As Published by the Orlando Regional Board of Realtors on September 11, 2009

Our company's market view: "All the metrics have improved over the past 12 months: homes on market, months of inventory, number of pending sales and new contracts being written.  The only metric left to improve is the average and median home prices.  The Market is in the late stages of the priming period usually followed closely by price improvements.

"We believe Orlando Real Estate is in the 7th inning of a secular Buyer's market.  The opportunity to enter at those depressed levels is still in front of us; We will soon be running on borrowed time!" Michael Ciochir - Broker, Gates Realty Group, Inc.vels is still in front of us; We will soon be running on borro

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Some Stats

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Talking Points...

• Sales are up 45.45 percent over July 2008.

• Normal sales made up 58.01 percent of July sales; distressed and bank-owned made up 41.99 percent.

• There are 7,713 pending sales, more than double that in July 2008 (3,258).

• There were more newly filed contracts in July (3,696) than in any other month this year. There were 1,947 newly filed contracts in July 2008.

• The overall median price rose 2.92 percent to $135,000 last month, but is still 35.10 percent lower than last year.

• The median price for normal sales is $165,000; the median price for bank-owned sales is $84,500; and the median price for distressed sales is $139,500.

• Affordability declined in July to 181.48 as a result of the increase in median price. There are 11,198 homes in Orange and Seminole counties currently listed in MLXchange that are considered affordable ($245,005).

• Inventory decreased by 600 homes from June to 17,231. There is 8.05 months of supply at the current sales pace (economists consider six to seven months of supply to reflect a balanced market).

• Condo sales increased by 175.37 percent compared to July of last year, with the majority selling for $50,000 or less.