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Overseas Property News
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Orlando property sales up
Country: United States
12 March 2009 The volume of Orlando properties sold in February rose by 28% in February, but average values fell 34.8%, according to the Orlando Regional Realtor Association. Association members sold 1,219 homes last month, up from 951 sold in February 2009. Orlando Realtors also reported that 4,348 homes went under offer in February, compared to 2,175 pending sales in February 2008. But the average price of a property in Orlando sold in February fell 34.8%, from $223,150 (£162,370) last year to $145,500 (£108,880) this year. However, continued falling prices improved the Orlando area’s affordability index to a record high of 169.17%. An affordability index of over 100 means buyers earning the average state income of $52,193 (£37,970) can qualify for an average priced home.
Sales of existing homes in the Orlando metropolitan statistical area — Lake, Orange, Osceola, and Seminole counties — last month rose 29%, from 1,176 in 2008 to 1,519 this year. Local housebuilders reported 122 new-home sales for the month of February, with a median price of $234,950 (£170,960). A total of 154 single-family homes, the most in that category, sold in February 2009. Condos resales by association members totalled 195 in February, a 71% jump from the 114 sold in February 2008. Duplex, townhome and villa resales totalled 102 last month, up 29% from February 2008’s 79. A total of 22,168 homes were listed for sale in February. All homes spent an average of 102 days on the market before selling in February 2009, and the average home sold for 93% of its listing price, up slightly from January 2009’s 92.6% and February 2008’s 92.9%.
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