My New Blog

Orlando…

Members of the Orlando Regional REALTOR® Association reported a 5.68% year on year increase in sales in February with total condo inventory falling 43.4% from this time last year. The $96,000 overall median price of an Orlando home sold in February was 1.1% up from last month but down 8.57% from the February 2010 median price figure of $105,000. Bank owned and short sold homes accounted for 73.48% of all Orlando sales last month and continue to exert a downward influence on overall median sales prices being achieved.  The number of homes under contract for purchase in February (9,223) was down 2.53% compared to one year ago. Homes of all types in Orlando now spend on average 99 days on the market before coming under contract and sell for an average of 94.47% of the listed price. Total inventory levels now stand at 13,480 homes which is 2,571 less than were available in February 2010. The current pace of Orlando sales translates into 6.47 month availability of supply. Condominium sales in the area increased by 2.14% in February when compared to February of 2010 but decreased by 10% when compared to January 2011. The highest level of sales in the condominium market continued to be in the lower $50,000 and under price band range.

Florida…

Florida’s existing home and condo sales increased in February according to the monthly report from Florida Realtors®. Existing home sales increased 13% last month with a total of 13,701 homes closing statewide when compared to the 12,164 homes that sold in February 2010 with statewide existing condo sales rising 29% compared to the previous year’s sales figures. Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased sales in February with eighteen recording higher condominium sales. The Florida median sales price for an existing home last month was down 2% from one year ago at $121,900.  In Florida’s year on year condo comparison 6,984 units sold statewide last month compared to 5,424 in February 2010 representing a 29% increase. The statewide existing condo median sales price last month stood at $77,300 which was down 14% from February 2010 when the price then recorded as $90,400. The national median existing condo price in January 2011 was $154,900 according to the National Association Of Realtors.