Central Florida Real Estate Market Update – June ’10
Continuing with strong sales and Pending contracts, Central Florida median home prices have risen now for five months in a row. Although it’s been minimal increases, it’s increases none the less. According to Orlando Regional Realtor Association (ORRA), May 2010 homes sales were up 38.42% over May 2009 and Pending sales are up nearly 57% over May 2009. The good news indicator is that the Home Buyer Tax Credit had expired April 30, 2010 and our Pending sales are well above last years. This gives us a good indicator of future strong sales that should occur in our market.
May 2010 median price was .33% above April 2010 median price and was only 11.25% below May 2009 median price. This continues to be great news compared to seeing 20% or more in home value declines for our area.
Foreclosures and Short Sales still make up the majority of our market’s inventory, but reports have been good as to the decrease in the number of filings, which have been down since this time last year. Our market is made up of about 65% in bank owned & short sale properties. The median price for ‘Normal’ sales, (non foreclosures and non short sale), remained even at $160,000 for May 2010. More good news is that the current number of homes on the market stayed below 16,000. Click Here to read the full report.
