Home sales surged in the fourth quarter of 2009 with many areas seeing double digit gains according to the National Association of Realtors. Total existing-home sales (single-family and condo) jumped 13.9 percent above the third quarter and 27.2 percent above the fourth quarter of 2008. Distressed property sales accounted for 32 percent of the fourth quarter transactions, down from 37 percent from 2008.

Lawrence Yun , NAR chief economist, said the first-time home buyer tax credit, combined with record low interest rates, played a dominant role in fourth quarter sales. Yun went on to say, “With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices.”

Let’s look at Orlando real estate sales statistics (residential) for January to see how the housing recovery is progressing locally.

Orange County Real Estate Sales Statistics – Jan 2010

There were 456 more homes sold in Orange County in Jan 2010 than Jan 2009. A 62 percent increase! The average sales price  declined 28 percent and the median sales price declined 37 percent from the previous year.

Osceola County Real Estate Sales Statistics – Jan 2010

Osceola County home sales increased by 75 homes or +26 percent. Prices declined however with the average sales price down 18 percent and the median price down 24 percent.

Seminole County Real Estate Sales Statistics – Jan 2010

Seminole County residential sales increased 81 percent with 146 more homes sold in Jan 2010. The averages sales and the median sales price decreased 23 percent and 24 percent respectively from Jan 2009 levels.

Lake County Real Estate Sales Statistics – Jan 2010

Residential sales in Lake County also increased with 88 more homes sold for a 40 percent increase. The average sales price dropped 12 percent and the median sales price dropped 11 percent during the same time period.

Polk County Real Estate Sales Statistics – Jan 2010

Polk County followed the trend of the surrounding counties with 111 more homes selling, a 29 percent improvement. Sales prices declined with the average sales price dropping 9 percent and the median sales price dropping 5 percent.

What do these numbers mean to you? An increase in sales is usually followed by an increase in prices. The number of homes sold increased across the board in our local markets in 2009. Even though prices continued to drop, it shouldn’t be long before prices turn the corner and start to tick upward. The market appears to be at its bottom. Now is the time to get your best price on an Orlando home, before the prices move upward.

Remember, the first-time home buyer tax credit has been extended through April 30, 2010 and a new tax credit has been implemented for current home owners. Give us a call to take advantage of your FREE government money!

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