Home sales in Orlando in July increased by 3.83 percent to 2,387 homes, over the July 2009 mark of 2,299, the Orlando Regional Realtor Association reported. To date, Orlando area home sales are up 39.54 percent, year-to-date, compared to 2009.
New contracts file in July 2010 were 3,793, representing an increase of 2.62 percent more than were filed in July 2009 (3,696). The area’s pending sales statistics, an indicator of future sales activity, is remaining at a record high with 18.41 percent more homes (9,133) under contract and awaiting closing in July of this year compared to July one year ago when the figure was 9,713.
The median price of all existing home sales combined dropped by 17.37 percent in July to $109,900 from the $133,000 recorded in July one year ago. July 2010’s median price is a decrease of 4.43 percent compared to June 2010’s median of $115,000.
The median price for “normal” sales is $179,138 (up 4.15 percent from last month’s $172,000). The median price for bank-owned sales is $73,999 (down 4.52 percent from last month’s $77,500), and the median price for short sales is $115,000 (steady from last month’s $115,000).
Distressed properties which account for close to 70 percent of sales in July, continue to put downward pressure on median prices as they generally sell at a discount relative to normal home sales, said the Orlando Regional Realtor Association.
Of the 2,387 sales in July, 740 “normal” sales accounted for 31.00 percent of all sales, while 1,133 bank-owned and 514 short sales made up 69.00 percent.
Homes of all types spent an average of 85 days on the market before coming under contract in July 2010, and the average home sold for 94.89 percent of its listing price. In July 2009 those numbers were 101 and 94.04 percent, respectively. The area’s average interest rate decreased in July to 4.67 percent.
There are currently 16,563 homes available for purchase through the MLS. Inventory increased by 259 homes from June 2010, which means that 259 more homes entered the market than left the market. The July 2010 inventory level is 3.88 percent lower than it was in July 2009 (17,231). The current pace of sales translates into 6.94 months of supply; July 2009 recorded 7.49 months of supply.
There are 12,708 single-family homes currently listed in the MLS, a number that is 185 (1.48 percent) more than in July of last year. Condos currently make up 2,457 offerings in the MLS, while duplexes/town homes/villas make up the remaining 1,398.
Condo sales in the Orlando area increased by 35.6 percent in July when compared to July 2009 and decreased by 16.2 percent compared to June 2010. Year-to-date, condo sales are up 78.2 percent (3,921 condos sold to date in 2010, compared to 2,201 by this time in 2009).
Orlando homebuyers purchased 232 duplexes, town homes, and villas in July 2010, which is a 27.47 percent increase from July 2009 when 182 of these alternative housing types were purchased.
Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in July were down by 5.94 percent when compared to July of 2009. Throughout the MSA, 2,770 homes were sold in July 2010 compared with 2,945 in July 2009.
To date, sales throughout the MSA are 31.72 percent above this time in 2009 with 20,978 homes exchanging hands compared to 15,926. Each individual county’s year-to-date sales comparisons are as follows:
- Lake: 16.41 percent above 2009 (2,589 homes sold to date in 2010 compared to 2,224 in 2009);
- Orange: 35.19 percent above 2009 (11,361 homes sold to date in 2010 compared to 8,404 in 2009);
- Osceola: 18.52 percent above 2009 (3,609 homes sold to date in 2010 compared to 3,045 in 2009); and
- Seminole: 51.75 percent above 2009 (3,419 sold to date in 2010 compared to 2,253 in 2009).
