The Orlando Regional Realtor Association reported today that, 101.62 percent more homes were closed in November 2009, bringing current year-to-date sales to 59.43 percent above 2008.
Association members reported that, last month there were 2,238 closings, bringing the total year’s to 21,420 as compared with 13,435 homes that had changed hands by this time last year. In terms of the November sales, 63.35 percent of the homes were either owned by banks (957) or short sales (463). Of the remainder, 818 homes were “normal sales” representing 36.55 percent.
According to members, currently, there is more than double the number of pending sales, (8,633) than in November 2008, which stood at 3,326. A total of 3,023 sales contracts were newly filed in the month of November, which represents an increase of 83.88 percent when compared to November 2008 (1.644).
While there has been a jump in home sales however, the median price of all existing homes sold in November 2009 decreased by 5.38 percent to $123,000 from the $130,000 recorded in October 2009. November’s 2009 medium price is a decrease of 25.9 percent when compared to November’s 2008 median of $166,000.
Orlando Regional Realtor Association Chairman, Kathleen Gallagher reported that, she expects positive sales in the months ahead as additional first time buyers take advantage of the expanded homebuyer tax credit and the glut of short sales and distressed sales are processed and cleared.
Source: orlrealtor.com
