Orlando Real Estate News

Orlando Business Journal

The Orlando market continued to see a steady increase in existing home and condo sales in May, but steadily declining values, said the Florida Association of Realtors.

Single-family home resales totaled 1,949 last month in the Orlando metropolitan statistical area, a nearly 31 percent increase from the 1,489 that sold in the same month a year prior. But the median home price fell 34 percent, from $215,500 in May of last year to $142,400 in May of this year.

For the Daytona Beach MSA, existing home sales totaled 653 last month, a 7.6 percent jump from May 2008's 607. The median home price fell nearly 22 percent, from $174,100 in May 2008 to $136,100 in May 2009.

Orlando MSA existing condominium sales more than tripled in May, from 154 last year to 472 this year. But the median home price was only $49,600 last month, down 60 percent from May 2008's $124,800.

Condo resales in the Daytona Beach MSA were up 67 percent, from 83 in May 2008 to 139 last month. However, the median home price fell to $191,300, a nearly 21 percent drop from the $241,700 reported in May 2008.

Florida's existing home sales rose in May for the ninth month in a row, the association reported.

Existing home sales in the Sunshine State rose 15.6 percent last month, from 12,044 homes sold in May 2008 to 13,921 closings last month. The statewide median price for existing homes last month was $144,400, 29 percent down from May 2008's $203,800. But the statewide median home price in May was higher than each of the previous four months.

In Florida's year-to-year comparison for condo resales, 4,839 units sold last month, a 21 percent jump from the 3,998 units sold in May 2008. The existing condo median price was down 37.6 percent in May, from $181,700 last year to $113,400 this year.

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