Apr 10, 2013
Bidding Heats Up on Orlando Short Sales and Foreclosures
The median sale price of Orlando homes rose to $133,000 in February 2013 a 4 percent jump from January’s median price of $128,000. Pending sales of foreclosures and short sales in February accounting for almost 75 percent of all home sales in the Orlando Metro area. Buyer demand continue to drive up the prices of foreclosures and short sales, for which heated bidding wars are now routine.
Short sales, which take much longer to process from contract to close, made up 61.79 percent of pending sales in February 2013 with bank-owned properties accounting for 12.25 percent. Non distressed properties (not bank owned or short sales) accounted for 25.96 percent of February pending sales.
The average interest rate paid by Orlando homebuyers in February, 3.21 percent, set yet another record as lowest average interest rate since ORRA began tracking the statistic in 1989. A year ago, homebuyers paid an average interest rate of 3.92 percent. First-time buyers who earn the reported median income of $37,352 can qualify to purchase one of the 2,873 homes in Orange and Seminole counties currently listed in the local multiple listing service for $199,676 or less.
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