The Orlando housing market in October picked up steam with buyers purchasing more homes and paying more for them, the Orlando Regional Realtor Association announced Thursday.
Home sales in October jumped by 14 percent compared to October last year, boosted by a nearly 30 percent leap in the number of normal sales transactions, the Association said. The median price of homes also increased by 9.2 percent to $122,900, from October 2011’s median price of $112,500.
The Association also reported that homes in Orlando are coming under contract an average of 25 percent faster than this time last year – and at a speed not seen since the tail end of the red-hot market in 2005-2006. Homes spent an average of 79 days on the market in October, which is a 25.47 percent drop from the 106 days homes spent on the market in October 2011.
Orlando’s overall median price has now posted positive year-to-year gains for 16 consecutive months. However, the median price dipped a bit (1.60 percent) from last month.
“We’ve seen significant, steady improvements in sales and median price throughout 2012, and Orlando’s housing market recovery should continue through the coming years,” says ORRA Chairman Stephen Baker, RE/MAX Central Realty. “However, it’s crucial that there are no further limitations on the availability of mortgage credit.”
All sales types experienced year-to-year increases in median price in October. The median price of normal sales increased 4.6 percent, while the median price of foreclosures increased 8.4 percent and short sales increased 7.4 percent.
According to the Association, 2,434 home sales were closed in October 2012, an increase of 14 percent compared to October 2011 and a 6 percent increase compared to September 2012. Meanwhile, the number of short sales decreased by 1.4 percent and foreclosures increased 9.4 percent.
The number of existing homes available for purchase in Orlando continues a steady decline and now rests at 8,094, the Association said. In October 2012, the inventory was nearly 19 percent less than it was in October 2011.
For more information visit: orlrealtor.com.
