Luxury home sales – oh, my…May 4, 2011
Somebody once told me to give them “just the facts” and so here you go – the facts:
We had another interesting month in the Central Florida region for luxury homes. I know this blog is titled a luxury real estate blog but honestly, there is precious little to talk about.
According to the Mid-Florida MLS, we currently have 404 luxury homes (over $1 Million in value) active and for sale in the Orlando area. However, in April there were only thirteen (13) homes sold over $1 Million with the vast majority of the sold homes located in the SW area of Orlando also known as Dr. Phillips or Windermere. Winter Park had four sales with Lake Nona having one sale. There is simply not much to brag about with these ugly statistics.
What is selling? Eighty (80%) percent of the homes sold in the month of April were under $200,000. Most were cash meaning that we still have a strong presence of investors in the market. The bulk of sales representing 46% of the homes sold were under $100,000.
Having sold homes for over 20 years, I can honestly say that these figures are indicative of the fact that Central Florida remains in a housing slump, prices have bottomed out but are not appreciating at this time and loans are still hard to obtain. In short, not much change from the past few months. Investors currently control the market.
The facts may not be what we had hoped for but it is a reflection of challenging economic times in the United States. Here’s hoping for a stronger month of May for all of us!