Orlando existing home prices increased 7.1 percent in February which is the biggest one-month gain in more than 6 1/2 years after a 14.2 percent tumble in January. The median price of all resales in the Orlando market in February was $109,200, which is up from $102,000 the month before but down by more than 26 percent from a year prior according to a report by the Orlando Regional Realtor Association.
The association has begun distinguising between the prices paid for "normal" homes and those paid for distressed properties: It reported that, in February, the median price for conventional sales was $168,000, a slight increase over January; the median price for bank-owned sales was $71,000, also up slightly from January; but the median for short sales, which involve owners selling a property selling for less than what's owed on the mortgage, fellf rom $115,000 in January to $105,000. Orlando is splitting into two markets: regular sales versus distressed sales.
Orlando had one of the hardest-hit condo markets in th nation when the housing bubble burst. The area lead the U.S. in converting apartments into condominiums in 2005, and the resulting over-supply helped force down prices in recent years. The Florida Association of Realtors reported that, in January, the median price for a condo in Orlando was $49,700, or about half the statewide median.
With distressed sales dominating the market, investors are still flocking to Orlando with cash buyers from Cananda, Great Britian and other countries.
©2015 getorlandorealestate.com - all rights reserved. | Site Map | The Lake Mary / Heathrow Florida Real Estate Blog