For those that like the hard numbers and still think we’re far from bottom, consider the following indicators:
The sales of Orlando condos increased by 239.47% in November when compared to November 2009, and decreased by 10.21% compared to last month (normal for the holiday period). A total of 387 condos sold in November of this year compared to 114 in November 2008. To date 3,906 condos have sold this year, a 200.69% increase over last year’s 1,299.
The most condos in a single price category that sold were yet again around the $50,000 price range – 95% cash deals; condos selling for less than $50,000 make up 48.87 percent of all condo sales this year. Only six condos sold for more than $250,000 in November.
Orlando homebuyers purchased 224 duplexes, town homes, and villas in November 2009, which is a 135.79% increase from November 2008 when 95 of these housing types were purchased; year-to-date sales for these home types are up 64.13%. The majority of duplexes, town homes, and villas sold in November 2009 fell into the $100,000 – $120,000 category. Sixteen duplexes, town homes, and villas sold for less than $50,000 in November, which brings the total number of those sold for less than $50,000 this year to 173.
MLS data show a rapid decrease in Orlando condo inventory and a continued seller’s market with multiple cash offers on most condos under $60K.
The Orlando Market In General: Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001. The Pending Home Sales Index increased 3.7% to 114.1 from 110.0 in September, and is 31.8% above October 2008. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.
For more info and to find Orlando condo foreclosure dealsÂ contact Condo Metropolis on 407-290-3408.