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November 12th, 2008 1:06 PM by David W. Welch
The official numbers are finally out. They have not hit the paper yet, but they should show up later today at www.OrlandoSentinel.com. Right now here is how they break down. While sales in October were down compared to September they were 10% higher than October 2007. This year's closed sales were 1,199 compared to last year's 1,090. The flip side of that is the price which are down month over month from $182,000 in September to $178,000 in October. That is a big 24% lower than October 2007's median of $235,000. In case you need help with the math that is an improvement of $57,000. On a 30 year mortgage at 6% interest that is a monthly savings of just over $340.00.
The number of pending sales continues to climb with 3,316 properties under contract compared to 1,923 a year ago. Homes still took on average 111 days to sell with the sale prices coming in an average 93% of the list price. The affodability index did go down slightly overall and for first time buyers because the average interest rate went up slightly. The inventory of homes available for sale declined very slightly to 24,657 which is 33 fewer than September.
David Welch, Orlando Real Estate Blog