The month of November saw a decline in the number of home sales in Orlando, although the average home price remained consistent from October to November, with the average home being priced at $235,000. Last year during the same time, the average home was priced at $250,000.
According to the Orlando Regional Realtor Association, home sales for November were nearly half of what they were one year ago. The number of home sales last year was 1,840, compared to 963 this year. In fact, home sales for the entire year are down. Year-to-date sales this year are 15,602 with 25,614 being the total number for the year before. The sale of condominiums also saw a decline. Last year the number of condos sold was 323. This November saw that number drop significantly to 104.
These numbers are no surprise considered that the affordability index has been boosted nearly nine percent. This translates into the fact that an individual making the average income is still 6.1 percent short of buying a home that’s priced in the average range.
With the numbers what they are, it’s clear Orlando is continuing its downturn in the housing market. Orange County has had a drop that is close to 51 percent. Seminole and Osceola County have gone down almost 47 percent and Lake County has dropped close to 40 percent.
These numbers clearly reflect that we are still experiencing a buyers market. While this is great news for home buyers, sellers need to understand these market conditions and act accordingly.
