The housing market in the Orlando metropolitan area (Lake, Orange, Osceola and Seminole) reported an increase in sales and higher median prices in January, according to data released Thursday by Florida Realtors®.
Closed sales of existing single-family homes totaled 1,789 in January 2013, up 15.8 percent compared to one year ago. Closed sales typically occur 30 to 90 days after sales contracts are written. The median sale prices of single family homes also jumped by 15.3 percent and stood at $143,000, the data also show.
Meanwhile, closed sales of townhomes-condominiums in the Orlando metro area reported a slight decline of -1.1 percent in January. But, even as closed sales declined, there was an increase of 18.7 percent in the median sale price to $83,110.
The metro Orlando housing market mirrored the rest of the Florida which also reported increased sales, higher median prices, more pending sales and reduced inventory, in the month of January.
“This year started out strong for Florida’s housing market,” said 2013 Florida Realtors President Dean Asher, broker-owner with Don Asher & Associates Inc. in Orlando. “Homes sales continue to rise, mortgage rates remain near historic lows and the inventory of for-sale homes is lower than it’s been in years. Plus, the time it takes for a home to sell is dropping; the median days a home is on the market declined about 15 percent for both single-family homes and for townhome-condo properties. However, overly restrictive credit requirements remain an obstacle for many potential buyers, who find it difficult to access affordable financing options.”
Statewide closed sales of existing single-family homes totaled 13,679 in January, up 11.7 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations.
Meanwhile, pending sales – contracts that are signed but not yet completed or closed – for existing single-family homes last month rose 31 percent over the previous January. The statewide median sales price for single-family existing homes last month was $145,000, up 12.4 percent from the previous year.
