Orlando Real Estate July Statistics

Orlando Regional Realtor Association real estate market statistics are:

• Average Mortgage Rate: 6.5%
• Inventory of Homes: 26,018
• New Listings: 5,404,
• New Contracts: 1,717
• Under Contract: 2,571
• Back on Market: 329
• Expired Listings: 1,786
• Withdrawn Listings: 2,206
• Sales Closed: 1,354
• Average Days on Market: 100

To view previous months, please click: http://www.orlrealtor.com/Pages/marketpulse/Market-Pulse-8-07.pdf

Condo Hotels

Orlando ranked the third largest in condo hotel market is fading out, after a sizzling real estate market just one year ago. Lexington at Orlando City Place in downtown Orlando just claim bankruptcy and sales are dismal for other condo hotels that have yet to break ground. Developers are wondering how long the market will adjust back to normal sales pace. Condo Hotels are units that someone owns, but operate like hotel with hotel services, the owner can opt to rent it out to other vacationers. Condo hotels have been deemed a risky product, and lenders think the same as borrowers financing requirements are much different as opposed to buying a traditional condo unit.