Central Florida Real Estate Market Update – May ’10
Central Florida median home prices have been rising. Even though the numbers are conservative, it’s good to see we are experiencing some positive momentum right now. Some of that momentum could be contributed to the now expired government tax credit, but none the less, we’re going in the right direction. According to the report by the Orlando Regional Realtor Association (ORRA), April 2010 was only 11.54% below April 2009 median price. This has been much better than seeing 20% or more in our home values. We are also still outpacing last years sales by 32.74%.
The number of foreclosures are reported to be at manageable levels and hoping it stays this way. Our market is still made up of about 67% in bank owned & short sale properties. Bank owned properties make up roughly 46% of this number. The median price for ‘Normal’ sales, (non foreclosures and non short sale), was $160,000 for April 2010. More good news is that our Pending sales are still very strong and the current number of homes on the market dropped slightly again for April 2010. Click Here to read the full report.
