Sales of existing homes within the Orlando metro area in June were down 20.2 percent when compared to June 2010, Orlando Regional Realtor Association revealed on Thursday. Throughout the metro area, 2,990 homes were sold in June 2011 compared with 3,746 in June 2010. To date, sales in the MSA are down 1.46 percent.
For Orange County, alone, sales were 23.2 percent below June 2010, as 1,559 homes were sole in June 2011, compared to 2,031 in the same month one year ago.
In Lake County, sales rose by 2.1 percent in June 2011 and 389 homes sold, compared to 381 in June 2010.
Like Orange County, sales declined in Osceola and Seminole Counties, by 16.2 % and 27.3 percent, respectively. In Osceola 550 homes sold in June 2011 compared to 657 in the same month one year ago, while in Seminole 472 sold compared to 677 in June 2010.
Although the median price of Orlando area “normal” sales ($158,000) is more than 40 percent higher than it was in June 2010 ($112,700), the lower median price of foreclosures and short sales is continuing to negatively influence the over median price at $110,000.
The median price for bank-owned sales in June is $80,310 and the median price for short sales is $99,000.
The overall median price in the Orlando area remains steady at $110,000, with an increase in the percentage of “normal” sales — those that are neither bank-owned nor short sales — contributing to the stable overall median price. In June, the percentage of normal sales increased for the fifth consecutive month and made up 39.83 percent of all transactions involving members of the Orlando
The 2,418 sales transactions that were completed in June 2011 is 20.95 percent less than were completed in June 2010. Bank-owned sales dropped 39.58 percent compared to June 2010, while short sales decreased 14.21 percent and “normal” sales decreased only 0.52 percent.
At the current pace of sales, there is a 4.37-month supply of homes (lowest since December 2005) in Orlando’s inventory. The number of homes available for purchase in the Orlando area declined in June by 410 homes and now rests at 10,559. (Inventory is down 35.24 percent from June of last year; single family home inventory is down 29.99 percent; and condo inventory is down 54.56 percent.)
“Absorption of inventory is a key to price improvement, and this solid gain implies that home values in many neighborhoods are or will soon be stabilizing as inventories get absorbed at a faster pace,” explains ORRA Chairman of the Board of Directors Mike McGraw, McGraw Realty Services, PL.
