Orlando a buyer’s market for real estate

Although the Orlando market has a considerable backlog of new homes yet to be sold and occupied, the low price of existing homes is helping boost the figures for existing home and condo sales in Orlando’s four county metro area (Orange, Seminole, Osceola and Lake counties).

According a recent report by the Florida Association of Realtors, there has been a 38 percent increase statewide in existing home and condo sales in April 2009 as compared to the figures from April 2008. Prices in the four-county Orlando metro area fell by 34 percent in April from a year earlier, compared with a statewide decrease of 31 percent.

According to a recent article in the Orlando Sentinel, Orlando area home resale prices dropped to $141,800 in April 2009 compared to $215,700 in April 2008. In the condo market, the median price in Metro Orlando was $52,700 in April 2009 -- less than half the statewide median of $106,900. In April 2008, condo prices in the Orlando area were $120,800. Many of the Orlando’s condominiums are located within minutes of the local attractions, such as the Walt Disney World resort, as well as the downtown area.

For more information contact Greg Volan at the Southern Realty Group.