The median price of a home purchased in Orlando in June of this year increased to $253,000, a 1.61 percent increase over June 2006’s median price of $249,000. (Last month, the median price rose to $250,000 after experiencing a drop in April to $242,100.) In addition the latest data revealed that inventory growth slowed from 1,028 in May to 460 in June.The number of sales in the Orlando area declined by 49.63 percent in June 2007 when compared to June of last year (1,431 to 2,841). The number of sales that took place in June 2007 also declined over the number of sales that occurred in May 2007 (1,745).
Year-to-date sales for 2007 (9,495 through June) are down by 37.59 percent over the same period in 2006 (15,214). The Orlando Housing Affordability Index and the First-time Homebuyers Affordability Index both dipped in June: the prior from 89.0 percent in May to 83.8 percent in Juneand the latter from 63.3 percent in May to 59.6 percent. An affordability index of 83.8 percent means that buyers earning the state-reported median income are 16.2 percent short of the income necessary to purchase a median-priced home.
The area’s average interest rate of 6.40 percent, a tick above last month’s rate of 5.94 percent, is nearly identical to the June 2006 average interest rate of 6.45 percent
The inventory of homes available for purchase through the MLS increased by just 460 homes in June 2007 (compared to a 1,028 increase in May) to a total of 25,923, which equates to a 40.6 percent increase over June 2006’s number of 18,437. The inventory level reflects a 18.12-month supply at the current pace of sales.
There are 4,398 condos in the multiple listing service, the majority of which (826) fall into the $200,000 – $250,000 price range. The inventory tally for duplexes, townhomes, and villas sits at 2,233; most (595) are also priced between $200,000 and $250,000.
Homes of all types spent an average of 97 days on the market before being sold; and the average home sold for 94.97 percent of its original asking price.
Condos and Townhomes/Duplexes/Villas
The sales of condos in the Orlando area declined by 68 percent in June; a total of 161 condos changed hands in June 2007 compared to 509 in June 2006. In a month-to-month comparison, June 2007 condo sales decreased from May 2007 (161 to 189). Most condos (34) that changed hands in June 2007 were sold for between $140,000 and $160,000. Year-to-date condo sales are down by 55 percent (1,308 condos have been sold so far in 2007 compared to 2,885 by this time last year).
Orlando homebuyers purchased 108 duplexes, townhomes, and villas in June 2007, which is a 53 percent decline over June 2006 when 232 of these alternative housing types were purchased. Duplex, townhome, and villa sales in June 2007 were nearly equal to that in May 2007 (154). The majority (35) of duplexes, townhomes, and villas sold in June 2007 cost between $200,000 and $250,000.
Sales of existing homes within the Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in June were down by 49.4 percent when compared to June of last year. Throughout the entire MSA, 1,728 homes were sold in June 2007 compared with 3,417 in June 2006. To date, 11,361 homes have been sold this year while 18,592 homes had been sold as of this time last year (a 38.9 percent decline).
Seminole County’s June 2007 sales dropped 43.1 percent below that of June 2006 (407 to 715), while Orange County fell 50.8 percent (828 to 1,684). Lake County saw a 44.5 percent decline in the number of sales in June 2007 compared to June 2006 (263 to 474), and Osceola County experienced a 57.7 percent drop (230 to 544).
Each county’s year-to-date sales percentages are currently as follows:
Lake: 34.0 percent below 2006 (1,711 homes sold in 2007 compared to 2,591 in 2006);
Orange: 39.6 percent below 2006 (5,696 homes sold in 2007 compared to 9,425 in 2006);
Osceola: 46.3 percent below 2006 (1,546 homes sold in 2007 compared to 2,879 in 2006); and
Seminole: 34.9 percent below 2006 (2,408 homes sold in 2007 compared to 3,697 in 2006).