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May 12th, 2009 10:40 AM by David W. Welch
Here they are, the official Orlando real estate numbers for April 2009 as prepared by the Orlando Regional Realtor Association. There were 1,741 closed sales posted by the end of last month (look for that to be revised up over 1,800 for late filings) with a median sales price of $132,900 (expect that to be revised downward to $130,000). These sales took 104 days to contract compared with 103 in March, so not much change there.
The inventory of home available for sale dropped more than I recall in the last couple of years. It dropped to 20,194 from 21,448 in March. There were 3,715 new listings last month compared with 4,526 in April of 2008 which continues a trend we have been seeing for several months now. At the same time new contracts are going through the roof with 3,412 new contracts written last month compared with 2,012 from the prior April. Total pending contracts continues to climb with 5,818 properties currently under contract.
Last months closings represents better than a 41% increase over April of 2008 while sale so far this year are up more than 42% compare with a year earlier. The median price is around 37% lower than last April. So lower prices and and lower interest rates are teaming up to put our local affordability index up to 194.01. In other words, the median wage earner can almost afford to purchase two median priced homes. We are literally having a two for one sale in Orlando. Even first time home buyer affordability is up to 137.96, and we are seeing first time home buyers taking advantage of these prices, rates and the first time home buyer tax credit.
David Welch, Real Estate Optimist, @RealtyOptimist