Orlando Property Market: Home Sales Increase and Inventory Falls
Orlando home sales in January 2011 were up 7.14 percent over January
2010.
“
Orlando’s housing market is benefitting from conditions that
are highly favourable to investors, which is evidenced by the
large percentage of cash sales: 58 percent of sales in January were cash
transactions,” explains ORRA Chairman of the Board Mike McGraw.
“Investors and international buyers are soaking up our excess bank-owned
and short-sale inventory and helping our market conditions head back to
normal levels.”
• Of the total sales in January, "normal" sales accounted for 24.97
percent of all sales, while bank-owned and short sales made up 75.03
percent.
• Pending sales are up 2.18 percent in January of this year compared to
January of last year.
• Condo sales in the Orlando area increased by 26.43 percent in January
when compared to January of last year.
• The median price of all existing homes combined sold in January 2011is
a 6.91 percent decrease from the median price recorded in January 2010.
• Homes of all types spent an average of 96 days on the market before
coming under contract in December 2010, and the average home sold for
94.40 percent of its listing price.
• The January 2011 inventory level is 9.5 percent lower than it was in
January 2010.
• Orlando's condo inventory is now 41.86 percent lower than it was in
January 2010.
• Sales of existing homes within the entire Orlando area January were up
by 13.76 percent when compared to January of 2010.
Posted: 14 February 2011
Source: Orlando Regional Realtors Association
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