Orlando Real Estate

Cheaper than dirt. Orlando Real Estate Statistics for March 2009

April 13th, 2009 2:06 PM by David W. Welch

Affordability in Orlando real estate hit an all time high in March. The affordability index listed in the official numbers for March climbed to 192. That means the median wage earner can almost afford to purchase two median priced homes. The median priced dropped to $137,000 which is over 37% less than last March. The average interest rate hit a low at 4.67% which combined with the lower median price lead to the record affordability index.

The lower prices and lower interest rates also lead to huge sales numbers. Officially 1,653 homes changed hands. That is up over 47% compared to March of 2008 when 1,120 homes sold. There was an even bigger jump in contracts written in March 2,956 properties going pending compared to 1,679 last year. That is a huge 76% increase in contracts written. The slow down in closing foreclosed and distressed properties is showing up in the total number of properties under contract. Right now there are 4,906 homes with contracts on them which is more than double the 2,398 of last March.

For the first time the Orlando Regional Realtor Association numbers include a breakdown of foreclosed, other distressed and market sales. The official numbers have just over 49% of the sales as either foreclosed 700 or distressed 111. The median price of the bank owned properties was only $95,000 while the distressed properties median price came in at $143,500 and normal market sales median price was $174,995. This drastically shows the impact that short sales and foreclosures are having on our market place. The time on market for the homes that sold last month also dropped to 104 days as did the total inventory of homes for sale. The active inventory dropped by 720 homes to 21,448 which is down almost 16% from last years 25,472 representing a 12.98 month supply of homes for sale. The month's supply has dropped more than 39% so far in 2009.

David Welch, Real Estate Optimist, Follow me on Twitter

Posted in:General
Posted by David W. Welch on April 13th, 2009 2:06 PM

Drop The Rent!!! At HometownRenter.com we understand that you want to get the highest rent for your property. Our advice to owners is to make sure to stay competative in the market. A property not rented in most cases is another mortgage payment paid. If the property is worth $1,000 a month but everyone in the community is at $1,000 a month, the chances of you renting your place are very slim. If you drop it to $950 you will be able to rent your place fast and not miss another month. Well qualified applicants are aware they are a hot commodity in this era of tarnished credit and lost jobs. They are shopping their well qualified applications out to the large inventory of investment property on the market. How do you attract them? Drop the rent! Gimmicks do not work–these people have worked hard to keep their credit scores up, their incomes stable and their rental history in tact. Drop the rent…it really is that simple! Prompt placement of a qualified applicant immediately stops the bleeding of lost rents, continued advertisemement expenses and the real possibility of a break in or vandalism. You may not receive top market rent–but you will see regular income that you can count on. Find your best tenants and rental properties for FREE at HometownRenter.com. Your local and national rental site.
Posted by Gerwin on April 15th, 2009 8:47 AM


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