Orlando Real Estate -

Florida Short Term Rental Figures March 2009

April 1st, 2009 8:55 AM by Karyn Smith

At the end of March 3080 homes record as listed For Sale across the short term rental

communities. This figure remains little changed from the February figure of 3097.

During March 138 homes sold representing 4.4% of the total available inventory. The

average days on market that a home currently takes to sell fell to 174 which was a

reduction of 5 days when compared to last month’s figure of 179. The average asking

price/sales price percentage ratio achieved across all communities records as 93.80%

against last month’s figure of 94.00%. During March a total of 188 homes withdrew

or expired from the market having failed to achieve a sale. As future sales indicator

the number of homes showing as pending/under contract increased to 535 against the

February figure of 462. At the March sales pace the current total inventory level

represents a 22.3 month supply of available homes.


According to Local Realtor Board figures Association members sold 1,219 resale

homes last month against the 951 sold in the same month a year prior. Orlando

Realtors also reported a total of 4,348 homes under contract/pending in February

which was nearly double the 2,175 recorded in February 2008. The median price of

homes sold in February fell 34.8% from $223,150 a year ago to $145,500 this year.

Sales of existing homes in the Orlando metropolitan area which incorporates Lake,

Orange, Osceola, and Seminole counties increased by 29% last month from 1,176 in

2008 to 1,519 this year. Condo resale’s the association members reported totaled 195

in February which was a 71% increase from the 114 sold in February 2008. Across all

home styles the average days on market records as 102 with the average home selling

for 93% of its listing price which was up slightly from January figure of 92.6%.

Despite federal government efforts to reduce the rate of foreclosures, the number of

homes in some stage of the foreclosure process in Metro Orlando continued to rise

last month. The four county Metro Orlando area had 7,690 homes with a foreclosure

filing notice which was double the February 2008 recorded figure according to a

report released by RealtyTrac Inc during the month.


Resale activity of single-family homes rose 20% last month across the State with a

total of 9,858 homes selling, compared with the 8,181 homes that sold in February

2008, according to the Florida Association of Realtors' monthly report. Condominium

sales rose 15% from a year earlier. These latest figures showed that February's

statewide sales were up from January's figures for both single-family homes (16.7%)

and condominiums (25.1%).

Thirteen of Florida's metropolitan statistical areas (MSAs) reported increased

existing-home sales in February compared with a year earlier, while 11 MSAs also

showed gains in condominium sales. Florida's median sales price for single-family

homes last month was $141,900 which was down 29% from the $199,300 figure

recorded a year ago. The median sales price for condominiums was $109,300 which

was down 37% from February 2008.

U.S …

Sales of resale homes increased unexpectedly in February by the largest amount in

nearly six years as many first-time buyers took advantage of price discounts related to

foreclosure and distressed property sales. The National Association of Realtors

reported during the month that sales of existing homes grew 5.1% to an annual rate of

4.72 million last month, from 4.49 million units in January. Geographically, sales rose

9.7% in the South from a month earlier, and 6.6% in the West. Sales fell 9.1% in the

Midwest and 3.3% in the Northeast.

Numbers ...

March 31st 1 G.B.P…Buys 1.430 U.S.D

1 Euro......Buys 1.319 U.S.D

U.S Prime Interest Rate = 0.25%

Posted in:General
Posted by Karyn Smith on April 1st, 2009 8:55 AM


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