Hojin's SW Orlando Real Estate Scoop

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FAR Reports Drastic Declines in Home and Condo Sales in November 2007

January 2nd, 2008 · No Comments

The Florida Association of Realtors reports that the Orlando housing market experienced a 35 percent decline in November single family home sales and condo sales declined by 55 percent when compared to October. 1,108 existing single-family homes sold last month, compared to 1,705 sold in November 2006. The median home sale price of single family homes dropped by 9 percent, from $263,600 in November a year ago to $239,000 in November of this year.

At the same time, November condo sales totaled only 125 which is a decline of 55 percent from the 276 sold in the previous month. Median prices on condos fell 18 percent in the last year from $171,800 in November 2006 to $140,600 in November 2007. Statewide, sales of existing single-family homes totaled 8,106 last month, down 30 percent from the 11,609 homes sold in November 2006. Florida’s median sales price for existing single-family homes last month was $215,800, 10 percent less than $239,800 recorded in November 2006. Condo sales in Florida dropped by 29 percent last month. 2,375 sold statewide last month while 3,356 sold in the same month last year.

December typically is a slow time of the year for real estate in Florida so a decline is not surprising although it’s not so large every year. The most active time for real estate searches on the internet according to Yahoo is January and things typically pick up about a week after the year. The statistics should improve, at least momentarily when the stats come out for January. If they don’t then we’re really in a bad market and a recovery will not take place at least in the first half of 2008.

Tags: Market Statistics