Orlando’s overall median price drops as bank-owned and short sales continue to dominate closings
A record 73.42 percent of closings facilitated by members of the Orlando
Regional REALTOR® Association were categorized in January as either
bank-owned or short sales, leaving only 26.58 percent worth of normal sales
to buoy the area’s overall median price.
The median price of all existing homes combined sold in January 2010
decreased 14.17 percent from December 2009. January 2010’s median price is a
decrease of 30.41 percent compared to January 2009. However, the median
price encompasses all types of sales situations and home types. including
The median price for “normal” sales is a miniscule decrease from last month.
“Homeowners should note that Orlando’s median price is being downwardly
distorted by the significant proportion of distressed and bank-owned sales,”
says ORRA Chairman of the Board Kathleen Gallagher McIver. “This distorted
median price does not equate to an across-the-board loss of value for
traditional homes in good condition.”
Orlando REALTORS® recorded 1,742 closings in January, 65.90 percent more
than in January 2009. Of those sales, 463 “normal” sales accounted for only
26.58 percent, while 830 bank-owned and 449 short sales made up 73.42
percent.
There were 124.28 percent more homes under contract and awaiting closing in
January of this year than in January of last year. Sales contracts newly
filed in the month of January showed a jump of 56.84 percent compared to
January 2009.
Inventory increased by 362 homes from December 2009, which means that 362
more homes entered the market than left the market. The January 2010
inventory level is 29.61 percent lower than it was in January 2009.
Posted: 19 February 2010
Source: Florida Association of Realtors
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