Orlando inventory drops a bit, median price holds at $235,000

( Orlando, FL Orlando Realtor Association) The number of homes on the market in the Orlando area dropped by 158 homes during the month of November, which provides a baby’s breath of relief to the area’s record-high inventory. Every month so far in 2007 except for September – when inventory decreased by three homes – has seen more homes added to the market than subtracted.
The median sales price of a single family home in Orlando area held steady at $235,000 for the third month in a row, reports the Orlando Regional Realtor® Association. The median price for November 2007 is 6.0 percent below that of November 2006 ($250,000), and the year-to-date median home sales price ($245,000) is 1.21 percent below 2006 ($248,000).
The number of sales in the Orlando area declined by 47.66 percent in November 2007 compared to November of last year (963 to 1,840). The number of sales that took place in November 2007 decreased over the number of sales that occurred in October 2007 (1,090). Year-to-date sales for 2007 (15,602 through November) are down by 39.1 percent over the same period in 2006 (25,614).
Each county’s year-to-date sales percentages are currently as follows:
Lake: 31.7 percent below 2006 (2,913 homes sold in 2007 compared to 4,266 in 2006);
Orange: 41.3 percent below 2006 (9,266 homes sold in 2007 compared to 15,799 in 2006); Osceola: 46.5 percent below 2006 (2,523 homes sold in 2007 compared to 4,712 in 2006); Seminole: 36.2 percent below 2006 (3,992 homes sold in 2007 compared to 6,253 in 2006).