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Good news for Florida Property - 25 September 2009

Latest figures on sales of homes and condo units in Orlando, Florida revealed that August was a bumper month and that interest in buying property in Florida is well and truly back on the climb. One cautionary note was sounded however, by the fact that home values in the state continue to fall, despite the increase in interest.

The figures, from the Florida Association of Realtors, show that sales of condo unit resales in the Metro Orlando district nearly quadrupled from a year ago, with 541 sales this August compared to just 142 unit sales in August 2008. Sales of single-family homes have also jumped in August, with 2,134 sales last month compared to 1,445 in August 2008.

The increased sales have been driven by lower prices caused by a flood of discounted, distressed and foreclosed properties on the market, but there must be an element of a return of confidence in the Florida property market involved for the sales numbers to be increasing by such a degree.

At the same time, it is true that a real indication of a recovery in the property market in the US would be shown by prices beginning to climb once more. This would indicate that people feel a little more security in their employment situation, and that internal migration to Florida may have picked up once again. It is also true that August 2008 was possibly one of the worst months for property sales in Florida as the credit crunch was in full swing and confidence in the economy and property market at a new low. The rises in sales, however impressive, have come from comparison to a very low base.

However, the rises in sales activity evidenced in the Metro Orlando district have been reflected state-wide in Florida. Single home sales rose by 28 per cent year-on-year, while condo sales jumped by 45 per cent compared to August 2008. This is all against a backdrop of drops in median prices of 22 and 32 per cent for homes and condo unit respectively.

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