All About Orlando

Not only is Orlando, Florida a great place to visit it is also a great place to live. Orlando’s housing market for the second month in a row experienced a month-over-month increase in the number of home sales, an increase in the number of pending sales contracts, and a decrease in inventory. These are indicators of a continued good housing market.

The monthly statistical reports released by the Orlando Regional Realtor® Association also revealed an across-the-board, four-month trend indicating decreases in Orange and Seminole counties’ month-to-month sales comparison percentages.

The median sales price of a home in the Orlando area decreased by 4.09 percent, or about $9,000, from $220,000 in March 2008 to $211,000 in April 2008. The median sales price for April 2008 is 12.85 percent, or about $31,100, below that of April 2007, or about $242,100.

The decrease in the median home price to $211,000 means that the area’s affordability index increased in April to 108.81 percent.

For those who may not know, an affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent shy of the income needed to purchase a median-priced home. On the other hand, an affordability index that is over 100 means that median-income earners make more than is needed to qualify for a median-priced home.

The reported median income is currently at $51,563.

The average interest rate in the Orlando, Florida area was 5.77 percent in April 2008, down from 5.94 percent in March and 5.87 in February.

The majority of single-family homes (232) that changed hands in April 2008 were sold in the $200,000 - $250,000 price range. Another 112 homes sold in April for between $250,000 and $300,000. Three hundred thirty-nine homes sold for less than $200,000 in April, and 259 sold for more than $300,000. On the far ends of the scale, 21 homes were sold for $1 million or more while 11 homes sold for less than $50,000.

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Filed under: Real Estate