The Orlando median sales price – $115,000 – is 9.5 percent high in November compared to one year ago, driven by both the number of closing and median short sale prices, the Orlando Regional Realtor Association said Thursday.
Short sale transactions last month jumped by 39 percent compared to November 2010, and the median price of short sales improved by 7 percent, from $99,000 to $106,000.
“The increase in completed short-sales transactions is heartening,” says ORRA Chairman Mike McGraw, McGraw Real Estate Services, PL, who adds that short sales currently make up 73 percent of homes awaiting closings. “The very tight current lending conditions plus under-value appraisals are still causing both enormous slowdowns and outright contract cancellations among short sales. The sooner these short sales are processed through the system, the better it will be for the normal-home market.”
Since January of this year, Orlando’s overall median price has increased by 21.18 percent.
The median price of “normal” sales closing in November 2011 was $148,000 (a decrease of 7.50 percent compared to November 2010), and normal sales accounted for 40.10 percent of all transactions. The median price for bank-owned sales in November was $81,999 (an increase of 4.12 percent compared to November 2010), and bank-owned sales accounted for 23.23 percent of all transaction.
The sales of condos in the Orlando area (286) decreased by 26.85 percent in November when compared to November of 2010 (391).
Orlando homebuyers purchased 204 duplexes, town homes, and villas in November 2011, which a 7.94 percent increase compared to November 2010. Most (37) fell within the $100,000 – $120,000 price range.
Sales of existing homes within the entire Orlando MSA (Lake, Orange, Osceola, and Seminole counties) in November were down by 0.33 percent when compared to November of 2010. Throughout the MSA, 2,410 homes were sold in November 2011 compared with 2,418 in November 2010. To date, sales in the MSA are down 0.87 percent.
In Orange County, home sales in November were 2.76 above November 2010. 1,301 homes sold last month, compared to 1,266 in November 2010.
Regarding Lake County, home sales dropped by 5.28 percent and 287 homes changed hands, compared to 303 one year ago.
In Osceola County, sales dropped by nearly 11 percent, as 418 homes were sold in November 2011.
Home sales in Seminole County in November increased 6.3 percent, as 404 homes changed hands compared to 380 in November 2010.
