Great new for the Orlando real estate market as Orlando’s median home price finished out the year 22.04 percent higher than where it started, thanks to significant median price improvements every single month. Orlando’s overall median price has now posted positive year-to-year gains for 18 consecutive months, and has climbed 38.88 percent since January 2011.
The December median price of $131,800 (the highest since July 2009) is 10.76 percent above that of December 2011 ($119,000) and 3.01 percent above that of November 2012 ($127,950).
Orlando Real Estate Market Conditions
All sales types in the Orlando real estate market: regular, short sales & bank owned have experienced year-to-year increases in median price in December. The median price of normal sales increased 4.40 percent, while the median price of foreclosures jumped 23.00 percent and short sales increased 2.86 percent. You can see that the banks are starting to adjust their price with bank owned properties and that they are not discounting quite like they have been in the past.
It is reported that 2,410 home sales that closed in December 2012, an increase of 8.90 percent compared to December 2011 and a 5.86 percent decrease compared to November 2012.
Orlando MLS Market Conditions
The December 2012 Orland real estate market compared to December of 2011 had the number of short sales (728) decreased 10.12 percent and foreclosures (492) stay exactly the same. The number of completed traditional sales (1,190), however, was a 30.63 percent increase compared to last year. It must be noted that traditional sales are becoming a lot more prevalent in the Orlando real estate market as the market shifts to more ‘normal’ conditions.
Homes of all types spent an average of 80 days on the market before coming under contract in December 2012 compared to 102 days in 2011, and the average home sold for 96.14 percent of its listing price compared to 92.56 percent in 2011..
Call Eileen at 407-615-0081 if you should have any real estate question or need a qualified mortgage lender.