So you want to know what the real estate market looks like. Well the numbers are now available.
Inventory increases as sellers who waited out the holidays place their homes on the market
The multi-month decline in the number of homes available for purchase in the Orlando area reversed its trend in January, when 1,426 homes were added to the inventory. January historically sees an upward spike in inventory as a result of owners who hold out until after the holidays to put their homes on the market, explains the Orlando Regional Realtor Association.
The median sales price of a single-family home in the Orlando area in January 2008 dropped in one month by 1.22 percent ($2,750), from $225,000 in December 2007 to $222,250. The median sales price for January 2008 is 11.06 percent below that of January 2007 ($249,900).
The decrease in the median home price to $222,250 means that the area’s affordability index continues to improve – in January 2008 the index jumped again, to 104.9 percent. (An affordability index of 99 percent means that buyers earning the state-reported median income are 1 percent short of the income necessary to purchase a median-priced home. Conversely, an affordability index that is over 100 means that median-income earners make more than is necessary to qualify for a median-priced home.) Buyers who earn the reported median income of $51,392 can qualify to purchase one of 7,713 homes in Orange and Seminole counties currently listed in the local multiple listing service (MLS) for $233,140 or less.
The first time homebuyer affordability index climbed in January as well, to 74.6.
The number of sales in the Orlando area declined by 48.54 percent in January 2008 compared to January of last year (756 to 1,469), and the number of sales that took place in January 2008 also decreased over the number of sales that occurred in December 2007 (1,076). The number of homes under contract increased from December to January by more than 200.
Homes of all types spent an average of 120 days on the market before being sold in January 2008; the average home sold for 94.21 percent of its original asking price. In December those numbers were 113 and 92.75 percent, respectively.
The majority of single-family homes (142) that changed hands in January 2008 were sold for between $200,000 and $250,000. Another 85 homes sold in January for between $250,000 and $300,000. Two hundred sixteen homes sold for less than $200,000 in January, and 186 sold for more than $300,000. On the far ends of the scale, 18 homes were sold for $1 million or more while only four homes sold for less than $50,000.
Inventory
There are currently 25,724 homes available for purchase through the MLS. Inventory increased by 1,426 homes in January 2008, which means that 1,426 more homes entered the market than left the market. During the holidays, inventory had remained steady and even dropped by as much as 1,874 homes in one month (December). Compared to last year, the January 2008 inventory level (25,724) is 21.00 percent higher than it was in January 2007 (21,266).
The inventory level reflects a 34.03-month supply at the current pace of sales.





Heather Joubran, GRI, NRBA, CLHMS, CDPE
RE/MAX Central Realty
www.HeatherTheRealtor.com (407) 810-6304
Specializing in First Time Home Buyers, Short Sales, Bank Owned Real Estate, REO & Foreclosure Properties
Servicing Real Estate Needs in: Lake Mary, Longwood, Winter Springs, Sanford, Altamonte Springs, Oviedo, Orlando, Downtown Orlando, Thornton Park, College Park, Winter Park, Maitland, Windermere, UCF, Lake Nona, Baldwin Park, Apopka, Ocoee & Winter Garden