The Florida Association of Realtors released sales statistics for condos in Florida recently and sales are down 37% from a year ago. In September 2006, 4,032 condos sold and September 2007 saw only 2,557 sales with a median price of $194,200. The decline in the number of sales for condos is about the same as the decline for single family homes which has declined 38%.
On the other hand, the decline of condo sales is much worse in Orlando. Sales of condos are down 63% from a year ago with only 107 sales taking place in October 2007 as opposed to 291 sales a year ago. The majority of the condos sold in Orlando in October were priced between $140,000 to $160,000.
Here in SW Orlando, there’s no condos for that low of a price so many are remaining on the market. There’s just an oversupply of condos and prices will need to come down to make it attractive enough for buyers to absorb the excess supply.