The Orlando, FL, market is seeing a remarkable spike in short sales, an increase in overall median sales price for existing homes and increases in median sales prices for foreclosed properties. Carrie Bay documented the developments in a January 17 DSNews.com article.
The Orlando Regional Realtor Association (ORRA) reported that in November 2011, short sales jumped 39.38 percent versus prior year sales. Surprisingly, the accompanying median sales prices jumped by 7.07 percent; rising from $99,000 to $106,000. Mike McGraw, ORRA chairman, stated “73 percent of homes under contract and pending closing are short sales.”
The news for non-distressed sales was mixed. Since January, the overall median price increased by 21.18 percent; however, in November non-distressed home sellers experienced a median price decrease of 7.5 percent as compared to November of the prior year. Non-distressed sales made up 40 percent of transactions for the month.
Overall housing inventory is down by a third when compared to November 2010. At this pace, ORRA indicates they have only a 5.20-month supply of homes in Orlando’s entire sales inventory.
The performance stats for the Orlando market are encouraging, but not without challenges.
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