Homes Under Contract UP | Values Down

Existing single-family home and condominium sales continued to grow in August in the Orlando market, but values keep falling.

Condo resales in the Orlando area totaled 377 in June, a 181% Difference sold in the month a year prior. The median price, however, has continued to slide downward ... with No end in sight. A total of 1,648 single-family homes changed hands in the Orlando area last month, a 36 percent increase from July 2008’s numbers.

But the median home price of a single-family home fell to $149,000 last month, a 32 percent drop from the $219,500 posted in 2008.

The main reason for posting these numbers is to bring back reality to our market - As HOT as this market is (under 200k), the values are continuing to drop. The cause of the decline can be directly related to Mortgage Distress Properties and Appraisals. Appraisers are doing their job, however the distressed sales are continuing to add stress to depressed values.