Back HomeOrlando homes up 25%
March sales of Orlando homes
Orange and Seminole showed a 25% increase in Orlando Homes sold in the past year. It also showed a 25% increase of the median price to $177,500. The median price for “normal” existing homes sold last month is $203,000. “Normal” home means that they were not foreclosures or short sales. This is almost a 11% increase over March 2014 and a 6% increase over the month prior.
Upswing in Sales and Prices
The finance professor at UCF believes that the increase reflects three factors:
- Interest rates are low
- Retirees are relocating to Central Florida
- International buyers are buying homes
I think that buyers are trying to beat more price increases, which I am sure is coming. Inventory is moving and even builders are raising their prices.
Foreclosures and Short Sales
There were 3,067 “normal” sales which accounted for 68% of all sales. The balance of sales in Orlando homes were for Foreclosure and Short Sales. Foreclosures are up a bit while short sales are on the decline.
Counties with home sales increase
Orange County 24.49%
Seminole County 19.93 %
Osceola County 24.42 %
Lake County 15.10 %
Condo Inventory
Condo inventory has increased 24% due to the fact that condo financing is difficult to find because lenders do not like to lend money on complexes with a lot of investors or a high rate of delinquency.
New contracts are down 11% compared to a year ago while new listings have just about stayed the same.
The average Orlando homes spent an average of 79 days on the market, while the homes sold for an average of 97% of list price.
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