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February 11th, 2009 2:12 PM by David W. Welch
The official numbers are out, and I will post the Market Pulse on my Press Release page. Here is a link to Jerry Jackson's article today in the Orlando Sentinel. http://www.orlandosentinel.com/business/orl-bk-home-sales-021109,0,4318443.story
Check back on www.OrlandoSentinel.com under the Business / Real Estate section. I had an opportunity to spend some time on the phone with Jerry this morning speaking about what is going on in the Orlando real estate market. Hopefully, "hint hint" he will work our conversation into his story as he develops it.
Of course, if you have been reading my blog there are no surprises with the numbers. The median price in January was probably the big news dropping to $148,274 which is 33% lower than January of 2008 and about 13% lower than December. You will see fluctuations in this from month to month, and I think that distressed properties and first time buyers pushing to take advantage of the first time buyer tax credit have had a big impact on things lately. This lower median price coupled with the drop in interest rates boosted the affordability index over 165. Just a reminder, that means that the median wage earner makes 65% more than they need to afford the median priced home. The other big number is the increase in sales over last January of nearly 18%. Yes, sales dropped from December, but December of 2008 saw a huge spike in sales. That could have been caused by the tax credit for first time buyers and banks trying to close deals for the end of the quarter and year.
David Welch, Orlando Real Estate