Orlando home sales rose in February

From the Orlando Business Journaal:

Orlando area home sales grew 28 percent in February, but values fell 34.8 percent, according to the Orlando Regional Realtor Association.

Association members sold 1,219 existing homes last month, which compares to 951 sold in the same month a year prior. Orlando Realtors also reported a total of 4,348 homes under contract — considered an indicator of future sales activity — in February, nearly double the 2,175 pending sales in February 2008.

But the median price of Orlando homes sold in February fell 34.8 percent, from $223,150 last year to $145,500 this year. However, continued falling median prices improved the Orlando area’s affordability index to a record high of 169.17 percent. An affordability index of more than 100 means buyers earning the state-reported median income of $52,193 can qualify for a median-priced home.

Sales of existing homes in the Orlando metropolitan statistical area — Lake, Orange, Osceola, and Seminole counties — last month jumped 29 percent, from 1,176 in 2008 to 1,519 this year.

Local new-home builders reported 122 new-home sales for the month of February, with a median price of $234,950.

A total of 154 single-family homes, the most in that category, sold in February 2009 in the $200,000-$250,000 price range.

Condos resales by association members totaled 195 in February, a 71 percent jump from the 114 sold in February 2008. The highest number of condos in a single price category, 93, sold for up to $50,000, while two condos sold for more than $1 million in February.

Duplex, townhome and villa resales totaled 102 last month, up 29 percent from February 2008’s 79.

A total of 22,168 homes were for sale through the Multiple Listing Service in February, while 455 more homes left the market than entered the market. That reflects an 18 percent supply of homes at the current sales pace.

All homes spent an average of 102 days on the market before selling in February 2009, and the average home sold for 93 percent of its listing price, up slightly from January 2009’s 92.6 percent and February 2008’s 92.9 percent.