Orlando housing market continues to record sales gains

(August 10, 2010 – Orlando, FL) Members of the Orlando Regional REALTOR® Association reported completed sales on 2,387 homes in July, which is a 3.83 percent increase over the July 2009 mark of 2,299. To date, Orlando area home sales are up 39.54 percent over this time in 2009.“Conditions have become more balanced in Orlando, which is good for both buyers and sellers. However, consumers find it even more challenging to navigate the transaction process, especially for distressed properties, which only underscores the value REALTORS® bring to buyers and sellers in this market.”

The number of new contracts filed in July 2010 (3,793) represents an increase of 2.62 percent more than were filed in July 2009 (3,696). The area’s pending sales statistic — also an indicator of future sales activity – is likewise remaining at a record high with 18.41 percent more homes (9,133) under contract and awaiting closing in July of this year than in July of last year (7,713).

The median price of all existing homes combined sold in July 2010 decreased 17.37 percent to $109,900 from the $133,000 recorded in July 2009. July 2010’s median price is a decrease of 4.43 percent compared to June 2010’s median of $115,000.The median price for “normal” sales is $179,138 (up 4.15 percent from last month’s $172,000). The median price for bank-owned sales is $73,999 (down 4.52 percent from last month’s $77,500), and the median price for short sales is $115,000 (steady from last month’s $115,000).

Homes of all types spent an average of 85 days on the market before coming under contract in July 2010, and the average home sold for 94.89 percent of its listing price. In July 2009 those numbers were 101 and 94.04 percent, respectively. The area’s average interest rate decreased in July to 4.67 percent.