Shifting our focus away from southeast Florida for a minute, here's a couple of articles from the Orlando Sentinel - a city in which, generally, the property market seems to be improving.
As prices have come tumbling down in the city, property sales have increased. In a year on year comparison between this February and the same month in 2008, sales are up by 28%. However, for the same period, the median sale price fell by 34.8% to $148,000. This large drop in prices can be mainly attributed to many properties being listed for sale for foreclosure reasons. The number of properties for sale has also decreased to 22,168 featured on the Multiple Listing Service (MLS), down 15% from February 2008, although the figure is still considered large. The average time it takes to sell a property has also decreased to 102 days, down from 123 days from the previous year.
The article concludes that whilst now may be a good time to buy, it is not such a great time to sell. A number of sellers are featured in the article who have had their homes listed for sale for a while and are unable to find buyers.
Another article from the same newspaper explains that property in Orlando is also becoming more affordable for a couple of reasons. Orlando has now fallen below-average on the ACCRA Cost Of Living Index's housing index, and is just above average on the cost of living index.
Furthermore, comapared to median income (at $52,136) which has stayed relatively stable over the last few years, median house prices have come crashing down meaning homes are now more affordable.
Articles:
- Low prices boost home sales in Orlando area (Orlando Sentinel, 11th March 2009)
- Silver lining: Area homes affordable again (Orlando Sentinel, 9th March 2009)
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