Increased affordability continues to spur sales
The median price of Orlando homes sold in January decreased by 33.06 percent
compared to January 2008 while the area’s average interest rate dropped to
its lowest point since May of 2005, creating market conditions that further
tilt in favor of buyers.
Home sales are up, with members of the Orlando Regional Realtor® Association
involved in the sale of 17.71 percent more homes in January of this year
than January of last year. Osceola County recorded the greatest increase of
sales activity: 120.51 percent.
“Buyers are responding to lower prices and mortgage rates,” says ORRA
President Les Simmonds.
The number of pending sales, considered by housing economists to be a
reliable predicator of future sales activity, continued its upward trend to
3,830. There are 121.25 percent more homes under contract in January 2009
than compared to January 2008.
Homes of all types spent an average of 104 days on the market before being
sold in January 2009, and the average home sold for 92.63 percent of its
listing price.
There are currently 22,613 homes available for purchase through the MLS.
Compared to last year, the January 2009 inventory level is 12.09 percent
lower than it was in January 2008.
Posted: 11 February 2009
Source: Orlando Regional Realtors Association
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