It’s Condos All The Way For Orlando…

Ignore the stats that were announced on the news today. National averaged statistics aren’t very relevant after all, unless you’re planning on buying up the entire country. Real estate is strictly a local business. So if you’re planning on buying 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. So here goes…

There’s no doubt that most investors 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 the Orlando Regional Realtor Association and the Florida Association of Realtors).

Realtors were responsible for the sale of 5,558 condo units in the Orlando metropolitan statistical area, compared with just 1,667 units sold in all of 2008. Increased sales are largely attributed to the reduced purchase prices with an average condo price 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 up for all of 2009 – at this point for 18 months straight in fact.

Condo resales in the entire state of Florida were also 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 2008’s $164,200.

For more information on buying or selling an Orlando condo, contact Condo Metropolis on: 407-290-3408. For downtown Orlando see our Downtown Orlando Condo site.

1 Comment

  1. Thanks for the 2009 summary info for Orlando condo pricing. It certainly was a difficult year. Perhaps prices will stabilize as inventories are drawn down to more manageable levels.

Leave a Reply

Your email address will not be published. Required fields are marked *