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Existing-home sales for the Orlando area increased 80 percent last month compared with a year ago, and the median price of the houses sold posted its biggest month-to-month increase in 16 months, according to the October report released Tuesday by the Orlando Regional Realtor Association.

Association Chairman Kathleen Gallagher-McIver, RE/MAX Town and Country, attributed the increases to buyers trying to take advantage of a federal tax credit. The tax incentive was set to expire in November but last week was extended.

"Now that the tax credit has been extended to April 2010 and expanded, REALTORS® expect to see even more improvement as additional eligible buyers enter the market," continues Gallagher-McIver

The report noted 2,206 closings in October. Of those sales, 62 percent of the homes were either bank-owned or short sales.

The Orlando region had triple the number of pending sales as it did in October 2008 and the number of sales contracts filed had increased 97 percent.

The median price of existing homes sold in October increased 4 percent, to $130,000 from the $125,000 in September. The price is down a quarter from last year's median of $175,650.

The inventory of houses for sell was at 7.14 months in October, which is slightly above September's level of 6.97 months.

Central Florida county's year-today sales comparisons are:

Lake: 32.29 percent above 2008 (3,323 homes sold to date in 2009 compared to 2,512 in 2008).

Orange: 76.73 percent above 2008 (12,958 homes sold to date in 2009 compared to 7,332 in 2008).

Osceola: 102.46 percent above 2008 (4,612 homes sold to date in 2009 compared to 2,278 in 2008).

Seminole: 23.64 percent above 2008 (3,541 sold to date in 2009 compared to 2,864 in 2008).

Source: OrlandoSentinel.com - Mary Shanklin

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Posted by Orlando Realty Experts on November 11th, 2009 11:21 AMPost a Comment (0)
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