The Orlando Regional Realtor Association just released the market udpates with the November numbers. Things are holding pretty steady in Central Florida except prices. The median sales price dropped to $167,025, which increases the first time homebuyer affordability index to 96%! This is great news for Orlando residents. There are now over 6000 homes for sale that would work for the average first time home buyer.
Inventory has continued to drop and is at this year’s low with 24,408 homes on the market. Home sales peaked in the summer months at almost 1,500 and dropped a little over the last few months. November sales were 1,076. The slight drop may be due to the possiblity of interest rates near 4.5% in the beginning of 2009. The good news is that pending sales have held steady over 3,000 since May of this year. This is an indicator of sales to come.