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Orando Real Estate Market Update

• Orlando home sales in March 2010 were up 40.99 percent over March 2009.
• Of the 2,273 sales in March, 812 “normal” sales accounted for 32.83 percent of all sales, while 1,105 bank-owned and 556 short sales made up 67.17 percent.
• Pending sales are up 107.48 percent, with 10,179 pending homes in March of this year compared to March of last year (4,906).
• Condos sales in the Orlando area increased by 74.76 percent in March when compared to March of last year. Duplex, town home, and villa sales increased 64.84 percent increase.
• The median price of all existing homes combined sold in March 2010 increased 4.76 percent to $110,000 from the $105,000 recorded in February 2010. March 2010’s median price is a decrease of 18.52 percent compared to March 2009’s median of $135,000.
• The median price for “normal” sales is $115,000 (a decrease from last month’s $163,000). The median price for bank-owned sales is $74,000 (up 5.79 percent from last month’s $69,950), and the median price for short sales is $166,500 (up 58.57 percent from last month’s $105,000).
• The Orlando affordability index decreased to 233.74 percent in March from 234.26 percent in February 2010. First-time homebuyer affordability in March decreased slightly to 166.19 percent.
• Homes of all types spent an average of 92 days on the market before coming under contract in March 2010, and the average home sold for 94.36 percent of its listing price.
• There are currently 16,223 homes available for purchase through the MLS. The March 2010 inventory level is 24.36 percent lower than it was in March 2009 (21,448). The current pace of sales translates into 6.56 months of supply; March 2009 recorded 12.23 months of supply.

Source: Orlando Realtor Association

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