Orlando Area Inventory
According to the Orlando Realtor, the official news publication of the Orlando Regional Realtor Asssociation, there are currently 26,330 homes available for purchase through the MLS. Inventory increased by 20 homes in October 2007, which means that 20 more homes entered the market than left the market. September 2007 saw a decrease of three homes and August 2007 saw an increase of 295. Compared to last year, the October 2007 inventory level is 23.5 percent higher than in October 2006.
The inventory level reflects a 25.46-month supply at the current pace of sales.
There are 19,671 single-family homes currently listed in the MLS. Most (7,309) are listed in the $200,000 - $300,000 price range, while another 1,938 are listed in the $300,000 - $350,000 range. Condos currently make up 4,365 offerings in the MLS, while duplexes/town homes/villas make up the remaining 2,294. Most condos (704) are priced at $200,000 to $250,000; most duplexes/town homes/villas (596) also fall into the $200,000 - $250,000 range.
Condos and Town homes/Duplexes/Villas
The sales of condos in the Orlando area declined by 63.0 percent in October: A total of 107 condos changed hands in October 2007 compared to 291 in October 2006. In a month-to-month comparison, October 2007 condo sales decreased by 7.7 percent from September 2007 (107 to 116). Most condos (20) that changed hands in October 2007 were sold for between $140,000 and $160,000; followed by 17 condos that were sold for between $100,000 and $120,000. Year-to-date condo sales are down by 56.0 percent (1,891 condos have been sold so far in 2007 compared to 4,319 by this time last year).
Orlando homebuyers purchased 84 duplexes, town homes, and villas in October 2007, which is a 47.0 percent decline over October 2006 when 158 of these alternative housing types were purchased. Duplex, town home, and villa sales in October 2007 increased compared to the number of sales that took place in September 2007 (64). Overall, duplex, town home, and villa sales are down this year by 40.0 percent. The majority (30) of duplexes, town homes, and villas sold in October 2007 fell equally into two price categories: $160,000 to $180,000 and $200,000 to $250,000.
MSA Numbers
Sales of existing homes within the Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in October were down by 43.5 percent when compared to October of last year. Throughout the entire MSA, 1,281 homes were sold in October 2007 compared with 2,266 in October 2006. To date, 17,482 homes have been sold this year while 28,800 homes had been sold as of this time last year (a 39.3 percent decline).
Seminole County’s October 2007 sales dropped 50.3 percent below that of October 2006 (244 to 491), while Orange County fell 47.4 percent (615 to 1,170). Lake County saw a 14.9 percent decline in the number of sales in October 2007 compared to October 2006 (228 to 268), and Osceola County experienced a 42.4 percent drop (194 to 337).
Each county’s year-to-date sales percentages are currently as follows:
Lake: 31.2 percent below 2006 (2,718 homes sold in 2007 compared to 3,953 in 2006);
Orange: 40.8 percent below 2006 (8,673 homes sold in 2007 compared to 14,640 in 2006);
Osceola: 46.6 percent below 2006 (2,358 homes sold in 2007 compared to 4,415 in 2006); and
Seminole: 35.5 percent below 2006 (3,733 homes sold in 2007 compared to 5,792 in 2006).
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.
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