Aug 24, 2012
Now Is a Good Time To Buy Orlando Homes
July 2012 median price of $125,750 is 8.87 percent higher than it was in July 2011, particularly noteworthy is that the higher median price is accompanied by an increase in sales, one of the few times this duo has appeared together in recent years. Reports the Orlando Regional REALTOR® Association.
Steady monthly increases have driven Orlando’s median sale price up 16.44 percent since the beginning of the year, when it was $108,000. In addition, the median price has now posted positive year-to-year gains for 13 consecutive months. The median price of short sales and foreclosures average increase was 12.60 percent, median price of normal sales (not foreclosure or short sales) increased by 6.69 percent.
Sales of Single-family homes recorded a 7 percent increase but the overall market was held back by a 17 percent decline in condo sales. The percentages of foreclosures and short sales were both down, coupled with the decline in inventory indicates a continued increase in median sale prices.
The number of existing homes available for purchase in Orlando is continuing a steady decline that began back in July 2010. July 2012, inventory was 21.67 percent less than it was in July 2011. The inventory of single-family homes is down by 25.46 percent when compared to July of 2011, while condo inventory has increased by 6.35. The months-of-supply increased a bit in July following five months of decreases. The current inventory combined with the current pace of sales equates to a 3.44-month supply of homes in Orlando.
First-time buyers who earn median incomes of $37,080 could qualify to purchase one of the 3,278 homes in Orange and Seminole counties currently listed in the local multiple listing service priced at or below $185,000.
Information is based in whole or in part on data supplied by the Orlando Regional REALTOR® Association and the My Florida Regional Multiple Listing Service. Neither the association nor MFRMLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or MFRMLS may not reflect all real estate activity in the market. Due to late closings, an adjustment if necessary to record those closings posted after our reporting date. Statistics released each month may be revised in the future as new data is received.
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