The Orlando condo market experienced another improved month in existingÂ sales, but declines continuedÂ in home values, according to this month’s report from the Florida Association of Realtors (FAR).
Condo resales in the Orlando area were up 88 percent, from 91 in January 2008 to 171 last month. The median price, however, fell 60 percent, from $157,000 in January 2008 to $62,200 last month.
Florida’s existing condo sales were up nearly 13 percent, from 2,266 sold in January 2008 to 2,556 units sold last month. The median sales price last month was $113,400, a 40 percent drop from January 2008’s $190,200.
At Condo Metropolis we’re seeing a fairly aggressive increase in investor cash sales for bank owned properties – hardly surprising when so much of the inventory is going for fifty cents on the dollar.
For single family home data, head over to our Orlando Real Estate blog.