News for UK buyers of Orlando property
Median sales prices of existing homes in Orlando increased 3 percent from
June to July, with the number of sales increasing as well, according to a
monthly report by the Orlando Regional Realtor Association.
Even with the upward movement, the median price was 35 percent down from a
year ago, according to the report, which is based on sales of members of the
association. Sales increased 45 percent in July from a year ago.
Association members pointed to a steep increase of pending sales from a year
ago, with 7,713 in July and 3,258 a year earlier.
"Pending sales is an accepted economic indicator of future sales activity,"
said association president Les Simmonds, "but we are seeing a bottleneck in
this category due to the extended length of time it takes to complete
transactions involving bank-owned and distressed homes. Another good
indicator of future market activity is the number of newly filed contracts,
which in July was 3,696 and the most in a single month this year. In July
2008, there were 1,947 newly filed contracts."
The number of homes on the market shrank during the month, with 17,231
houses currently offered for sale - a 600-home decrease in available
inventory from June. Increased sales activity has led inventory
months-of-supply to decline by 63 percent since January.
Posted: 11 August 2009
Source: Orlando Sentinel
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