Orlando’s existing home sales rose by 8 percent in March, although existing condo sales fell, according to the latest housing data released by Florida Realtors on Wednesday. A total of 2,683 homes were sold in Orlando compared to 2,489 homes sold in March 2010, according to Florida Realtors. Sale prices of homes, however, declined by 8 percent compared to the year-ago sales figure.
Orlando median sales price for existing homes last month was $121,000; a year ago, it was $132,200 for a 8 percent decrease.
In Orlando, 713 condos were sold in March 2010, compared to 790 one year ago, a decline of 10 percent. The median sale price of condos was $54,100, up 9 percent when it stood at $49,700, in March 2010.
Statewide, existing home and existing condo sales rose in March. Existing home sales increased 12 percent last month with a total of 18,522 homes sold statewide compared to 16,540 homes sold in March 2010.
Florida’s median sales price for existing homes last month was $126,300; a year ago, it was $136,000 for an 7 percent decrease. Analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.
In Florida’s year-to-year comparison for condos, 9,703 units sold statewide last month compared to 7,830 units in March 2010 for an increase of 24 percent. The statewide existing condo median sales price last month was $84,300; in March 2010 it was $94,800 for an 11 percent decrease.
According to NAR’s latest industry outlook, a strengthening economy will continue to bolster the housing market’s slow recovery. “Housing affordability conditions have been at record levels and the economy has been improving, but home sales are being constrained by unnecessarily tight credit,” said NAR Chief Economist Lawrence Yun, in a statement.
