Condo Inventory Still Dropping in Orlando

While naysayers insist that further house price declines may still be on the horizon, investors in Orlando are voting with their pocket books in droves.

There are currently 15,911 homes available for purchase through the MLS. The January 2010 inventory level is nearly 30% percent lower than it was in January of 2009 (n=22,613). The current pace of sales translates into 9.13 months of supply; January 2009 recorded 21.54 months of supply.

There are 11,756 single-family homes currently listed in the MLS, a number that is 4,647 (28.33 percent) less than in January of last year. Condos currently make up 2,802 offerings in the MLS, while duplexes/town homes/villas make up the remaining 1,353.

Condos, Town Homes and Villas

The sales of condos in the Orlando area increased by 168.03 percent in January when compared to January of last year. A total of 394 Orlando condos changed hands in January of this year compared to 147 in January 2009.

The most (217) condos in a single price category that changed hands in January were yet again in the distressed / bank owned / foreclosure / short sale $1 – $50,000 price range, which accounted for 55.08 percent of all condo sales. Thirteen condos sold for more than $250,000 in January. Many of these were downtown Orlando condos whos median prices are still higher than those of the cheaper condo conversions in the “suburbs”.

Visit our foreclosure page for more info on Orlando’s foreclosed condos or call 407-290-3408 for more info.