Jun 20 2013
May’s rapidly rising interest rates spurred Orlando home buyers into action resulting in another double-digit increase in Orlando home sales. Coupled with the tight inventory of available homes for sale sent Orlando home prices climbing.
The relative good news, inventory of Orlando homes for sale increased by 10 percent as a number of new listings came on the market in May, the majority – 65 percent – of which were normal sales (not short sales or foreclosures).
The median price of existing homes sold in Orlando during the month of May rose 2.99 percent, to $148,000, when compared to April 2013. Orlando’s median price has risen more than 37.04 percent in the 17 months since January of 2012, reports ORRA.
In addition to the overall median increase, each individual sales type experienced a year-to-year median price increase in May, with foreclosures leading the way with an 18.07 percent jump. The median price of short sales increased 14.00 percent; the median price of normal sales increased 12.50 percent.
Compared to May of 2012, the number of short sales decreased 8.96 percent and the number of foreclosures decreased 12.78 percent. The number of completed traditional sales, however, was up 44.96 percent compared May 2012.
Homes of all types spent an average of 68 days on the market before coming under contract in May 2013, and the average home sold for 96.70 percent of its listing price. In May 2012 those numbers were 85 days and 95.76 percent, respectively.
The average interest rate paid by Orlando homebuyers in May was 3.64 percent. Last month, homebuyers paid an average interest rate of 3.49 percent.
Buyers who earn the reported median income of $55,100 can qualify to purchase one of 3,702 homes in Orange and Seminole counties currently listed in the local multiple listing service for $314,131 or less.
First-time buyers who earn the reported median income of $37,468 can qualify to purchase one of the 2,541 homes in Orange and Seminole counties currently listed in the local multiple listing service for $189,874 or less.
This representation 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