Orlando area home sales are continuing to experience an increase in activity. Members of the Orlando Regional REALTOR® Association were involved in the sale of over 28 percent more homes in February of this year than February of last year.
I have been reporting on this trend for many months;
here are just the last 6 months of my posts about the
central Florida real estate market:
In addition, Orlando REALTORS® filed over 58 percent more contracts in February 2009 than in the month of February last year. Pending sales - considered to be a reliable indicator of future sales - continued it's upward trend in February. There are twice as many more homes under contract in February 2009 than compared to February 2008.
"Conditions are aligning very favorably in Orlando for buyers," says ORRA President Les Simmonds, L.G. Simmonds Real Estate Corp. "Local first-time buyers are particularly well positioned as a result of the new $8,000 first-time homebuyer tax credit, record low interest rate, and decreasing median price."
The median price of Orlando real estate sold in February decreased by almost 35 percent to a VERY LOW $145,500 -- compared to last years figures, while the area's average interest rate went down again to 5.25 percent, its lowest point since May of 2005.
The decrease in median price drove the area's affordability index to yet another record high of over 169%. Buyers who earn the reported central Florida median income of $52,000 can qualify to purchase one of almost 12,000 homes in Orange and Seminole counties currently advertized in the regional multiple listing service (MLS) for $246,000 or less. The current HOT selling price of homes is $200,000 to $250,000... do you wonder why?
Here is my post about that topic: Central Florida Real Estate Happenings..... How many homes are in the most popular price range? (Authored 12/03/08)
The amount of time central Florida real estate has been on the market has gone down also, from 123 days last month to just over 100 days currently. That means if you want to purchase a home and THE HOME YOU WANT is on the market, it will take an average of just over three months for it to be snatched up by someone else.
There are currently 22,168 homes available for purchase through the MLS. There are 445 LESS homes this month for sale in central Florida than last month. The market is starting to heat up.
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Alex I'll be really happy when the price trends upward. Things have moved more in my area the past 3 months, but prices have continuted to fall. I hope the bottom is close.