Increases in the median sales price of both bank-owned homes and short-sale homes have helped Orlando’s overall median home price increase for the third consecutive month, to $115,000. The current median is 11.54 percent below the median price in April 2009, which was $130,000.
Bank owned homes and short sale homes made up 67.09 percent of all sales, with bank-owned alone accounting for 46.20 percent.
“Bank-owned homes, which encompass those in all stages of foreclosure, have been feeding into the inventory pipeline at a fairly steady pace and are being absorbed manageably,” says Orlando Regional REALTOR® Association Chairman of the Board Kathleen Gallagher McIver, RE/MAX Town and Country Realty. “In fact, foreclosures are selling quickly, especially in the lower price ranges that are attractive to first-time home buyers.”
Members of the Orlando Regional REALTOR® Association reported completed sales on 2,461 homes in April, which is a 32.74 percent increase over the April 2009 mark of 1,854.
In addition, the number of new contracts filed in April 2010 (5,221) represents a jump of 53.02 percent more than were filed in April 2009 (3,412). The area’s pending sales statistic — also an indicator of future sales activity – is likewise remaining at a record high with 86.18 percent more homes (10,832) under contract and awaiting closing in April of this year than in April of last year (5,818).
The numbers speak for themselves , this is the time to buy a foreclosure or short sale.
