Orlando Florida Real Estate Resource

Orlando Florida Real Estate Market Update -March 2008

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According to the Orlando Regional Realtor Association, Orlando’s monthly housing sales increased in March, as the median price dropped. Orlando Florida real estate experienced an increase in the number of home sales, an increase in the number of homes under contrace and a decrease in it’s housing inventory for sale.  These are all small, but much anticipated steps toward market equilibrium.  

The monthly statistical reports released by the Orlando Regional Realtor® Association revealed some additional interesting tidbits for the month of March:

• the sales of homes costing upwards of $1 million more than doubled in March compared to last month;
• the sales of duplexes, town homes, and villas have increased in each of the last three months; and
• the majority of condos sold have fallen into lower and lower price categories for each of the last three months.

The median sales price of a single-family home in the Orlando area decreased by 1.35 percent ($3,000) from $223,000 in February 2008 to $220,000 in March 2008. The median sales price for March 2008 is 8.33 percent below that of March 2007 ($240,000).

The decrease in the median home price to $220,000 means that the area’s affordability index increased in March to 102.35 percent. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $51,506 can qualify to purchase one of 10,980 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $225,170 or less.

The first time homebuyer affordability index held steady in March, at 72.78.

The number of sales in the Orlando area declined by 39.29 percent in March 2008 compared to March of last year (1,080 to 1,779), but the number of sales that took place in March 2008 increased by 13.56 percent compared to the number of sales that occurred in February 2008 (951).

There are currently 2,398 homes in the MLS with pending sales contracts (an indicator of future sales activity), up from 1,731 in January and 2,175 in February. The number of homes newly under contract increased by 142 in March, and the increase from January to February was 298.

The area’s average interest rate was 5.94 percent in March 2008, up from 5.87 percent in February but down from 2007’s high of 6.60 percent in August.

Homes of all types spent an average of 130 days on the market before being sold in March 2008; the average home sold for 93.53 percent of its original asking price. In March 2007 those numbers were 90 and 95.87 percent, respectively.

The majority of single-family homes (223) that changed hands in March 2008 were sold for between $200,000 and $250,000. Another 129 homes sold in March for between $250,000 and $300,000. Two hundred eighty-four homes sold for less than $200,000 in March, and 260 sold for more than $300,000. On the far ends of the scale, 31 homes were sold for $1 million or more (double the number sold in February) while only 10 homes sold for less than $50,000.

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Orlando Florida Real Estate Resource 

Orlando Florida Luxury Real Estate - Winter Park, The Trovillian Condos

Welcome to a new standard of excellence in Orlando Florida luxury real estate. Nestled in Orlando's elite suburb of Winter Park, Florida, The Trovillion provides residents uncompromising taste and expectations in an ultimate luxury condo.

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Orlando Florida City Overview

As of 2007, Orlando's population was 220,186 people. Since 2000, it has had a population growth of 18.41 percent.

The median home cost in Orlando is $272,500. Home appreciation the last year has been -2.31 percent.

Compared to the rest of the country, Orlando's cost of living is 6.00% Lower than the U.S. average.

Orlando public schools spend $5,311 per student. The average school expenditure in the U.S. is $6,058. There are about 17 students per teacher in Orlando.

The unemployment rate in Orlando is 2.90 percent(U.S. avg. is 4.60%). Recent job growth is Positive. Orlando jobs have Increased by 2.78 percent.

Looking for specific information regarding area prices and communities?    Get Your Free Market Snapshot.

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Orlando Florida Income & Home Prices 

Median Household Income: $35,732
State Average: $38,819

Median Family Income: $40,648
State Average: $45,625  

Per-Capita Income: $21,216
State Average: $21,557  

Median Value of Owner-Occupied Housing Units: $103,200
State Average: $105,500  

Median Price Asked for Housing Units: $94,900
State Average: $92,200

Source: 2000 Census

 Looking for specific information regarding area prices and communities?    Get Your Free Market Snapshot.

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Orlando Florida Real Estate Market Update - February 2008

Below, you'll find a complete market update of all greater Orlando communities.  You can also view specific Orlando Florida real estate market info for Lake Mary, Longwood, Sanford, Casselberry, Winter Springs, Oviedo, East Orlando, Downtown Orlando, Winter Park, Apopka, and Maitland.  Just click on the specific Orlando community in the left hand navigation menu and you will find the Orlando MLS info for the specific area.  This information is pulled from the Orlando MLS and updated for you monthly.  We also provide you the ability to receive automatic updates on homes for sale from the Orlando MLS by email. 

Orlando Florida Year Over Year Real Estate Market Comparison

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