Residential Housing Market – Florida, Orlando MSA and Seminole County
Florida’s housing market mirrored the national trend in 2009 of improving home re-sales. By year’s end, a total of 163,148 homes changed hands statewide for a 31% increase compared to the 124,168 homes sold in 2008, according to the Florida Association of Realtors® (FAR).
However, in 2009 the median price for existing home sales was $142,600 versus $187,700 in December 2008, which represents 32% decrease. In 2002, Florida’s median existing home sale price was $141,200, according to FAR records.
On a more local level Orlando reported a total of 23,994 existing homes sold in 2009, up 44 percent from the area’s 2008 sales activity, when 16,659 homes changed hands. Hereto, the existing-home median sales price declined 39% to $144,500; the year before, it was $201,500.
Based on the most recent data available from Trendgraphics, the inventory of existing single-family homes, townhomes, and condos on the market in the six county area has dropped to 29,606 from a high of 40,522 in January 2009. And based on a sales pace of 3,140 homes in February 2010 this is equivalent to a 9.4± month supply. A six month supply is considered to be stable.
In Seminole County, based on the closed sales of 233 for the most current 30-day period, there is a 10.3 month supply of residential homes currently listed on the market. The average sold price in February 2010 was $218,000 versus $257,000 in 2009 or a 17.9% decrease
In Seminole County, based on the closed sales of 233 for the most current 30-day period, there is a 10.3 month supply of residential homes currently listed on the market. The average sold price in February 2010 was $218,000 versus $257,000 in 2009 or a 17.9% decrease.
In the Winter Springs area, which includes 32708/65/66 zip codes and homes in the $3000,000 to $499,000 price range, based on the closed sales of 13 for the most current 30-day period, there is a 12.5 month supply of single family homes currently listed on the market. The average sold price in February 2010 was $352,000 versus $364,000 in February 2009 or a 3.4% decrease.