IgnoreÂ the statsÂ that were announced on the news today. National averaged statistics aren’t veryÂ relevant after all, unless you’re planning on buying up the entire country. Real estate is strictly a local business. SoÂ if you’re planning on buyingÂ in Orlando, then it’s Orlando data that really matters. And if it’s an Orlando condo you’re after, then Orlando condo data is all that really matters.Â So here goes…
There’s no doubt that most investorsÂ now believe that the bottom of the condo market has arrived with Orlando condo sales in 2009 more than triple the sales closed in 2008 (data from theÂ Orlando Regional Realtor Association and theÂ Florida Association of Realtors).
Realtors were responsibleÂ forÂ the sale of 5,558Â condo unitsÂ in the Orlando metropolitan statistical area, compared with just 1,667 units sold in all of 2008. Increased sales are largely attributed to theÂ reduced purchase pricesÂ with an average condo priceÂ of just $52,900 in 2009. Most of these were Orlando short sales or bank owned foreclosures (REO’s)
Again, contrary to the national picture, most of Florida’s large towns reported sales upÂ for all of 2009 – at this point forÂ 18 months straight in fact.
Condo resales in the entireÂ state of FloridaÂ were alsoÂ up nearly 47%, from 38,095 in 2008 to 55,985 in 2009. The median price of an existing condo fell to $108,000, 34% down from 2008â€™s $164,200.