Back HomeOrlando Homes Sales Jump 26% In March
Existing homes for sale in the Orlando area flew off the shelves in March, which saw a more than 25 percent increase in the number of transactions compared to March of 2014. The area’s overall median price (all sales types and all home types combined) increased more than 10 percent in that same March-to-March comparison.
The median price for March is the highest since October 2008, while the number of sales is the highest since June 2010.
Orlando Regional REALTOR® Association President Sharon Voss, Watson Realty Corp, attributes the leap in sales to simple factors. “The current low interest rate, recent increases in available inventory, and consumer confidence in the health of Orlando’s economy and housing market are all contributing to the current sales activity,” says Voss. “Plus, the reasonable rate of median price growth indicates that prices are not going to be falling, so many buyers feel the time is right.”
The overall median price (all sales types and all home types combined) for the month of March 2015 is $177,500, a 10.94 percent increase compared to the $160,000 median price in March 2014. The year-to-year median price comparison has increased for 44 consecutive months and is now 53.68 percent higher than the $115,500 recorded in July 2011.
Orlando’s median home price also experienced a nice increase compared to last month; the March 2015 median price is 7.64 percent higher than the February 2015 median price of $164,900.
In addition to the overall median price increase, each individual sale type and home type all experienced a year-to-year median price increase in March. Foreclosures led the way with an 18.58 percent jump, while the median price of normal sales increased 6.28 percent and short sales increased 7.77 percent.
The median price of single-family homes increased 8.33 percent when compared to March of last year, and the median price of condos increased 1.88 percent.
This information provided by the Orlando Regional Realtor
