Orlando Condo Sales

When looking at regional home sales, we often compare sales on a monthly basis to the same month in the previous year.  Is this a good method to predict how the market is doing?  Possibly.  Under the current market conditions however it would seem more prudent to compare on a quarterly basis, but that’s not usual how its done.  In Orlando for example, single family home sales and condo sales dropped in April as compared to April in 2006.  207 existing Orlando condos sold last month which is a 57% decrease from April of last year.  We are noticing the median sale price for Orlando condos are also decreasing slightly. 

Interestingly though on a state-wide level, median condo prices increased in April 2007 as compared to prices in April 2006.  Also on a state-wide level, 1,000 fewer condos were sold this April as opposed to last April.  What does all this mean?

One thing that we can all feel better about is that condo sales are expected to start increasing during the second half of the year.  Of course, many think only the optimists feel this way while the pessimists say we haven’t seen the worst yet.  Only time will tell.

We have noticed at New Condos Online that Orlando seems to still be one of the most active and affordable markets in the state of Florida.  More condo conversions and hotel conversions exploded in this area during the past few years providing a broad base of affordable attached housing.  The prices of Orlando condos on average are quite lower than some of the other markets.  There is still a large volume of high end properties for sale including luxury condo hotels. 

Worldquest Resort is one of the largest condo hotel projects in the area with condos from $300,000.  The first phase of this new development was actually sold primarily to international investors.  Approximately, 85% of those investors never even came to Orlando to see the property.  What is more apparent these days especially in the condo hotel industry is that the buyers and investors are much more savvy than in the past.  Online market has provided buyers and investors all the information they need at their fingertips, so by the time the call the sales office they know the answers to most of their own questions.  That means the sales staff better be up to speed!!