 2006. In a month-to-month comparison, August 2007 condo sales decreased from July 2007 (143 to 171). Most condos (24) that changed hands in August 2007 were sold for between $200,000 and $250,000; followed by 22 condos that were sold for between $100,000 and $120,000. Year-to-date condo sales are down by 55 percent (1,645 condos have been sold so far in 2007 compared to 3,663 by this time last year).
Orlando homebuyers purchased 119 duplexes, town homes, and villas in August 2007, which is a 33 percent decline over August 2006 when 178 of these alternative housing types were purchased. Duplex, town home, and villa sales in August 2007 were nearly equal compared to the number of sales that took place in July 2007 (115). The majority (30) of duplexes, town homes, and villas sold in August 2007 cost between $200,000 and $250,000.
MSA Numbers
Sales of existing homes within the Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in August were down by 39.7 percent when compared to August of last year. Throughout the entire MSA, 1,607 homes were sold in August 2007 compared with 2,664 in August 2006. To date, 14,898 homes have been sold this year while 24,099 homes had been sold as of this time last year (a 38.2 percent decline).
Seminole County’s August 2007 sales dropped 31.2 percent below that of August 2006 (373 to 542), while Orange County fell 41.4 percent (795 to 1,356). Lake County saw a 29.9 percent decline in the number of sales in August 2007 compared to August 2006 (256 to 365), and Osceola County experienced a 54.4 percent drop (183 to 401).
Each county’s year-to-date sales percentages are currently as follows:
Lake: 32.8 percent below 2006 (2,263 homes sold in 2007 compared to 3,368 in 2006); Orange: 38.8 percent below 2006 (7,467 homes sold in 2007 compared to 12,197 in 2006); Osceola: 47.1 percent below 2006 (1,976 homes sold in 2007 compared to 3,736 in 2006); and Seminole: 33.5 percent below 2006 (3,192 homes sold in 2007 compared to 4,798 in 2006)